Repsol Sues Chevron, Total Gets Bid on TIGF: Energy Business Wrap
Repsol’s (REPYY.PK) lawsuit that it brought against Chevron Corporation (NYSE:CVX), over the latter’s cooperation agreement with Argentina’s YPF Sociedad Anonima (NYSE:YPF) will be heard in a Spanish court. The Spanish oil company had threatened legal action against any firms that invest in YPF, subsequent to Argentina seizing control of its majority interest in the latter in April. A Repsol spokesperson said that “Repsol will continue to take all legal action necessary to protect its interests”.
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The French oil major Total (NYSE:TOT) has been approached by the power group EDF, as part of a consortium that would like to acquire its gas network and storage business TIGF, according to the French daily Les Echos on Monday. EDF holds a minority interest in the consortium, which submitted a letter of intent for TIGF. The unit is currently valued at between €2 billion and €3 billion, or $2.5 to $3.8 billion. Thus far, EDF has refused comment, and Total officials could not be reached.