Repsol shareholders back $5bn YPF deal

Repsol logo28 March 2014, News Wires – Repsol’s annual general meeting has ratified the $5 billion compensation agreement reached with Buenos Aires over the expropriation of the Spanish oil major’s stake in Argentinean explorer YPF.

The Madrid-headquartered explorer’s shareholders endorsed the pact agreed last month that will see an end to a string of legal cases between Repsol and Argentina over the 2012 seizure of its 51% share in the now re-nationalised producer.

Chief executive Antonio Brufau said that the hard fought deal “creates value for our shareholders and strengthens the company’s financial position”.

The compensation is being paid by way of dollar-denominated public debt in a fixed-income portfolio of bonds.


– Upstream

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