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July 30, 2014
Wednesday, February 26, 2014

Kicillof defends Repsol deal after opposition criticism

Economy Minister Axel Kicillof speaks during yesterday''s government announcement of a compensation deal with Repsol, over the expropriation of a majority stake in YPF.
Economy Minister Alex Kicillof has answered opposition critics of the agreement to pay Repsol for the 51 percent of YPF shares expropriated in 2012, asserting that the amount set by the accord was an appropriate settlement with the Spanish corporation.

"We will not pay in cash, but rather in bonds until 2033, we will be paying in installments," the politician explained, as he defended a package worth 5bn dollars plus a further guarantee of US$1bn that ended the dispute with Repsol.

Kicillof denied previously stating that the expropriation would not be compensated, pointing out that "an adecuate amount will be paid" which adheres to Argentine law.

"Those who before were saying that Argentina's biggest problem was the lack of agreement with Repsol are now complaining that it is the wrong time and too costly. There are newspapers which exclusively put out bad news," he told Radio Metro.

"Sometimes there is so much bad blood you can see [critics'] teeth bared, because it cannot be that way; many people take as gospel that I had said we would not pay Respsol. Because I said we would not pay what they were requesting.

"The Hydrocarbon Sovereignty Law marks what would be paid and that this expropriation would be carried according to the Law of Expropriations. We were there to follow the law," he added.
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Tags:  Kicillof  Repsol  YPF  compensation  





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