Repsol approves YPF compensation agreement

Repsol’s Annual General Meeting today ratified the agreement reached with the Government of Argentina which recognises the company’s right to receive $5 billion in compensation for the expropriation of 51% of YPF and YPF GAS and stipulates guarantees for effective payment as well as the termination of current judicial and arbitration proceedings and the reciprocal waiver of future claims.

The Annual General Meeting overwhelmingly backed the agreement with Argentina,  with the vast majority of its shareholders voting in favour. Thus, the agreement is  definitively ratified by the company. The agreement now requires approval by the National Congress of Argentina.

Antonio Brufau, CEO of the Spanish oil giant,  said : “We have worked very hard to obtain a just compensation. Our efforts have been rewarded with a guaranteed agreement that creates value for our shareholders and strengthens the company’s financial position. Today we embark on a new phase, full of hope and growth prospects for Repsol.”

March 28, 2014

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Posted on March 28, 2014

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