Negotiations between Spanish oil company Repsol and Argentina’s government have reached no progress in settling a compensation agreement over the expropriation of the YPF energy giant last year, Repsol’s financial manager Miguel Martínez said today.
The Spanish firm –YPF’s main shareholder before the administration of President Cristina Fernández de Kirchner decided on the expropriation- took its compensation claims to the World Bank International Centre for Settlement of Investment Disputes (ICSID) demanding a 10.5 billion dollars payment.
“More than 18 months after the illegal expropriation, we have received no compensation. Depite the company’s willing attitude that it has expressed publicly to reach a negotiating pact with the Argentine government, there is no progress to announce,” Martínez stated and added Repsol “will continue with all the available options to protect” the company and its shareholders.
buenosairesherald.com