July 31, 2014
Senate approves YPF-Repsol settlement
After a marathon session which ended early this morning the Senate approved the US$5 billion compensation for the expropriation of 51 percent of YPF shares from Repsol.
The bill now moves to the Lower House, where it will be analyzed with a vote expected by April 24. As part of the agreement with Repsol, Argentina said Congress would approve the deal by May 1.
The compensation deal with Repsol “opens the door to new investments,” Senator Guillermo Pereyra of the Neuquén Popular Movement and longtime oilworkers’ union leader, said. As part of the deal, Repsol commits to dropping all complaints against Argentina, including those at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).