July 24, 2014
Kicillof : No winners or losers in YPF-Repsol deal
Economy Minister Axel Kicillof has assured that the compensatory agreement reached with Repsol was "friendly”, and highlighted that there were "no winners nor losers" in negotiations over the nationalisation of YPF.
“This decision was not a 100 percent nationalisation,” Kicillof remarked, during today’s hearing at the Senate’s Mining and Budget Commission..
The official explained Presdient Cristina Fernández de Kircher administration “chose the most complex alternative, which was the acquisition of 51 percent of YPF shares,” he sustained.
According to the minister, the deal which was ratified by the Repsol executive board last February was “extremely positive and beneficial from wherever you want to look at it”.
“We have succeeded on closing the cycle first started when the President decided to sign a bill to intervene in the company,” Kicillof told.
“We have sealed it in the best possible way,” he concluded.
Legal Secretary Carlos Zannini joined Kicillof at the hearing, and coincided with the minister's defence of the agreement.
“Within this conciliatory process, we managed to validate not only the expropriation price, but the means of payment which will be used.” Zannini said.
On February, the Federal Government led by Fernández de Kirchner officialised the compensation agreement with the Spanish petroleum company Repsol, signing a deal worth 5 billion dollars for 51 percent of YPF shares.