MADRID Nov 30 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
"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.