The Argentine government held this Friday the United States Justice decision to suspend a decision of a New York Court that had ordered the delivery of the majority of the Argentine oil company YPF to private investment funds, which it described as violation of “well -established laws of sovereign immunity”.
The Treasury Procurement of Argentina expressed – in a statement – its satisfaction for the decision of the Court of Appeals of the Second New York circuit, which this Friday resolved to suspend the 51% delivery order of the YPF actions arranged by Judge Loretta Presska.
In the statement, the Government of Javier Milei said that the suspended order “violates well -established laws of sovereign immunity, would interfere with the interests of the foreign policy of the United States recognized by the government of that country and even required Argentina to violate its own laws.”
“Argentina is confident that the Court of Appeals will also revoke the deeply defective and unprecedented sentence of the Court of First Instance and compensation for damages for $ 16.1 billion in the underlying appeal,” concludes the communication of the Argentine government.
For his part, President Milei shared in X a post of his government spokesman, Manuel Adorni, who said: “Key day in the YPF trial. The Court of Appeals of NY granted the suspension in the delivery of 51%. Decades of interventionism and decadent efforts brought us here: never again.”
According to sources from the Argentine government, the decision of the Court of Appeals is limited to the suspension of the delivery order issued on June 30, while the corresponding appeal is processed.
MOST CONTEXT: EU justice suspends YPF shares to private funds
The judicial decision does not affect the course of the Fund Appeal against the Judgment issued in September 2023 – three months before the start of the management of Javier Milei- that condemns Argentina to pay sixteen billion dollars plus interest.
In 2015, after buying litigation rights to the Argentine group Petersen -YPF minority shareholder, Burford Capital and Eton Park sued in New York courts to the Argentine State for the nationalization of the oil company in 2012.
In 2023, Preska failed in his favor and condemned the Argentine State to pay them 16.1 billion dollars.
On June 30, the judge ordered Argentina to yield to the litigating firms its 51% participation in the oil company, but the South American country appealed the measure before the Appeals Chamber of the Second Circuit of New York, a court that issued a temporary administrative suspension of the Presska Order.
While the case is in appeal, Presska has advanced in the ‘Discovery’ measures aimed at identifying Argentine assets with which to eventually execute the payment of the sentence to the plaintiffs.
YPF, controlled by the Argentine State and whose actions are quoted in the stock markets of Buenos Aires and New York, is the largest hydrocarbon producer in Argentina.
Find out: Meloni and Milei preside over the ENI-YPF agreement to advance their LNG project
The company produces 40% of the oil and 30% of the gas in the South American country, has three refineries (50% of the refining capacity of Argentina), a wide network of gas stations, participation in pipelines, the distribution of gas and the generation of renewable energy.
The YPF oil company leads the development of the huge formation of unconventional hydrocarbons of the Muerta Vaca site and is immersed in multimillionaires projects in society with other companies to export by maritime maritime and liquefied gas.
YPF has assets for 29,714 million dollars and a net assets for 11,908 million, according to the most recent quarterly balance of the company.
With EFE information.
Follow the information about the world in our international section
