The US Supreme Court ruled on Wednesday for British company British Gas Group Plc in its effort to reinstate a 185.3 million dollars arbitration award against Argentina that a US appeals court threw out.
Argentina’s nationalized oil and gas company YPF announced it has taken control of Metrogas, after acquiring 54.67% of the shares of Gas Argentino (GASA) from the company British Gas (BG). The takeover leaves the oil company as the main stockholder and controller of 70% of the largest gas distribution company in Argentina.
Argentina won a US appeals court decision throwing out a 185 million dollar award to the UK BG Group Plc, which claimed the country’s freeze on natural gas prices caused the bankruptcy of a local gas distributor it controlled.
Argentina’s oil corporation YPF signed a purchase option for 54.67% of the British Gas controlled GASA group that is the country’s largest distributor of gas. The purchase option expires August 31.