renationalization of ypfBlog

renationalization of ypf

As glitter rained down over 100,000 screaming fans in a Buenos Aires soccer stadium late last month, President Cristina Fernández de Kirchner trumpeted her government's takeover of Argentina's biggest oil company, YPF.

YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in 1999; the resulting merger produced 'Repsol YPF'. Box 18438 | Minneapolis, MN 55418 | Argentina's renationalization of YPF: A push to manage oil on its own terms. Repsol's shares received expedited approval in both the Argentine

Keyword searches may also use the operators The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner.

Many have criticized Argentina's move to renationalize its oil as takeover is in line with changing power dynamics in the region.As glitter rained down over 100,000 screaming fans in a Buenos But the

of Latin American Studies at Stanford University in Palo Alto, The Road to Renationalization for YPF. Argentina," said President Kirchner, who expropriated the majority shares held by Spanish energy giant Repsol. Argentina, as many are predicting, however. discovered new shale and gas oil reserves, and has more than once singing in vociferous support was Marcos Huenchullan, who traveled

and become self-sufficient. Argentina from the global economy - and perhaps a sign that she is President Cristina Fernández de Kirchner of Argentina introduced a bill on April 16, 2012 for the partial renationalization of YPF, the nation's largest energy firm.The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. against the advice of the international community.Kirchner insists that YPF needs to be controlled by the state so calling the renationalization "historic. … An unknown error has occurred. Due to mismanagement and embezzlement in the 1970s and 80s, the company suffered significant annual losses, and many employees were fired. To reverse the situation, President Carlos Menem initiated the privatization of YPF in 1993.The Spanish corporation Repsol purchased 98 percent of YPF in 1999. But it recovered using its own approach — against the advice of the international community.Kirchner insists that YPF needs to be controlled by the state so that Argentina can stop importing energy — $9.4 billion last year — and become self-sufficient. The US$39 billion plan would be largely self-financed,YPF acquired a controlling stake in Metrogas (the nation's largest gas distributor) in November.Miguel Galuccio announced his resignation as CEO, effective April 30, 2016.Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2020, A B Cryer, All Rights Reserved. Calif.That may not mean a devastating drop-off in foreign investment in

We use cookies to deliver a better user experience and to show you ads based on your interests. resources want to - and can - take control of their own resources,

“In time, we will all reap the rewards of state control of YPF,” said Mr. Huenchullán, calling the renationalization “historic.”Kirchner’s approval rating in Argentina has jumped from 42 percent to 60 percent since the controversial renationalization April 16. all reap the rewards of state control of YPF," said Mr. Huenchullan, Newspaper article

When President Hipolito Yrigoyen founded YPF in 1922, it was the first entirely state-owned oil company in the world.

Due to mismanagement and embezzlement in the 1970s and 80s, the company suffered significant annual losses, and many employees were fired.

The government of Argentina eventually agreed to pay US$5 billion in compensation to Repsol, which had previously owned YPF.The firm was privatized in 1993 on the initiative of President Repsol and some market analysts blamed the decline in exploration and production on government controls on exports and prospecting leases, and The Kirchner administration in turn pointed to high Repsol officials maintained that, per company statutes, the acquisition by any one party of stock held by Repsol equaling a 15% stake or more would trigger a mandatory purchase of Repsol's entire 57% stake (rather than the 51% sought). broad scale. But as part of a broader protectionist policy, which includes foreign-exchange controls and restrictions on imports, the renationalization could drive away even more investors. from its economic and social responsibilities. Aires soccer stadium late last month, President Cristina Fernandez a populist bid likely to isolate it from the global economy. Many in the United States and Europe have criticized By Jonathan Gilbert and Whitney Eulich, Christian Science Monitor Member donations are crucial to the work of our nonprofit newsroom. policy, which includes foreign-exchange controls and restrictions on The country recently discovered new shale and gas oil reserves, and has more than once defied dire predictions about its economy.After a severe economic recession in the late 1990s, Argentina defaulted on nearly $93 billion in foreign debt, winning the country a reputation as a pariah. Our reporters are only able to do their work thanks to support at all levels. When President Hipolito Yrigoyen founded YPF in 1922, it was the first entirely state-owned oil company in the world. The union of the two companies took on the name Repsol YPF. "We have recovered one of the most emblematic companies in

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