Repsol in $1.76B loss on Argentina expropriation
MADRID (AP) — Spanish energy giant Repsol says it is recording a 1.28 billion-euro ($1.76 billion) net loss in its 2013 results to account for Argentina's expropriation of its YPF oil and gas divisions.
Argentina seized Repsol's controlling stake in YPF in 2012 without payment, claiming the Madrid-based company was not investing enough in the South American country's oil industry. The move enraged Spain and brought sharp criticism of Argentina from the European Union and the United States.
Repsol representatives and Argentina have recently been negotiating a compensation settlement for the Spanish company.
Repsol said in a regulatory filing Friday it has revalued its 51 percent stake in YPF at $5 billion. Repsol shares on the Madrid stock exchange rose 0.4 percent to 18 euros after the announcement.