Repsol has filed a lawsuit against A gentina in retaliation for the states seizure of YPF, Reuters reported May 15. Repsol, seeking to recover more then US$10 billion from the South-American country, claims that Argentina reneged on its promise to issue Class D shares of YPF should it take back control of the company. On April 30, this publication reported that Argentina had seized Repsol's 51 percent. The decision stemmed from "the need to reverse free-market thinking in [the] energy policy," said Argentine Sen. Marcelo Fuentes. Argentina had accused Repsol of underinvesting in domestic oil and gas fields and failing to keep pace of the economy's needs. The amount of the lawsuit, according to Repsol chairman Antonio Brufau, values YPF at approximately US$ 18 billion.
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