July 23, 2014
Repsol chairman: YPF deal 'satisfactory'
Spain's Repsol is considering the sale of its remaining 12 percent stake in Argentine energy group YPF, its chairman said today, following a settlement with Argentina over the 2012 seizure of its majority stake.
"We no longer have any legal constraints to keep the remaining 12 percent stake in YPF. Therefore we'll look into all available options," Chairman Antonio Brufau said on a conference call.
He said proceeds from the YPF settlement, the sale of LNG assets and the possible sale of its YPF stake would allow the company "to continue our sustainable path of growth in the upstream business."
In a presentation, Repsol said three quarters of a planned 3.6 billion euros of investments in 2014 would be directed to its upstream activities.