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(Image courtesy of YPF)

Repsol has sold an 11.8 percent stake in Argentina’s YPF to Morgan Stanley for $1.26 billion, the oil firm said.

This marks Repsol’s exit from the country that seized its majority stake in the now nationalized company.

In 2012, the Argentine government expropriated a 51 percent holding in YPF.

Last month Argentina’s Congress agreed to pay Repsol $5 billion in bonds in compensation for the seizure.