Tags: Argentina | Spain | nationalization | Repsol

Argentine Congress OKs Payoff to Repsol for YPF Seizure

Thursday, 24 Apr 2014 10:08 AM

Argentina's lower house of Congress approved a deal Thursday to compensate Spanish oil giant Repsol with $5 billion in bonds for the 2012 seizure of its subsidiary YPF.

After 16 hours of debate that ran past midnight, lawmakers greenlighted the move with 135 votes in favor, 59 against and 42 abstentions.

The Senate cleared the agreement on March 27. It now goes to the desk of President Cristina Kirchner for enactment.

The deal seeks to repair the financial hit taken by Repsol when Kirchner ordered the nationalization of Repsol's 51 percent stake in YPF in April 2012.

The expropriation soured relations between Buenos Aires and Madrid and sparked international outrage, including from Spain's European Union partners.

Kirchner blamed it on Repsol's failure to make agreed investments in the firm. Spain, however, saw it as a blow to its strategic interests.

"It is invaluable to have concluded the settlement amicably," said the chairman of the Energy and Fuels Committee, Mario Metaza.

Repsol has said it and its shareholders have agreed to accept the compensation.

© AFP 2017

 
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Argentina's lower house of Congress approved a deal Thursday to compensate Spanish oil giant Repsol with $5 billion in bonds for the 2012 seizure of its subsidiary YPF.
Argentina, Spain, nationalization, Repsol
173
2014-08-24
Thursday, 24 Apr 2014 10:08 AM
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