April 17 (LNGJ) - Repsol, the Spanish LNG player and major energy company, has responded to the Argentine government's expropriation moves against its shares in its Argentine subsidiary YPF. Repsol owns a 57.43 percent stake in YPF, with a book value of over 4 billion euros ($5.2Bln).
Here is the Spanish company's statement:
"The Argentinian Government has announced the start of a process of parliamentary approval in Argentina of a law for a change in control in YPF, by which 51 percent of YPF's Class D shares, all of them owned by Repsol, are declared of public interest and subject to expropriation. Also today, a Decree has been approved by the Argentinian Government with immediate effect, establishing the administration of YPF, for a 30-day period and appointing a Minister of the Government as Controller with all the powers of the Board of Directors.
"Repsol considers the announced measure to be manifestly unlawful and gravely discriminatory, that its public interest has in no way been justified and clearly contravenes the obligations undertaken by the Republic of Argentina during the privatization of YPF, breaching the most basic principles of legal certainty and of reliance by the international investment community.
"The company makes express and full reserve of all legal remedies and actions that it is entitled to under Argentinean law, the securities market law where YPF securities are listed, and international law, including the Spanish-Argentinean investment protection treaty," the Spanish company said.
"Repsol will carry out all pertinent legal actions to preserve the value of all their assets and the interests of all their shareholders," it said.
