Clifford Chance

Clifford Chance Publication: Resource Nationalism II: Expropriation – Any rights or remedies?

1 May 2012

Direct expropriation or nationalisation is on the rise again.

In mid-April, Argentina dramatically announced the nationalisation of most of Repsol's 57.4% stake in Argentina's biggest oil group, YPF. YPF's interests include rights to the valuable Vaca Muerta shale gas discovery. Repsol had purchased its stake in YPF in 1999 for $13 billion and Repsol will no doubt seek very substantial compensation. But will it get fair value? And when?

It is not surprising that resource nationalism has repeatedly been identified as one of the key risks for investors in the natural resources sector in recent years.

What rights and remedies are available to foreign investors whose investments are expropriated?

Please click here to download the full briefing.

For further information on the impact of resource nationalism on your business, please contact any of the Clifford Chance contacts listed.

 

 

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