Repsol Rejects Argentina’s $5 Billion YPF Compensation
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Repsol SA, Spain’s largest oil driller, said its board rejected an offer by the Argentine government meant as compensation for the expropriation of a 51 percent stake in YPF SA in April 2012.
Repsol was offered a 47 percent stake in a joint venture in the Vaca Muerta shale formation valued by Argentina at $3.5 billion, as well as $1.5 billion toward development, according to a filing sent to Spain’s securities regulator. The proposal “does not equal the losses suffered by Repsol,” the Madrid-based company said. YPF would hold a 51 percent stake, while Petroleos Mexicanos SA would own 2 percent in the venture.