Bridas launches legal action against Repsol

Court action: Bridas and CNOOC are suing Repsol

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By News Wires

 09 January 2013 05:08 GMT

Argentina’s Bridas Group and China National Offshore Oil Corporation (CNOOC) are suing Spanish giant Repsol to prevent it from blocking a $1.5 billion shale-gas project, according to reports.

The group’s Virgin Islands-based Bridas International and Bridas Energy Holdings units filed the lawsuit against Repsol on 3 January in New York State Supreme Court in Manhattan, saying the Spanish oil producer sent them letters threatening to seek to block the deal with YPF, Bloomberg reported, citing court documents.

The Argentinean government seized control of Repsol’s majority stake in YPF in April last year, accusing Repsol of investing too little to boost output at a time of growing demand.

"Bridas’s suit has no merit, it is trying to delay the inevitable when…

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