Associated Press
6:10 pm | Tuesday, November 26th, 2013
A man sits on the steps of the stock exchange to make a phone call after trading finished for the day in Madrid. AP FILE PHOTO
MADRID, Spain—Shares in Spanish oil company Repsol are soaring following news it has struck a preliminary deal to receive compensation from Argentina for last year’s expropriation of its YPF unit.
Repsol’s shares rose by 4.2 percent to 19.22 euros ($25.97) in early trading Tuesday in Madrid.
Repsol, YPF and Mexico’s Pemex—which holds a stake in Repsol—said Monday they had agreed tentatively on a process for determining compensation. No further details were released.
Argentina expropriated Repsol’s controlling 51-percent stake in YPF in 2012, without payment. The seizure infuriated Spain and led to criticism by the European Union, the United States and some Latin American leaders.
The Spanish energy giant has demanded $10.5 billion in compensation.
The agreement must be ratified at a Repsol board meeting Wednesday.
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