Argentina takes Aim at Falklands Oil Companies

By: associated press
By: associated press

BUENOS AIRES, Argentina (AP) -- Argentina says it's stepping up its campaign to block oil development in the Falkland Islands by pursuing civil and criminal penalties against the companies involved.

Foreign Minister Hector Timerman says the resources of the South Atlantic are the property of all the Argentines, and that includes the islands they call the Malvinas, which have been controlled by Britain since 1833.

Once a British colony, the islanders now determine their own fate, already collecting millions of dollars in licensing fees for oil exploration.

Once actual production starts, they could get billions in royalties.

Timerman said Thursday that Argentina aims to dissuade investors by raising the political costs for any company involved.

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