Argentina agrees to compensate Repsol for YPF nationalization

Argentina has agreed in principle to compensate Spain’s Repsol for the nationalization of energy firm YPF.

Argentina seized YPF last year without paying anything. The Spanish company had been demanding $10.5 billion in compensation.

In Buenos Aires, Repsol, YPF and Mexico’s Pemex, which holds a stake in Repsol, said they had reached a process for determining compensation.

No other details were released.

The agreement must be ratified by Repsol during a board meeting on Wednesday.

Argentina has agreed in principle to compensate Spain’s Repsol for the nationalization of energy firm YPF

YPF produces about a third of Argentina’s oil and a quarter of its gas.

Argentina has some of the world’s largest reserves of shale oil and gas.

The authorities in Argentina had accused YPF of not investing enough to increase output from its oil fields. Repsol replied that it had invested $20 billion in the country.

Repsol and the investment firm Texas Yale Capital Corp sued Argentina and demanded that it makes an offer for the YPF stake.

The EU also had filed a suit against Argentina’s import restrictions at the World Trade Organization.

GuilRUEgLe8
Diane A. Wade

Diane is a perfectionist. She enjoys searching the internet for the hottest events from around the world and writing an article about it. The details matter to her, so she makes sure the information is easy to read and understand. She likes traveling and history, especially ancient history. Being a very sociable person she has a blast having barbeque with family and friends.

Recent Posts

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

5 hours ago

White House 2024: Voter Fraud Claims Flood Social Media

Misleading allegations, rumours and outright lies about voting and fraud are flooding online spaces in…

2 days ago

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

4 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

4 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago