Repsol’s board on Nov. 27 plans to consider an agreement in principle from government representatives of Spain and Argentina concerning Argentina compensating Repsol for 51% of Repsol YPF SA that the government of Argentina expropriated in 2012.
In 2012, Argentina President Cristina Fernandez de Kirchner justified the decision by saying that Repsol was not investing enough in Argentina (OGJ Online, Apr. 23, 2012).
Argentina is offering about $5 billion in bonds as compensation according to various media reports. Repsol issued a short news release on Nov. 25 saying only that its board would consider a possible resolution. No amount was listed in the Repsol news release.
Previously, Repsol filed a complaint with the World Bank arbitration tribunal and sought $10.5 billion in compensation.