Subscribe free to our newsletters via your
. 24/7 Space News .




ENERGY TECH
Repsol will drag Argentina through courts
by Staff Writers
Buenos Aires (UPI) Nov 20, 2012


disclaimer: image is for illustration purposes only

Frustrated by several months of fruitless fighting for a compromise, Spanish energy major Repsol warned Argentina it will drag its government through international courts to secure fair compensation for the loss of YPF.

In April Argentine President Cristina Fernandez de Kirchner appropriated Repsol's majority stake in Argentine subsidiary YPF, the Latin American nation's principal oil producer and distributor.

Talks on a compensation settlement for the Spanish company stalled amid continuing disagreements between the Fernandez administration and Repsol. Spurred by popular Argentine support for the seizure, Fernandez has brushed aside most Repsol initiatives so far.

An intervention by King Juan Carlos of Spain and numerous interventions by Spanish Prime Minister Mariano Rajoy also failed to stir Buenos Aires.

Repsol Chairman Antonio Brufau told El Pais newspaper in Madrid the company would continue to pursue compensation even if that meant taking the matter to court at an international level.

Brufau is under mounting shareholder pressure to produce better results from his efforts to secure a compensation deal. He was repeatedly criticized for his handling of the YPF expropriation, which wiped $17 billion off the market value of Repsol, Spain's largest oil producer.

He told El Pais he still believes and hopes for an agreement through dialogue "to compensate us for that which belonged to us."

Repsol took Argentina to court in the United States in May, seeking more than $10 billion in compensation. Fernandez, who accuses Repsol of not investing enough of its profits, has been seeking international investors, another major irritant for Repsol.

Repsol is also in litigation with Chevron over "disloyal competition," after the U.S. company reached an agreement with nationalized YPF to conduct explorations in the Vaca Muerta region, known to contain at least 23 billion barrels of oil.

YPF is seeking investors in a planned $37.2 billion expansion plan for YPF but Argentina's relationship with Chevron is mired in controversy over its operations in the country and over an ongoing dispute with Ecuador.

The U.S. company faces mounting pressures in Argentina over its disputes with both Argentina and Ecuador.

Argentina wants Chevron to step up investments even as it battles an Argentine court embargo on its existing assets in the country. On Nov. 7, Argentine Civil Judge Adrian Elcuj Miranda ordered 40 percent of Chevron's Argentine bank accounts to be held in escrow after receiving a petition from Ecuadorian plaintiffs seeking to enforce a $19 billion award in that country.

Meanwhile, YPF has lost about 70 percent of market value since its nationalization.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








ENERGY TECH
Philippines to host four-way maritime talks
Manila (AFP) Nov 21, 2012
The Philippines is to hold four-way talks next month with fellow Southeast Asian nations with rival claims to South China Sea territories, Foreign Secretary Albert del Rosario said Wednesday. The deputy foreign ministers of Brunei, Malaysia, the Philippines and Vietnam are to meet in Manila on December 12 as part of Philippine efforts at pushing for a multilateral solution to their disputes, ... read more


ENERGY TECH
China's Chang'e-3 to land on moon next year

Moon crater yields impact clues

Study: Moon basin formed by giant impact

NASA's LADEE Spacecraft Gets Final Science Instrument Installed

ENERGY TECH
Martian And Terran History Finding a common denominator

Meteorites reveal warm water existed on Mars

NASA Rover Providing New Weather and Radiation Data About Mars

CU LASP package ready for MAVEN integration bound for Mars

ENERGY TECH
NASA Selects Information Technology Flight Operations Support Contract

SciTechTalk: All work and no play?

Get some bed rest - all 21 days of it

Latest China military hardware displayed at airshow

ENERGY TECH
Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

ENERGY TECH
Three ISS crew return to Earth in Russian capsule

Station Crew Off Duty After Undocking

Space station command changes

Russia restores space contact after cable rupture

ENERGY TECH
France, Germany seek Ariane compromise at ESA space meet

ILS Launches the EchoStar XVI Satellite

Arianespace's fourth Spaceport mission with Soyuz ready for fueling

Ariane 5's sixth launch of 2012

ENERGY TECH
Rare image of Super-Jupiter sheds light on planet formation

Astronomers Directly Image Massive Star's 'Super-Jupiter'

NASA's Kepler Wraps Prime Mission, Begins Extension

Lowell astronomer, collaborators point the way for exoplanet search

ENERGY TECH
Smartphones crushing point-and-shoot camera market

Britain's oldest computer gets a 'reboot'

Global mobile data traffic doubled in year: Ericsson

China sets special funds to boost rare earth sector




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement