Argentina Makes Good On Debts With These Energy Giants
By: Dave Forest
The place is the nation of Argentina. Where recent moves by the government to ensure high prices have made the country perhaps the top place globally for E&P activity right now. And late last week, Argentina’s lawmakers took another big step in attracting energy investment. Paying for past nationalizations in the oil and gas sector. The government said Friday that it has reached settlements with both Shell and U.S. midstream major Kinder Morgan. Over long-running suits related to expropriations carried out by Argentina’s previous governments.
In Shell’s case, the injustice happened to the company’s now-subsidiary BG Group. Which had filed an arbitration claim against Argentina back in 2003 — claiming that government price controls in the energy sector had reduced the value of BG’s holdings in Argentine natgas distributor MetroGas SA.
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