Repsol agrees to negotiate deal with Argentina over expropriation of YPF, petroleum fields
MADRID – Energy firm Repsol says its board has approved negotiations of terms of payment by Argentina to compensate the Spanish company for last year’s expropriation of the firm’s YPF division and its vast holdings of unconventional oil and gas fields.
The company says in a statement that investment bankers will negotiate with Argentina “with the objective of finding a fair, effective and quick solution of the controversy.”
The statement Wednesday did not list a value, but a person with direct knowledge of the preliminary deal put it at $5 billion in Argentine bonds denominated in U.S. dollars.
Repsol SA would drop legal action against Argentina for taking Repsol’s controlling stake in YPF without payment, said the person, who spoke on condition of anonymity because they were not authorized to disclose details.
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