Force Majeure

Argentina's state-run oil company YPF SA (YPF, YPFD.BA) has lost an international arbitration case involving claims that YPF broke its contractual obligations after Argentina largely stopped exporting natural gas to neighboring countries because of domestic supply problems.The Paris-based International Court of Arbitration found YPF responsible for rescinding its gas-export contracts in 2009 with the Brazilian energy company AES Uruguaiana Empreendimentos SA (AESU) and Argentina's Transportadora de Gas del Mercosur, or TGM, YPF said in a stock-market filing Monday."YPF is studying the fundamentals of the arbitration ruling and it will energetically defend the interests of its shareholders," the company said in the statement.Possible damages could be determined in a separate ruling by the same tribunal, YPF said.Another company, Brazil's Companhia de Gas do Estado do Rio Grande do Sul, or Sulgas, which had also filed a claim against YPF, wasn't mentioned in the statement.In 2009, YPF wa...

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