Energy company China National Petroleum Corp., or CNPC, is mulling options to once again bid for a 75% stake purchase of the Argentinian unit of Spanish oil and gas company Repsol-YPF SA (REP), according to several media reports on Wednesday. CNPC is the country's largest oil company and the parent company of one of Asia's largest oil and gas producer, PetroChina Co. Ltd. (PTR).
Some reports also cited a Thursday news in the South China Morning Post website, noting that CNPC is seeking to revive a failed US$17 billion attempt to take control of YPF, the Argentinian unit of Repsol.
CNPC may offer to buy up to three-quarters of YPF, these reports further noted citing the Chinese newspaper, and added that a Repsol spokesman acknowledged the company receiving a lot of proposals from firms in China, India, and Russia. The spokesman, however, has denied of the company having taken any decisions to sell the YPF stake or having received any firm offer, so far.
The Wall Street Journal, citing a person familiar with the matter, added that CNPC is reviewing the YPF bid together with other South American potential deals, which includes a joint bid with France's Total SA (TOT) for oil assets in Venezuela's Orinoco heavy oil belt. But, as to how much CNPC was prepared to bid for the assets or what stake the company was seeking out remains unclear.
CNPC had earlier, two times in 2007, attempted to buy all of YPF's Latin American assets, but reportedly failed.
The South China Morning Post also surmised that CNPC's third attempt is likely to face stiff political opposition in the Latin American country. Voicing the same concern, WSJ added, citing a report that appeared last month in a local newspaper, that the Argentinean government desires to water down the existing stake of Repsol in YPF and secure at least 51% control among local investors.
If the deal succeeds, it will add to similar deals undertaken lately by major oil companies of China. The latest being the June 24 announcement by Swiss oil and gas explorer Addax Petroleum Corp. (AXC.TO, AXC.L), which said that China-based Sinopec International Petroleum Exploration and Production Corp., or SIPC, has agreed to acquire the company for C$52.80 per share in cash. According to media reports, the total value of the deal stands at C$8.27 billion or US$7.24 billion.
In addition, the South China Morning Post reported that China's third-largest oil producer CNOOC Ltd. (CEO) too is contemplating to buy a 25% stake in YPF.
REP closed Wednesday on NYSE at $22.80, up $0.44, on a 347,600 share volume.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.