Repsol Takes Case Against Argentina
Spanish oil and gas producer Repsol has taken a case against the Argentine state, claiming the South American country acted wrongly in nationalising Repsol's subsidiary, YPF.
Argentine government sources said the complaint had been lodged with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
Argentine President Christina Fernandez nationalised YPF, the country’s most important energy company, in April. She claimed that Repsol management was under-investing in YPF, in essence draining the company.
The BBC quotes Repsol as saying it took the action after waiting more than six months for a resolution to the seizure, which the company describes as "expropriation".
Cases taken to the ICSID could take a year for a resolution.