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Monday, 11/12/2012 3:26:01 PM

Monday, November 12, 2012 3:26:01 PM

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Spain Sees Room for a Deal Between Repsol and Argentina on YPF
By Pablo Gonzalez - Nov 12, 2012 3:01 PM ET

The Spanish government says there is room to negotiate terms for Repsol SA (REP)’s departure from Argentina, Foreign Affairs Minister Jose Manuel Garcia Margallo said speaking before the Spanish Senate.
“There is room for a negotiation,” Margallo said today, according to Germany’s DPA news agency. “It must be done through a regulated procedure and paying a fair price.”
The oil explorer based in Madrid is still waiting to file a claim seeking $10.5 billion in compensation at the World Bank’s International Center for Settlement of Investment Disputes in Washington, said Kristian Rix, a Repsol spokesman in a phone interview from Madrid. ICSID is the principal arbitration court for claims against sovereign countries.
Repsol said it’s seeking compensation after the Argentine government expropriated a 51 percent stake of YPF SA (YPF) unit on April 16.
Argentine President Cristina Fernandez de Kirchner Fernandez said the same day that compensation will be determined by Argentina’s National Appraisal Tribunal, the government- chartered agency to help determine the value of contested goods involving companies or governments.

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