The US judge accepted the agreement between YPF and Maxus | The NOC must pay $287.5 million

The judge in charge of the Delaware State Bankruptcy Court, Craig Goldblatt, on Monday approved the agreement between the parties in the Maxus case signed by YPF, in which it was decided that the Argentine company and the Spanish company Repsol must pay. Equivalent to 2 percent of the principal amount claimed by claim in an environmental tort action in the United States. This way, YPF and Repsol must pay the equivalent of $287.5 million each, which would make the total figure $575 million.

Last month, the Argentine oil company announced that it had reached an agreement between the parties to dismiss all claims against YPF in the case – which also involved Repsol – which grants a complete release and exoneration from the claims made by the Trust at the time.. Maxus settlement of up to $14,000 million .

The agreement that ended the dispute – which has languished in US courts for more than 20 years – was ratified by Judge Goldblatt, who is in charge of the US state of Delaware bankruptcy court.

YPF stated, in a statement last April, that as of 1992, the company implemented an international expansion strategy through which it acquired Maxus, an American oil and gas company with assets in various countries around the world (United States, Bolivia, Indonesia, Ecuador and Venezuela). ).

Later, in 2005, the state of New Jersey sued Occidental and Maxus—and later added YPF and Repsol—for contamination of the Passaic River – 10 kilometers from New York City – with chemical waste.

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Occidental confirmed its compensation, and Maxus, the company that YPF acquired in 1995, fulfilled its obligations until June 17, 2016, when it filed for bankruptcy and was subsequently declared bankrupt.

In June 2018, Maxus Liquidation Trust sued YPF, Repsol and certain affiliates, for up to $14,000 million in the Delaware County Bankruptcy Court.

Pablo Gonzalez, Director of YPF, stated in this regard that “if the conditions are met, the agreements will end the litigation that has dragged on for years, to reach a fair and reasonable settlement for all parties, and this will allow YPF to continue to focus its efforts. In value and employment generation, deepen the growth of its production and focus its efforts On the investments needed to strengthen and diversify the Argentine energy matrix.

Freddie Dawson

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