The Canadian PressNovember 25, 2013 21:04
BUENOS AIRES, Argentina - Argentina's government has reached an agreement in principle to compensate Spain's Repsol for last year's 51 per cent expropriation of the YPF energy company.
Repsol, YPF and Mexico's Pemex, which holds a stake in Repsol, said Monday that they agreed tentatively on a process for determining a compensation amount. The parties also agreed to suspend legal actions.
Argentina expropriated Repsol's controlling stake in YPF on April 16, 2012, without paying a single cent. The Spanish company has been demanding $10.5 billion in compensation.