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September 1, 2014
Wednesday, March 19, 2014

YPF-Repsol deal to be debated in Senate after commission approval

A bill supporting the agreement with Spanish corporation Repsol over the expropriation of YPF will be voted on by the Senate next Wednesday, after members of two Upper House commissions today cleared the project for debate.

The proposed accord was passed to the Upper House floor by the Energy, Mining and Fuel Commission as well as the Budget and Planning Commission, with the signatures of government-aligned senators and members of the Neuquén Popular Movement, led by unionist Guillermo Pereyra.

Members of the UCR and the FAP-UNEN interbloc, meanwhile, rejected approval and made it known that they would vote against the bill in the senate. Opponents held that the price set for the expropriation of 51 percent of YPF shares was not correctly calculated.

The governing Victory Front, led by Budget Commission head Aníbal Fernández, maintained however that guidelines set by the National Valuation Tribunal were not applicable since a "friendly" settlement was signed with Repsol.

Despite the criticisms, and opposition based on environmental concerns, the government won approval for the initiative and, if passed through Senate vote, will send it to the Lower House on April 24.
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Tags:  YPF  Repsol  expropriation  CFK  senate  





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