Argentina, Repsol in talks regarding YPF compensation: Argentina
BUENOS AIRES (Reuters) - Argentina has begun talks with Repsol (REP.MC) about compensation to the Spanish oil major for last year´s nationalization of the South American country's top oil company, YPF (YPFD.BA), a government official said on Thursday.
Argentine cabinet chief Jorge Capitanich told reporters that the long-awaited negotiations had begun but declined to elaborate on the progress or location of the talks.
"Negotiations with Repsol have begun. They are meeting," Capitanich told a news conference.
Argentina and Repsol struck a preliminary deal last week over compensation for the 2012 seizure of the Spanish company's majority stake in YPF. Sources have said Argentina is offering a compensation package worth $5 billion, half the sum Repsol was initially demanding.
Details of the settlement, which is likely to be paid in 10-year U.S. dollar denominated Argentine bonds, are expected to be ironed out in the coming weeks.
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video