Repsol of Spain said on Tuesday it has agreed to accept US$5 billion for Argentina’s expropriation of the company’s shares in YPF, ending a two-year dispute.
The company initially sought US$10.5 billion in compensation.
“ The agreement reached between the Republic of Argentina and Repsol recognises the company’s right to receive US$5 billion as compensation for the expropriation of 51% of the shares of YPF and stipulates guarantees for effective payment as well as the termination of all judicial and arbitration proceedings and the reciprocal waiver of future claims,” the company said in a statement.
“ The agreement does not enter into force until a number of conditions are met, including its approval by Repsol’s Annual General Meeting followed by approval of a law especially sanctioned by the Parliament of the Republic of Argentina ,” Repsol added.
[mappress] LNG World News Staff, February 27, 2014; Image: Repsol