How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- USD weekly currency update-28 April 2017
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Repsol to sue Argentina, cancel supplies of gas
Repsol will sue Argentina for $10.5 billion over the Latin American country's expropriation of their 51% stake in oil company, YPF.
A spokesman for the company confirmed that Repsol will take its case to the World Bank's International Centre for Settlement of Investment Disputes in Washington, USA, where it will seek repayment for the seized shares and indemnization for damages.
Repsol will use a 1991 agreement between Spain and Argentina to support its case before the ICSID court , which is likely to be made before the end of the year. The company also considers that the takeover should have received shareholder approval or been conducted on the entirety of the company stock, as opposed to leaving Repsol with a mere 6% of YPF shares.
The company values their expropraited shares at $10.5 billion, however Argentina disagree with this valuation and the government has appointed a local court to determin it's their worth.
In turn, Argentina has accused Repsol of failing to supply a contract for 135'000 m3 of LNG scheduld to arrive in Buenos Aires next week. Repsol have claimed that this is due to 'credit issues' with YPF.
Repsol are under contract to supply 10 similar shipments to Argentina this year, with it looking unlikely that they will now be made.
Latest News & Stories
- Five Spanish regions among EU’s top 10 unemployment black spots
- Pensioners miss flight to Spain after being abandoned in Airport
- Britons buy fewer houses in Spain after Brexit vote
- Almost 28% of Spanish population at risk of poverty or social exclusion
- Bank of Spain says structural reforms needed to further reduce deficit
- Brexit takes its toll on Spanish property market
- Spain’s “golden visa” scheme brings in €2.16 billion in first three years