YPF Says Allegations of Under-Investment Unjust, Clarin Says

Antonio Brufau, chairman of Repsol YPF SA, said Argentine government accusations that its YPF SA unit wasn’t doing enough to boost production are unjust and that threatened sanctions had a “doubtful legal basis,” Clarin reported.

Brufau made the comments in a meeting of the company’s board on Feb. 23, when directors barred three politicians from entering the meeting, triggering further government criticism, the Buenos Aires-based newspaper said.

YPF, Argentina’s largest energy company, invested a record amount last year, Brufau said, refuting government complaints, Clarin reported.

To contact the reporter on this story: Philip Sanders in Santiago at psanders@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.

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