Argentina as No Claims-Nation Revealed in Repsol Losses: Energy
Repsol YPF SA (REP), the Spanish oil explorer seeking $10.5 billion from Argentina for seizing its assets, will line up behind companies from Exxon Mobil Corp. to Unisys Corp. (UIS) yet to be repaid by the most-sued nation on earth. There are 26 cases pending against Argentina, more than any other country, at the World Bank’s International Centre for Settlement of Investment Disputes in Washington, the principal arbitration court for claims against sovereign countries. So far, it has refused to pay any of the tribunal’s judgments, according to a Bank of America Merrill Lynch economists’ report.
Chavez’s government has negotiated compensation for some nationalized assets with steelmaker Ternium SA (TX) and settled out of the ICSID with Mexican cement maker Cemex SAB for $600 million, about half of what the company was seeking in arbitration, for seizing its local unit in 2008. “It’s much easier to deal with Chavez. He has actually paid fair compensation to those he expropriated and has honored all of his country’s debts,” said Porzecanski. “His attitude has been much more respectful of international treaties and even domestic law than that of the Kirchners,” he said, referring also to Fernandez’s deceased husband and former Argentine president, Nestor Kirchner
And Chavez is always portrayed as the unreasonable leader!