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.
City A.M. Reporter