US backs Repsol in YPF dispute with Argentina
The US secretary of energy Ernest Moniz has backed Spanish firm Repsol (NYSE: REPYY) in its dispute with Argentine authorities over the expropriation of YPF (NYSE: YPF).
"The United States does not back the nationalization of assets, so definitively we support Repsol regarding this issue," Moniz was quoted saying during a press conference at the US embassy in Madrid by local paper ABC.
These are the first official US comments on the dispute over the expropriation of 51% of YPF shares since Chevron (NYSE: CVX) signed a JV deal with YPF to develop part of the Vaca Muerta shale formation which Repsol-YPF discovered in 2010.
Moniz declined to comment on the YPF-Chevron deal.
Repsol has taken legal action on several fronts against both Argentine authorities and Chevron since the expropriation and the announcement of the JV.
Mexico's state oil company Pemex and Isidre Fainé, head of Spanish bank La Caixa, two of Repsol's largest shareholders, are said to be increasing pressure on Repsol president Antonio Brufau to accept a negotiated deal with Argentina instead of legal action.
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