MercoPress. South Atlantic News Agency

Feb 21 part of YPF shares back under Argentine control

Spain's Repsol YPF announced Thursday that the sale of 14.9% of its affiliate in Argentina to that country's businessman Enrique Eskenazi will become effective next February 21.

In a release to the Spanish Stock Exchanges National Committee Repsol said it had agreed "with Petersen Energy that the date to make effective the YPF shares sale operation will be next February 21". Petersen is the corporation through which Eskenazi operates. Last December 21st Repsol YPF announced the sale of 14.9% of its Argentine affiliate to Mr. Eskenazi involving 2.235 billion US dollars, with the option of a further acquisition of 10.1% which would give him control of 25% of the company. The sale price of this option will be calculated based on YPF current market value (15 billion US dollars) which means an outlay of 1.515 billion US dollars. Furthermore Repsol is working on the sale of an additional percentage of YPF, anywhere between 5 and 8%, to four provinces in the south and center of Argentina linked to the oil and gas industry, according to a spokesperson from the Spanish corporation in Madrid. The announcement was made following a meeting between Repsol's CEO Antonio Brufau and the governor of the Patagonian province of Chubut Mario Da Neves to talk about the issue.