Repsol threatens to sue potential YPF investors – cut out of YPF computer systems

Spanish company Repsol has announced that it would consider taking legal action against investors in YPF as retaliation for the Argentinian government’s controversial expropriation of the company. 

A spokesman for Repsol said that, “Repsol reserves the right to take legal action against companies’ investment in YPF.” This threat could go some way to deterring investors from involving themselves in YPF, and is one of the few options that Spain and Repsol have in terms of retaliation.

This most recent threat of action by Repsol comes in the light of the news that the Spanish former owners had been forcibly cut off from YPF’s computer systems and executives had been removed from YPF’s offices before the expropriation legislation had even been approved by the Argentine senate.

The Argentinian government’s decision to nationalise YPF has caused concern amid investors and brought about international criticism. The European Union’s Trade Commissioner, Karel De Gucht, noted, “Serious concerns about the overall business and investment climate in Argentina,” making reference to the takeover of YPF and import curbs placed in response to criticism.

Edited from various sources by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23042012/repsol_threatens_to_sue_potential_ypf_investors/