Deputies applaud as the agreement becomes law (photo: Fernando Sturla/Télam/jc)
Agreement with Repsol over YPF Expropriation Becomes Law: After almost 16 hours of debate in which over 120 speeches were made, deputies have signed into law the agreement with Repsol over 2012′s renationalisation of 51% shares in Argentina’s YPF oil company. The vote, which took place in the early hours of this morning, had 135 votes in favour, 59 against, and 42 abstentions. Repsol and the government of Cristina Fernández de Kirchner signed the settlement on 27th February, which consists of a fixed package of three types of sovereign bonds with a nominal value of US$5bn, and a complementary package of three other bonds worth a maximum of US$1bn, to cover any reductions in the market value of the first package. Opening yesterday’s debate, president of the Energy and Fuel Commission, Mario Metaza, said that the agreement with Repsol over YPF “strengthens confidence in the country” and confers “a favourable climate for investment”. The Senate ratified the agreement in March, and with last night’s vote in Congress, the deal has officially become law, ending the country’s two-year quarrel with Spain over the expropriation.
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