Repsol Sues Chevron Over Argentina YPF Agreement

From Bloomberg Business Week

Repsol SA has sued Chevron Corp. in New York seeking to prevent the U.S. oil giant from developing energy assets in Argentina.

The federal lawsuit filed Tuesday follows other legal claims that the Spanish oil company has filed in Madrid and Washington, demanding more than $10 billion in compensation for the majority stake in the YPF oil company that Argentina’s government took over in April.

Respol accused Chevron of conspiring with Argentina to act in violation of the company’s bylaws.

Chevron was “willing to partner in Argentina’s scheme to deprive Repsol of its rightful interest in the energy assets, so long as Chevron received an interest in energy assets for itself,” Repsol alleged in the lawsuit.

Repsol asked a judge to prevent Chevron from partnering with YPF in developing Argentina’s energy assets, as long as government officials are managing the company. The lawsuit also asks for compensatory damages to be determined at trial.

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