{{Argentina’s state-controlled energy company, YPF, has lost a potential multimillion-dollar international arbitration case over the suspension of natural gas exports to Brazil, the company said on Monday.}}<\/p>\n
Plaintiffs are reported to be seeking well over $1 billion in compensation for YPF’s suspension of gas exports starting in 2004 and its rescission of the contracts with AES Uruguaiana (AESU) y Transportadora de Gas del Mercosur in 2009.<\/p>\n
At the time, YPF was controlled by Spain’s Repsol (REP.MC). The center-left government of President Cristina Fernandez seized Repsol’s majority stake in the country’s biggest energy producer last year.<\/p>\n
“This ruling only determines the responsibility of the parties. The determination of whatever damages that might exist is subject to a new arbitration process before the same tribunal,” YPF said in a statement to the Buenos Aires stock exchange.<\/p>\n
“YPF is analyzing the grounds of this arbitration ruling and will energetically defend its interests and those of its shareholders,” the company said.<\/p>\n
The case was brought before an arbitration panel at the Paris-based International Chamber of Commerce. Argentina’s La Nacion newspaper said in November that the companies – including a third one that was not mentioned in the YPF statement – were seeking $1.633 billion in compensation.<\/p>\n
An industry source familiar with the case said the figure was closer to $1.4 billion. The source said the third company cited by La Nacion – Companhia de Gas do Estado do Rio Grande do Sul (Sulgas), which is part-owned by Brazil’s Petrobras (PETR4.SA) – sued alongside AESU and was included in the ruling.<\/p>\n
Officials at YPF declined to comment, as did the spokeswoman for Petrobras. No one was immediately available at the other companies that won the arbitration case to provide details.<\/p>\n
YPF’s shares closed down 3.61% at 114.70 pesos per share in Buenos Aires (YPFD.BA).<\/p>\n
Transportadora de Gas del Mercosur operates an Argentine pipeline that runs up to the border with Brazil. Its shareholders include Argentina’s Tecpetrol, France’s Total (TOTF.PA), Malaysia’s Petronas and U.S.-based CMS Energy (CMS.N).<\/p>\n
AESU belongs to power utility AES Brasil, which is the Brazilian unit of U.S. energy giant AES Corp (AES.N).<\/p>\n
{reuters}<\/p>\n","protected":false},"excerpt":{"rendered":"
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