facebook
twitter
rss
account
search
search
 

Repsol leaves Argentina behind

Repsol "extinguishes" debt to Argentina though asset sale.
By Daniel J. Graeber   |   May 23, 2014 at 10:12 AM   |   Comments

| License Photo
MADRID, May 23 (UPI) -- Spanish oil company Repsol said Friday it sold off its stake in Argentina's YPF and the bonds it received from the nationalization of the state energy company.

Argentine President Cristina Fernandez de Kirchner signed legislation in 2012 to seize the YPF shares held by the Spanish energy company

Repsol said Friday it completed the sale of its assets in Argentina to JP Morgan Securities including the bonds it received as compensation for the expropriation of its 51 percent stake in YPF.

"From the sale of the entire holding of Argentinean bonds, Repsol has obtained a total $4.99 billion in compensation for the expropriation," Repsol said in a statement. "This extinguishes the $5 billion debt recognized by Argentina."

Repsol's board of directors rejected a compensation offer made in June by the Argentine government.

That deal would have given Repsol drilling rights to Argentina's vast Vaca Muerta shale natural gas field and 47 percent ownership in a new company.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Bad wells, not fracking, spoiling water Bad wells, not fracking, spoiling water
2
Gas onus on Ukraine, Gazprom says Gas onus on Ukraine, Gazprom says
3
Lockheed tests aircraft laser turret
4
Kurds challenge latest Iraqi oil claims Kurds challenge latest Iraqi oil claims
5
Cover Girl ads photoshopped to protest NFL's Roger Goodell Cover Girl ads photoshopped to protest NFL's Roger Goodell
Trending News
Video
x
Feedback