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July 24, 2014
Wednesday, February 26, 2014

US calls Gov't, Repsol agreement 'a positive step'

YPF-Repsol deal must be approved by the Argentine Congress.

The US government expressed its approval for the compensation agreement signed between Argentina and Repsol over the expropriation of YPF shares, defining it as “a positive step,” a State Department spokesperson said.

“The resolution of this particular controversy increases the investors’ trust, both national and international,” affirmed the unnamed State Department source to official Télam news agency.

In that sense, she assured the compensation deal proposed by the Argentine government and approved on Tuesday by Repsol’s executive board “is a positive step for Argentina,” which “supports the growth and development of that country,” the official added.

The deal will be signed officially tomorrow in Buenos Aires, and treated by the Spanish’s General Stockholders Assembly on March 28.

This understanding between the parts, which allows for a total of 5bn dollars in compensation to be paid by the Argentine government in sovereign bonds, concludes a two year conflict which started in 2012, when the administration announced the nationalization of Yacimientos Petroliferos Fiscales (YPF) by acquiring 51 percent of the stocks under Repsol control.

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Tags:  Argentina  US  YPF  Repsol  Spain  CFK  





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