January 4, 2013 / 1:46 PM / 7 years ago

Repsol to sue Bridas over YPF shale deal

The logo of Spanish energy company Repsol is seen outside a gas station in Madrid November 23, 2012. REUTERS/Sergio Perez

MADRID (Reuters) - Spain’s Repsol (REP.MC) said it will take legal action against Bridas International over the Argentine company’s deal to develop shale resources with local state-controlled energy firm YPF (YPFD.BA).

Repsol has threatened to launch legal action against any company that partners with YPF after Argentina seized control of the Spanish company’s majority stake in the energy firm last April.

“We informed Bridas of our intention to take legal action on January 2,” a Repsol spokesman said on Friday.

YPF needs partners to develop Argentina’s shale oil and gas resources and last month announced a preliminary agreement with Bridas for an initial $1.5 billion investment.

YPF has also signed a preliminary agreement for a pilot partnership with U.S. oil major Chevron Corp (CVX.N), also prompting a lawsuit against the U.S. company by Repsol.

Reporting By Rodrigo de Miguel; Writing by Tracy Rucinski; Editing by Hans-Juergen Peters

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