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Repsol vows legal challenge to Argentinian expropriation

Oilfield Technology,

Spain’s Repsol has vowed to take legal action against the Argentinian government for the expropriation of YPF, a Buenos Aires-based company in which Repsol held a majority stake. There had been concerns that the loss of YPF would have damaged the Spanish company’s ability to fund development projects, however these have diminished in the light of the company’s better-than-expected Q1 profits.

The company’s chief financial officer, Miguel Martinez, said, “Our legal council is working on a definition of the legal path to follow and has already started some actions.”

Repsol has insisted that it be paid US$ 9.3 billion for its lost stake in YPF and has threatened to take Argentina to the International Center for Settlement of Investment Disputes (ICSID), which is run by the World Bank.

The company has also warned other potential investors in YPF, such as ConocoPhillips, Exxon and Chevron, that it will use legal action against them if necessary. Argentina is actively seeking foreign financing in a bid to meet energy shortages, exploit shale finds and close a growing trade deficit.



Edited from various sources by David Bizley

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