YPF

YPF Sociedad Anonima (originally Yacimientos Petroliferos Fiscales to German State Oil occurrence) is a state-owned oil company in Argentina. Since the (re - ) nationalization in May 2012, the Argentine government holds a 51% majority of the shares, of which 26.01 % belong to the state and 24.99 % are divided between the provinces where YPF is active. The shares of YPF are more listed on the stock exchanges in Buenos Aires and New York (as ADR).

History

Foundation

The company specializing in the discovery, production, refining and marketing of crude oil, has its roots in 1907, was discovered as oil deposits near the city of Comodoro Rivadavia in Chubut. The company was founded in 1922 under the government of Hipólito Yrigoyen and directed by Enrique Mosconi. It was at that time the first oil company, which was conducted exclusively by the state, with the exception of the Soviet Union.

Since its inception, the YPF has not only opened up numerous oil deposits, but also in building many cities made ​​important contributions, eg in Comodoro Rivadavia, Caleta Olivia, Santa Cruz, Plaza Huincul in Neuquén and General Mosconi, Salta.

Privatization

In 1993, YPF was privatized in part at the behest of then-President Carlos Menem by a wide placement of shares on the stock exchange. After the privatization of the Argentine government initially held 20% of the capital. However, this privatization was controversial to a considerable extent.

In 1999, the Spanish oil company Repsol acquired the still held by the State remaining share of 14.99% and increased its share then passed through a tender offer to approximately 99 % of the capital; but the stock of YPF continued to be listed on the stock exchange. YPF has been largely integrated into the Repsol Group, who took the name Repsol YPF.

In 2008, Repsol sold under pressure the then Argentine government a share of first 15% of the Argentine Petersen Group (later increased to 25% ) and placed a portion of its shares on the stock exchange. In October 2011, the asset allocation was as follows: Repsol ( 57.43 %), Petersen ( 25.46 %), Argentinean state (0.02 %), float ( 17.09% ).

In November 2011, Repsol YPF discovered in the Patagonian formation Vaca Muerta (Province of Neuquen ) an oil field; in February 2012 estimated Repsol YPF shale oil volume there at 23 billion barrels.

Nationalization

On 16 April 2012, the Argentine government announced under Cristina Fernández de Kirchner to a draft law on the nationalization of a 51 % stake of Repsol. The step was justified by the fact Repsol have invested too little in the promotion of new sources, which is why Argentina has become the importer of oil and natural gas. By means of a presidential decree was adopted with immediate effect control of YPF under the direction of the Minister for Planning, National Investment and Services Julio de Vido. Early May 2012 passed the law to nationalize the Congress, where it was adopted by a large majority in both chambers, and thus finally entered into force upon signature by Kirchner.

Repsol described this nationalization as illegal and discriminatory and announced legal action against this measure on. The nationalization was sharply criticized by the Spanish government and the EU.

ENARSA

In 2004, President Néstor Kirchner called Energía Argentina Sociedad Anonima founded (in short: ENARSA ): an energy company, in which the Argentine government holds 53 % stake.