YPF Sees Conflict with Repsol Resolved Before Year End

Reuters

MADRID, Oct 3 (Reuters) – The chairman of Argentine state oil firm YPF expects to reach a deal before the end of the year on compensating Spanish oil group Repsol for the YPF stake it lost in an expropriation, he told a Spanish newspaper on Thursday.

Repsol has sued Argentina for compensation after the government of the South American country seized its 51 percent stake in YPF last year.

"Before the end of the year we can reach a solution one way or another," Miguel Galuccio said in an interview published in Expansion.

Repsol has valued the stake at $10.5 billion but Galuccio said an Argentine assessment court may value the stake at $1.5 billion.

Repsol has said it would be open to a mixed compensation package in the form of cash, bonds or liquid assets.

YPF has offered Repsol assets worth $5.0 billion from the Vaca Muerta oil and gas field to compensate for the expropriation, an offer rejected by Repsol.

(Reporting By Elisabeth O'Leary; Editing by Fiona Ortiz and Mark Potter)

 

Copyright 2017 Thomson Reuters. Click for Restrictions.

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