Saturday, December 22nd 2012 - 08:03 UTC

World Bank’s arbitration unit receives Repsol’s complaint over YPF nationalization

The World Bank's arbitration unit has agreed to hear a complaint by Spanish oil firm Repsol over Argentina's nationalization of the company's former energy affiliate YPF.

Repsol argues that its 51% stake in YPF taken over by the Argentine government is equivalent to 10bn dollars

On its website, the International Centre for Settlement of Investment Disputes simply indicated that it had begun the arbitration process on Tuesday and the tribunal was “not yet constituted.” Repsol filed its complaint two weeks ago.

The two parties now must agree on the members of a three-person tribunal which will review the case. The ICSID told Repsol and the Argentine government that they had 30 days to name one arbitrator each to a three-member panel that will oversee the case. The third member of the panel must be agreed by both sides.

In May, the Argentine government seized YPF from Repsol, accusing the Spanish oil giant of allowing oil and gas production to lapse and forcing Argentina's oil import bill to rise amid growing demand.

Repsol is fighting for financial compensation over the expropriation. It has filed suit against Argentina in a New York court, saying the government violated YPF bylaws with the takeover.

The Spanish firm says its 51% stake in YPF is worth 10 billion dollars and has also threatened to take to court any party investing in YPF interests, which it says were expropriated illegally.

Earlier this month US oil giant Chevron announced a deal to tap shale oil resources in western Argentina with YPF. Repsol has filed lawsuits in Spain and the United States to block the plan.
 

13 comments Feed

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1 Orbit (#) Dec 22nd, 2012 - 02:04 pm Report abuse
Another day, another tribunal / court case / dispute... How can one administration cause so much goodwill ?

At some point (I hope for Argentina's sake), CFK will work out that the reason her foot is sore all the time, is because of the bullets she keeps putting in to it.
2 MrFlagpole (#) Dec 22nd, 2012 - 11:13 pm Report abuse
It's difficult to see how the cfk government can try and defend this. But we shall see.
3 Xect (#) Dec 23rd, 2012 - 12:18 am Report abuse
Easy, just like before they will be found guilty and claim its run by corrupt westerners or its rules/laws don't apply to Argentina, etc etc

Whilst simultaneous blaming the UK for not respecting UN resolutions Argentina violated by carrying out an illegal invasion.

Just another day in the life of the bizarre leadership Argentina is being subjected too.
4 Captain Poppy (#) Dec 23rd, 2012 - 04:03 pm Report abuse
You guys may have missed the article back on 11/28. Argentina had 42 claims for 65 billion dollars sitting with the ICSID. They answer was to just abandon the ICSID. That is how they respond to international law, unless it is in their favor. What's that old saying......My way or the highway.
Argentina.....always the victim and never the instigator.
5 ProRG_American (#) Dec 23rd, 2012 - 04:43 pm Report abuse
La Nacion and C5N have confirmed that ARA Espora has sailed from South Africa and is headed towards the Brazilian coast where it will join ARA Libertad to escort it into Mar Del Plata Naval base on January 9, 2013.
MERRY CHRISTMAS AND A HAPPY NEW YEAR!
6 Anbar (#) Dec 23rd, 2012 - 06:22 pm Report abuse
ProRG_RG: seeing as you've posted that in every thread and still not really generated much of a response do you yet realise that nobody really gives a stuff?

What was embarrassing for Argentina's Government was that it was stuck there for so long and that the German company wanted payment up-front.

The fact that they have paid-up and the repairs are now done isnt exactly a triumph: it just reminds everybody about the original f-up...and I'm pretty certain you think that its some sort of triumph...?

which is, frankly, odd.
7 Pete Bog (#) Dec 23rd, 2012 - 10:20 pm Report abuse
@5
“La Nacion and C5N have confirmed that ARA Espora has sailed from South Africa and is headed towards the Brazilian coast where it will join ARA Libertad to escort it into Mar Del Plata Naval base on January 9, 2013.”

Yes, and they will stay in port where it is safe for them-good move!
8 andy65 (#) Dec 24th, 2012 - 09:46 am Report abuse
Sorry let these two countries fight it out alone niether deserve any sympaphy
9 British_Kirchnerist (#) Dec 24th, 2012 - 07:05 pm Report abuse
Of course the WB will sympathise with Repsol out of capitalist solidarity, but what can they do???
10 Troy Tempest (#) Dec 25th, 2012 - 03:05 am Report abuse
@09 BK
“Of course the WB will sympathise with Repsol out of capitalist solidarity, but what can they do???”

Of course because it was outright theft by Argentina.

No foreign investor is likely to put up their money in somebody else's industry
( Argentina's) if their assets and returns are going to be confiscated.
11 Malvinero1 (#) Dec 26th, 2012 - 04:02 am Report abuse
Who cares about the brits scum.They are bankrupt and finished!1 AHAHAHAHAHAHPoor deluded pirates..The future is this: MALVINAS ARGENTINAS,uk FINISHED!!

www.youtube.com/watch?v=XbLfje8_jgI

www.youtube.com/watch?v=QaxV0qyaUMo
12 Captain Poppy (#) Dec 26th, 2012 - 11:31 am Report abuse
You kirchnerites can say anything, but that's all you are doing is “saying anything” out of desperation. The history of the world is on the side of the USA, UK and most developed nations. You have nothing but UTUBE (a very intelligent substance of support I might add.......NOT). When you make an empty statement.....it means nothing.......just like argentina.....it means nothing. In all of you less than 200 years of history as a country, you will learn to work inside of the neighbor everyone calls “the world” and grow up and stop blaming “the world” for the problems argentina created for itself. BA is going through power outages again and it is no fault but kirchner's. Everything else that will happen this summer is kirchner's fault. The people suffer because of her.
13 slattzzz (#) Dec 27th, 2012 - 01:03 pm Report abuse
Rumour has it a British nuclear submarine was trailing the espora but had to break off as the crew were laughing to much when on silent running

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