14 May 2012

ARGENTINA / SPAIN : Outlook Is Bleak For Repsol's YPF Suit.


      In a recap of Spain's Repsol Oil efforts to get $10.5 billion from Buenos Aires for seizing  its YPF energy assets...Bloomberg calls Argentina 'the most sued nation on earth.'
      Repsol must now join '...a conga line of people holding unsatisfied claims, and that's not a good place to be'...since 26 other companies are ahead of Buenos Aires at the World Bank's DC arbitration center.
      An expert speculates that...“It’s not just that they (Argentina) will try to not pay Repsol anything. Even if they agree to pay something or are required to pay something, the likely scenario is that they will drag it out for as long as possible with appeals and annulments and reviews.
      They don’t mind spending hundreds of millions of dollars on the best lawyers just to buy time.”