March 11, 2014
Repsol signs agreement for YPF expropriation
In Buenos Aires City, the Federal Government led by President Cristina Fernández de Kirchner officialised the compensation agreement with Spanish Oil Company Repsol, and signed a 5 billion dollars deal for 51 percent of YPF shares.
Economy Minister Axel Kicillof represented the Argentine delegation, alongside Repsol’s general secretary of the Administrative Council, Luis Suárez de Lezo Mantilla, who was accompanied by the Business Division general director, Nemesio Fernández Cuesta Luca De Tena.
As stated in the document, “Repsol accepts in all senses the sum of five billion dollars, to be paid with sovereign bonds as a compensation for the expropriation,” informed a press statement released by the Economy Ministry.
For final confirmation, the agreement still has to gain ratification from Congress and the approval of Repsol’s general stockholders assembly, which will meet on March 28.