Repsol Shareholders: Argentina's YPF Seizure An Act Of Piracy

Antonio Brufau, CEO of Spanish oil company Repsol renewed his resolve to seek punitive damages from Argentina's government following its seizure of the company's subsidiary YPF.

The company already has a $10 billion compensation lawsuit against Argentina and commenced arbitration proceedings with the World Bank's International Center for Settlement of Investment Disputes this month. It's a move supported by the company's shareholders in a Wednesday meeting, some calling Argenitna's actions an act of piracy, Reuters reported.

Earlier this week, Brufau said he was willing to negotiate for fair compensation, after the Argentine government nationalized 51 percent of YPF, the country's largest oil company, of which Repsol owned 57 percent.

Argentina nationalized YPF from Repsol in April in order, said the government, to develop Argentina's own natural resources, something it is accusing Repsol of not investing enough to do.