The president of YPF, Pablo González, assured that the agreement for the Maxus case that is taking place in the United States “is a great relief” for the flag oil company, and indicated that it will allow for a “much clearer picture” to promote the growth of investment and production that the company has been carrying out, in particular in its unconventional operations in Vaca Muerta.
As reported by the Télam agency, González expressed his satisfaction with the agreement announced from New York to close Maxus environmental damage lawsuita US oil company that YPF acquired in the mid-1990s.
“It is a great relief and although all the parties signed the agreement, including the American environmental agency and the plaintiff trust, the approval of the judge is still missing,” the president of the state oil company hurriedly pointed out.
The agreement reached this Thursday determines that the Maxus Liquidation Trust will withdraw the claims it has filed against YPF and Repsol in the Bankruptcy Court for the District of Delaware, as well as all current and future claims they may have against both companies.
In exchange for this, YPF and Repsol agreed to pay the Trust an amount of US$ 287.5 million each, which makes a total figure of US$ 575 million, so the amount to be paid by the national oil company is equivalent to only 2% of the original figure of the demand.
In radio statements, the head of the Argentine company stated that “It is an agreement that greatly clears the horizon of YPFwhich shows you a much clearer picture to boost the growth observed in the last two years, in which we lowered the debt and increased the production of gas and oil.
González recalled that “in June of last year some media said that YPF was going to make a mess with Maxus“, but since then” a sentence limited YPF’s responsibility quite a bit by ruling out the fraudulent conduct that the trust had been foisting on it in a lawsuit that until then was for US$14,000 million.
Thus, he specified, it was established that “each party should be responsible for the contamination and a negotiation began, through a mediator, which allowed the five parties” involved to agree.
YPF expropriation: “The best decision of the last 50 years”
YPF also obtained in a favorable manner for the company the decision of the United States court that exempts you from liability in the event of the expropriation of 51% of the company’s sharesin a case promoted by the Burford vulture fund, and which has two stages of appeal ahead.
In this regard, González reiterated that, in his opinion, the expropriation of the company during the second presidency of Cristina Fernández de Kirchner, in 2009, “it was the best decision of the last 50 years of the country“, and claimed to have voted in favor of the measure on that occasion when he was serving as Senator for the province of Santa Cruz.
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