Argentina, Spain agree to negotiate over YPF nationalization

Argentina, Spain and Mexico have agreed to negotiate a deal on Buenos Aires' 2012 nationalization of Repsol's stake in YPF, the Economy Ministry said Monday, AFP reports.Negotiations will set a compensation amount that will have to be agreeable to the Spanish oil giant which had held a 51-percent share of Argentina's YPF.The agreement to negotiate means that the parties will cease litigation and other action in the case. Repsol had put the value of its loss at $10 billion, and filed for help with the International Centre for Settlement of Investment Disputes.Argentina's leftist government in April 2012 decided to nationalize YPF, in which Repsol had controlling interest, sparking a major diplomatic row.Buenos Aires argued that the Spanish company was not investing enough in the Argentine company and using it only to extract profit.Pemex holds 9.5 percent of Repsol's capital.