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YPF Says Allegations of Under-Investment Unjust, Clarin Says

Feb. 25 (Bloomberg) -- 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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