Repsol YPF shares posted their biggest gain in three weeks after the company confirmed that Argentina has lifted a tax on gasoline exports.
The shares gained as much as 90 cents, or 7.9 percent, to 12.28 euros, after the company announced the signing of the agreements, first reached last month. It was the biggest rise since June 17th.
Repsol bought the Argentine driller YPF in 1999 for $15 billion. It is had to cut earnings and sell assets to offset losses from the country as Argentina struggles with a four year recession and currency devaluation.
“Although these measures give Repsol momentary relief, the situation is still complicated because of the economic and monetary crisis,” said Ibersecurities SVB in a note to investors.