Stock market turbulence and falling oil prices have forced Repsol of Spain to shelve plans to float 20 per cent of YPF, its Argentine business.

The sale had been planned for this year as part of the unwinding of its control of YPF, which it bought in 1999. Early this year it completed the sale of 15 per cent of the subsidiary to Enrique Eskenazi, an Argentine businessmen, who has options to take a further 10 per cent.