YPF loses Brazil arbitration

City A.M. Reporter
AREGNTINA’S state-controlled energy company, YPF, has lost a potential multimillion-dollar international arbitration case over the suspension of natural gas exports to Brazil, it said yesterday.

Plaintiffs are reported to be seeking over $1bn in compensation for YPF’s suspension of gas exports starting in 2004 and its rescission of the contracts with AES Uruguaiana (AESU) y Transportadora de Gas del Mercosur in 2009. At the time, YPF was controlled by Spain’s Repsol.

President Cristina Fernandez seized Repsol’s majority stake in the energy producer last year.