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Repsol, YPF likely to reach deal before year-end -Pemex

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(Credit: Reuters) The image is the corporate headquarters of Repsol in Spain.Repsol
November 30
1:59 PM 2013

A final deal between Repsol and YPF on compensation for the seizure of the Spanish oil major's stake in its Argentine counterpart is likely before the year-end, a Pemex board member at Repsol said in an interview on Saturday.

Arturo Henriquez, who represents Pemex's 9.4 percent stake on the Spanish energy company's board, said a preliminary deal to end the 18-month standoff should bear fruit shortly.

"We trust that Repsol, looking after its own interests and those of its shareholders, will willingly negotiate for the good of everyone and will make the most of this great reconciliation which has taken place," Henriquez told newspaper Expansion.

"In that context Repsol's management must be supported. The important thing now is to resolve Repsol's problem in Argentina," he added.

The chief executive of Mexico's state-run oil monopoly has publicly criticised the salary paid to the chairman of Repsol as excessive, and sniping over the handling of the dispute, resolved with Pemex's intervention, has continued.

Henriquez appeared to play down the discrepancies between Pemex and Repsol.

"As regards the issue of YPF, Pemex is showing total loyalty to Repsol and the group's participation in the Spanish energy group is strategic," he said.

Pemex has denied it is involved in a bid to oust the Repsol Chairman Antonio Brufau.

Argentina seized Repsol's majority stake in YPF last year, arguing it had not done enough to invest in output.

Since then, Repsol has vowed to sue any firm that partners with YPF to cover losses stemming from the expropriation. Pemex has disagreed with Repsol's strategy.

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