Repsol agrees $5bn Argentina compensation

Spanish oil company Repsol has agreed a $5bn (£3bn) settlement with Argentina over the seizure of its assets there. Argentina nationalised Repsol's stake in the country's biggest oil firm, YPF, in 2012, stripping Repsol of nearly half its annual output. The Spanish firm had been demanding $10.5bn in compensation. Although the amount agreed is half that figure, Repsol said it was a positive move as it would end legal uncertainty and give the firm a financial boost. Argentina will pay Repsol using US dollar-denominated government bonds, which the Spanish firm can sell at any time, according to BBC.