July 30, 2014
Capitanich: Repsol compensation deal 'positive'
The Repsol compensation deal is “positive” as it will pave the way for Argentina’s energy self-sufficiency, the cabinet chief affirmed this morning before the agreement with the Spanish company over the 2012 expropriation of YPF was finally approved.
“It is positive to favour the strategic association of capitals or the acquirement of financing to speed up investments that allow generating energy self-sufficiency,” Jorge Capitanich said at the government house where he held his routine press conference this morning.
The head of ministers explained that the US$5-billion compensation agreement will have first to be approved by Repsol’s administrative board and shareholders and by the national congress.
Defending the accord, Capitanich added that YPF is Argentina’s “emblematic company” to promote energy self-sufficiency and pointed out the state-run firm increased its oil production by 10 percent.