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September 3, 2014
Tuesday, February 25, 2014

Kicillof: 'Repsol accord meets Hydrocarbon Sovereignty Law'

Economy Minister Axel Kicillof today officially announced Repsol's acceptance of a compensation package from the Argentine government following the expropriation of YPF in 2012, stating that the deal represents a positive end to the legal wranglings.

Speaking in a press conference, the minister stated that "the mandate of the Hydrocarbon Sovereignty Law has come to its conclusion," referring to the legislation promoting energy self-sufficiency under which Repsol's shares in YPF were taken.

Kicillof gave further details of the compensation agreement, which will consist of three bonds totalling 5bn dollars in value to be paid to the Spanish corporation.

"There has been a very intense work up until reaching an agreement that will be subcribed to in the next few days, in which Repsol accept in every sense a payment equivalent to 5bn dollars, payable through the means of sovereign bonds as compensation for the expropriation," he explained to reporters.

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Tags:  Kicillof  Repsol  YPF  compensation  





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