Arab Today, arab today repsol board backs draft argentina compensation deal
Last Updated : GMT 03:11:15
Arab Today, arab today
Arab Today, arab today

Repsol board backs draft Argentina compensation deal

Arab Today, arab today

Arab Today, arab today Repsol board backs draft Argentina compensation deal

Madrid - AFP

Spanish oil group Repsol's board Wednesday backed a draft multi-billion-dollar compensation deal over Argentina's 2012 seizure of the company's YPF subsidiary. The deal seeks to repair the financial hit taken by Repsol when Argentina's President Cristina Kirchner stunned the international financial community in April 2012 by ordering the nationalisation of Repsol's 51-percent stake in YPF. "The board has analysed and judges positively the compensation agreement announced by the Argentine government for the expropriation of Repsol's 51-percent shareholding in YPF," the Spanish group said in a statement. To develop the draft accord, Respol said it had decided to launch talks shortly between its teams and the Argentine government so as to find a "fair, effective and quick solution to the controversy". The talks must deal in particular with the "terms and guarantees" required for the deal to be effective, Repsol's board said. The firm said it had agreed to hire a "prestigious international investment bank" for the negotiations. The expropriation of YPF, which Kirchner blamed on Repsol's failure to make agreed investments in the firm, soured relations between Argentina and Spain and sparked an international chorus of outrage including from Spain's European Union partners. This week, however, Argentina's government said it had struck a preliminary deal with Spain in talks in Buenos Aires, news that sent Repsol shares surging. The exact value of the agreed compensation has not been officially released but a source close to the matter said it amounted to $5 billion in Argentine government bonds. The deal stipulated the withdrawal of legal actions underway, Argentina said. After the YPF grab, Repsol filed a complaint against Argentina with a World Bank arbitration panel, seeking $10.5 billion, and sued in a New York court seeking an undetermined amount of damages. On January 26, Repsol had rejected a settlement offer valued by Argentina at $5 billion, saying it was worth considerably less and included a minority share in a deposit along with only $1.5 billion in cash, which had to be invested in a local company. Settlement of the legal tangle could help to lure investment into the vast Vaca Muerta shale oil and gas field in Argentina, discovered by YPF in 2010. It is estimated to contain the equivalent of 22.8 billion barrels of oil, described by Repsol at the time as the largest discovery in its history. Vaca Muerta, or Dead Cow, was so called because cattle could not survive the desert terrain. But foreign investors have been reticent, showing concern about Argentina's interventionist economic policies since its 2002 sovereign debt default and a threat by Repsol to sue future partners of YPF. The draft YPF compensation agreement was reached between the governments of Argentina, Spain and Mexico. The talks brought together Argentine Economy Minister Axel Kicillof, Spanish Industry Minister Jose Manuel Soria and the chief executive of Mexican state-owned oil firm Pemex, Emilio Lozoya Austin. Pemex, which owns a 9.5-percent stake in Repsol, said the board's backing of the deal was "a good signal" that could "prevent a long and complex process with an uncertain outcome."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today repsol board backs draft argentina compensation deal Arab Today, arab today repsol board backs draft argentina compensation deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today repsol board backs draft argentina compensation deal Arab Today, arab today repsol board backs draft argentina compensation deal

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday