Yacimientos Petrolíferos Fiscales
Encyclopedia
Yacimientos Petrolíferos Fiscales (YPF; English: "Fiscal Petroleum Fields") (BCBA
: YPFD) is an Argentine oil company.
Founded in 1922 under President Hipólito Yrigoyen
's administration, it was privatized in 1993 by Carlos Menem
, and bought by the Spanish firm Repsol; the resulting merger in 1999 produced Repsol YPF
. YPF's founder and first director was Enrique Mosconi
, who advocated economic independence
for Latin American states and, during Yrigoyen's second term, starting in 1928, nationalization of oil resources
. The latter, however, was never achieved, due to the 1930 military coup
against Yrigoyen led by General José Félix Uriburu
.
in Chubut
. Following World War I
, oil had become an important resource, leading to struggles between rival powers
to gain control of it.
YPF was created by the June 3, 1922 decree
of Hipólito Yrigoyen
's administration, and was first directed by Enrique Mosconi
. It was the first entirely state-run oil company in the world (the second being the French Compagnie française des pétroles
(CFP, French Company of Petroleums), created in 1924 by the conservative Raymond Poincaré
). YPF's creation was followed by the creation of Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), as well as the Uruguay
an ANCAP
(Administración Nacional de Combustibles, Alcohol y Portland, 1931) and the Brazil
ian Petrobras
, created in 1953 by Getúlio Vargas
.
YPF bought its first tanker
in the United States
in 1923, and built not only several extracting facilities, but whole towns and cities, such as Comodoro Rivadavia, Caleta Olivia
in Santa Cruz, Plaza Huincul
in Neuquén
and General Mosconi
in Salta
.
Mosconi, who had previously been in charge of the Aeronautics division of the Army, proposed to Corvalán, governor of Salta Province, exploitation of Salta's oil by the YPF, offering him 13% royalties for the province. However, Corvalán, allied with the Standard Oil
, rejected Mosconi's proposal, referring to the concept of provincial autonomies. This refusal lead Mosconi to evolve in favor of the nationalization of oil supplies
in order to strengthen Argentina's independence.
Under Alvear
's administration, Enrique Mosconi created the distillery of La Plata
, which was the tenth largest in the world. According to Mosconi, this spawned the beginning of "the mobilization of all sorts of resistances and obstacles" from the oil trusts, in particular from the Standard Oil
, which was the most influential foreign companies in Argentina, with presence in Comodoro Rivadavia, Jujuy and Salta
.
On September 28, 1928, at the end of Alvear's term, the deputies
approved a law establishing state monopoly on oil. The monopoly, however, was not absolute, being limited to oil exploration, exploitation and transport, but excluding selling and imports. Private firms opposed themselves to the law project, refusing to pay a 10% royalties
, and the law was finally blocked by the conservatives in the Senate.
Oil nationalization became an important theme of Yrigoyen's electoral campaign in 1928, although the Yrigoyenistas focused their criticisms against the Standard Oil, abstaining themselves from attacking the British
, to whom Argentina's economy
was closely linked, in particular the Royal Dutch Shell
.
Following Yrigoyen's victory at the 1928 elections, YPF, still directed by Enrique Mosconi, reduced oil prices in May 1929, leading to the cheapest petroleum in the world and to an important increase in YPF's sales compared to its rival private companies, forcing them to also lower their prices. Mosconi also reduced the price of kerosene
and agrochemical to contribute to the development of the interior regions of Argentina.
The Institute of Petroleum (Instituto del Petróleo) was created on December 30, 1929, and directed by Ricardo Rojas
, the rector of the UBA
(University of Buenos Aires). Foreseeing conflicts with US private companies, Mosconi proposed an agreement with the Soviet state company Iuyamtorg, which was to allow Argentina to import 250,000 tons of petroleum each year, paid by trade with leather
, wool
, tannin
and mutton. The agreement was to be made official in September 1930, along with the complete nationalization of oil resources. But on September 6, 1930, Yrigoyen was deposed by a military coup headed by General José Félix Uriburu
, and the project was withdrawn.
The coup was lobbied for by Standard Oil
and other trusts, whose interests in Bolivia
conflicted with those of YPF in neighboring Salta Province
. The subsequent Concordance
regime supported YPF, however, and its role as the nation's leading oil distillates retailer was bolstered by a 1936 agreement with the Automóvil Club Argentino
to supply a chain of ACA service stations. This and other contracts gave YPF exclusivity in fuel dispensaries at 3,000 service stations by 1980. President Arturo Frondizi
enacted policies in 1958 which granted foreign firms concessions over wells discovered by YPF, as a means of fostering production. These contracts were annulled by President Arturo Illia in 1963, however, over concerns that YPF would be deprived of adequate returns for its exploration investments. The company discovered oil in Puesto Hernández in 1965, leading to the development of Rincón de los Sauces
(Neuquén Province
), which was later declared the "national energy capital" due to its having 50% of the Argentine national reserves of oil and natural gas.
initiated the privatization
of the firm's refineries, pipelines and oil fields in 1991, netting US$1.5 billion by 1993. An 80% stake in YPF itself was sold in July 1993 for US$3 billion in cash, plus US$2 billion in debt retirement. The state ultimately retained a 5% share, which it sold in 1999 to Repsol, a Spanish multinational corporation
that later launched a successful bid to take over the entire company. The union of the two companies took on the name Repsol YPF
; former YPF operations represent almost 50% of its production.
created Enarsa
(Energía Argentina Sociedad Anónima) in 2004. An energy company of which the state controls 53%, Enarsa later entered into a number of joint ventures with Venezuela
n state-owned Petróleos de Venezuela.
Enarsa was labeled a "just a company to make personal business" by a member of the Congress
, Proyecto Sur
founder Pino Solanas, who manifested his wish that a new, state-owned oil company be created instead.
, was designed by César Pelli
and were inaugurated in 2008. YPF announced on May 4, 2011, that Grupo Petersen (property of the Eskenazi family) bought another 10% of the company for USD 1,300 million. Nevertheless, most of YPF shares are still under the control of Repsol which owns the 58,23% of the company. Repsol and the Petersen group began to make business in 2007, reaching an agree that allowed the Argentine holding to acquire a 14,9% of YPF.
Buenos Aires Stock Exchange
The Buenos Aires Stock Exchange is the organization responsible for the operation of Argentina's primary stock exchange located at Buenos Aires CBD. Founded in 1854, is the successor of the Banco Mercantil, created in 1822 by Bernardino Rivadavia.Citing BCBA's self definition: "It is a...
: YPFD) is an Argentine oil company.
Founded in 1922 under President Hipólito Yrigoyen
Hipólito Yrigoyen
Juan Hipólito del Sagrado Corazón de Jesús Irigoyen Alem was twice President of Argentina . His activism became the prime impetus behind the obtainment of universal suffrage in Argentina in 1912...
's administration, it was privatized in 1993 by Carlos Menem
Carlos Menem
Carlos Saúl Menem is an Argentine politician who was President of Argentina from 1989 to 1999. He is currently an Argentine National Senator for La Rioja Province.-Early life:...
, and bought by the Spanish firm Repsol; the resulting merger in 1999 produced Repsol YPF
Repsol YPF
Repsol YPF, S.A. is an integrated Spanish oil and gas company with operations in 29 countries...
. YPF's founder and first director was Enrique Mosconi
Enrique Mosconi
Enrique Carlos Alberto Mosconi was an Argentine military engineer, who is best known as the pioneer and organizer of petroleum surveyance and exploitation in Argentina....
, who advocated economic independence
Economic nationalism
Economic nationalism is a term used to describe policies which emphasize domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It opposes globalization in many cases, or at...
for Latin American states and, during Yrigoyen's second term, starting in 1928, nationalization of oil resources
Nationalization of oil supplies
The nationalization of oil supplies refers to the process of deprivatization of oil production operations, generally in the purpose of obtaining more revenue from oil for oil producing countries. This process, which should not be confused with restrictions on crude oil exports, represents a...
. The latter, however, was never achieved, due to the 1930 military coup
1930 Argentine coup d'etat
The 1930 Argentine coup d'état also known as the September Revolution by supporters of it, involved the overthrow of the Argentine government of Hipólito Yrigoyen by forces loyal to General José Félix Uriburu...
against Yrigoyen led by General José Félix Uriburu
José Félix Uriburu
General José Félix Benito Uriburu y Uriburu was the first de facto President of Argentina, achieved through a military coup, from September 6, 1930 to February 20, 1932.-Biography:...
.
History
The company, specializing in the exploration, production, refining and commercialisation of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro RivadaviaComodoro Rivadavia
Comodoro Rivadavia is a city in the Patagonian province of Chubut in southern Argentina, located on the San Jorge Gulf, an inlet of the Atlantic Ocean, at the foot of the Chenque Hill. Comodoro Rivadavia is the most important city of the San Jorge Basin....
in Chubut
Chubut Province
Chubut a province in the southern part of Argentina situated between the 42nd parallel south and the 46th parallel south , the Andes range separating Argentina from Chile, and the Atlantic ocean...
. Following World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, oil had become an important resource, leading to struggles between rival powers
Petroleum politics
Petroleum politics have been an increasingly important aspect of diplomacy since the rise of the petroleum industry in the Middle East in the early 20th century...
to gain control of it.
YPF was created by the June 3, 1922 decree
Decree
A decree is a rule of law issued by a head of state , according to certain procedures . It has the force of law...
of Hipólito Yrigoyen
Hipólito Yrigoyen
Juan Hipólito del Sagrado Corazón de Jesús Irigoyen Alem was twice President of Argentina . His activism became the prime impetus behind the obtainment of universal suffrage in Argentina in 1912...
's administration, and was first directed by Enrique Mosconi
Enrique Mosconi
Enrique Carlos Alberto Mosconi was an Argentine military engineer, who is best known as the pioneer and organizer of petroleum surveyance and exploitation in Argentina....
. It was the first entirely state-run oil company in the world (the second being the French Compagnie française des pétroles
Total S.A.
Total S.A. is a French multinational oil company and one of the six "Supermajor" oil companies in the world.Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and...
(CFP, French Company of Petroleums), created in 1924 by the conservative Raymond Poincaré
Raymond Poincaré
Raymond Poincaré was a French statesman who served as Prime Minister of France on five separate occasions and as President of France from 1913 to 1920. Poincaré was a conservative leader primarily committed to political and social stability...
). YPF's creation was followed by the creation of Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), as well as the Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
an ANCAP
ANCAP (Uruguay)
ANCAP is a state-owned company in Uruguay. It is involved in the production of petroleum products, Portland cement and alcoholic beverages. It operates the Uruguay's single oil refinery at La Teja with capacity of per day...
(Administración Nacional de Combustibles, Alcohol y Portland, 1931) and the Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
ian Petrobras
Petrobras
Petróleo Brasileiro or Petrobras is a semi-public Brazilian multinational energy corporation headquartered in Rio de Janeiro, Brazil. It is the largest company in Latin America by market capitalization and revenue, and the largest company headquartered in the Southern Hemisphere by market...
, created in 1953 by Getúlio Vargas
Getúlio Vargas
Getúlio Dornelles Vargas served as President of Brazil, first as dictator, from 1930 to 1945, and in a democratically elected term from 1951 until his suicide in 1954. Vargas led Brazil for 18 years, the most for any President, and second in Brazilian history to Emperor Pedro II...
.
YPF bought its first tanker
Oil tanker
An oil tanker, also known as a petroleum tanker, is a merchant ship designed for the bulk transport of oil. There are two basic types of oil tankers: the crude tanker and the product tanker. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in 1923, and built not only several extracting facilities, but whole towns and cities, such as Comodoro Rivadavia, Caleta Olivia
Caleta Olivia
Caleta Olivia is a city located at the northeast of the Argentine province of Santa Cruz, on the San Jorge Gulf by the Atlantic Ocean. It has a population of 36,000 inhabitants...
in Santa Cruz, Plaza Huincul
Plaza Huincul
Plaza Huincul is a village and municipality in Neuquén Province in southwestern Argentina.-References:...
in Neuquén
Neuquén Province
Neuquén is a province of Argentina, located in the west of the country, at the northern end of Patagonia. It borders Mendoza Province to the north, Rio Negro Province to the southeast, and Chile to the west...
and General Mosconi
General Mosconi (Salta)
General Mosconi is a town and municipality in Salta Province in northwestern Argentina.-References:...
in Salta
Salta Province
Salta is a province of Argentina, located in the northwest of the country. Neighboring provinces are from the east clockwise Formosa, Chaco, Santiago del Estero, Tucumán and Catamarca. It also surrounds Jujuy...
.
Mosconi, who had previously been in charge of the Aeronautics division of the Army, proposed to Corvalán, governor of Salta Province, exploitation of Salta's oil by the YPF, offering him 13% royalties for the province. However, Corvalán, allied with the Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
, rejected Mosconi's proposal, referring to the concept of provincial autonomies. This refusal lead Mosconi to evolve in favor of the nationalization of oil supplies
Nationalization of oil supplies
The nationalization of oil supplies refers to the process of deprivatization of oil production operations, generally in the purpose of obtaining more revenue from oil for oil producing countries. This process, which should not be confused with restrictions on crude oil exports, represents a...
in order to strengthen Argentina's independence.
Marcelo Torcuato de Alvear
Máximo Marcelo Torcuato de Alvear Pacheco , better known as Marcelo T. de Alvear was an Argentine politician and President of Argentina from October 12, 1922 to October 12, 1928.-Biography:...
's administration, Enrique Mosconi created the distillery of La Plata
La Plata
La Plata is the capital city of the Province of Buenos Aires, Argentina, and of La Plata partido. According to the , the city proper has a population of 574,369 and its metropolitan area has 694,253 inhabitants....
, which was the tenth largest in the world. According to Mosconi, this spawned the beginning of "the mobilization of all sorts of resistances and obstacles" from the oil trusts, in particular from the Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
, which was the most influential foreign companies in Argentina, with presence in Comodoro Rivadavia, Jujuy and Salta
Salta
Salta is a city in northwestern Argentina and the capital city of the Salta Province. Along with its metropolitan area, it has a population of 464,678 inhabitants as of the , making it Argentina's eighth largest city.-Overview:...
.
On September 28, 1928, at the end of Alvear's term, the deputies
Argentine Chamber of Deputies
The Chamber of Deputies is the lower house of the Argentine National Congress. This Chamber holds exclusive rights to create taxes, to draft troops, and to accuse the President, the ministers and the members of the Supreme Court before the Senate....
approved a law establishing state monopoly on oil. The monopoly, however, was not absolute, being limited to oil exploration, exploitation and transport, but excluding selling and imports. Private firms opposed themselves to the law project, refusing to pay a 10% royalties
Royalties
Royalties are usage-based payments made by one party to another for the right to ongoing use of an asset, sometimes an intellectual property...
, and the law was finally blocked by the conservatives in the Senate.
Oil nationalization became an important theme of Yrigoyen's electoral campaign in 1928, although the Yrigoyenistas focused their criticisms against the Standard Oil, abstaining themselves from attacking the British
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
, to whom Argentina's economy
Economy of Argentina
This article provides an overview of the Economic history of Argentina.-Emergence into the world economy:Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the wool, leather and hide industry for both the greater part of its foreign exchange and the generation of...
was closely linked, in particular the Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
.
Following Yrigoyen's victory at the 1928 elections, YPF, still directed by Enrique Mosconi, reduced oil prices in May 1929, leading to the cheapest petroleum in the world and to an important increase in YPF's sales compared to its rival private companies, forcing them to also lower their prices. Mosconi also reduced the price of kerosene
Kerosene
Kerosene, sometimes spelled kerosine in scientific and industrial usage, also known as paraffin or paraffin oil in the United Kingdom, Hong Kong, Ireland and South Africa, is a combustible hydrocarbon liquid. The name is derived from Greek keros...
and agrochemical to contribute to the development of the interior regions of Argentina.
The Institute of Petroleum (Instituto del Petróleo) was created on December 30, 1929, and directed by Ricardo Rojas
Ricardo Rojas (writer)
Ricardo Rojas was an Argentine journalist and writer. He came from one of the most influential families of the Santiago del Estero Province; his father was Absalón Rojas, who was governor of the province...
, the rector of the UBA
University of Buenos Aires
The University of Buenos Aires is the largest university in Argentina and the largest university by enrollment in Latin America. Founded on August 12, 1821 in the city of Buenos Aires, it consists of 13 faculties, 6 hospitals, 10 museums and is linked to 4 high schools: Colegio Nacional de Buenos...
(University of Buenos Aires). Foreseeing conflicts with US private companies, Mosconi proposed an agreement with the Soviet state company Iuyamtorg, which was to allow Argentina to import 250,000 tons of petroleum each year, paid by trade with leather
Leather
Leather is a durable and flexible material created via the tanning of putrescible animal rawhide and skin, primarily cattlehide. It can be produced through different manufacturing processes, ranging from cottage industry to heavy industry.-Forms:...
, wool
Wool
Wool is the textile fiber obtained from sheep and certain other animals, including cashmere from goats, mohair from goats, qiviut from muskoxen, vicuña, alpaca, camel from animals in the camel family, and angora from rabbits....
, tannin
Tannin
A tannin is an astringent, bitter plant polyphenolic compound that binds to and precipitates proteins and various other organic compounds including amino acids and alkaloids.The term tannin refers to the use of...
and mutton. The agreement was to be made official in September 1930, along with the complete nationalization of oil resources. But on September 6, 1930, Yrigoyen was deposed by a military coup headed by General José Félix Uriburu
José Félix Uriburu
General José Félix Benito Uriburu y Uriburu was the first de facto President of Argentina, achieved through a military coup, from September 6, 1930 to February 20, 1932.-Biography:...
, and the project was withdrawn.
The coup was lobbied for by Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
and other trusts, whose interests in Bolivia
Bolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
conflicted with those of YPF in neighboring Salta Province
Salta Province
Salta is a province of Argentina, located in the northwest of the country. Neighboring provinces are from the east clockwise Formosa, Chaco, Santiago del Estero, Tucumán and Catamarca. It also surrounds Jujuy...
. The subsequent Concordance
Concordancia (Argentina)
The Concordancia was a political alliance in Argentina. Three Presidents belonging to the Concordance were in power from 1931 to 1943, a period known in Argentina as the "Infamous Decade."...
regime supported YPF, however, and its role as the nation's leading oil distillates retailer was bolstered by a 1936 agreement with the Automóvil Club Argentino
Automovil Club Argentino
The ACA is Argentina's largest automobile association.It was founded on June 11, 1904, by Dalmiro Varela Castex, who in 1892 had imported the country's first registered automobile, a Daimler, and in 1894 its second...
to supply a chain of ACA service stations. This and other contracts gave YPF exclusivity in fuel dispensaries at 3,000 service stations by 1980. President Arturo Frondizi
Arturo Frondizi
Arturo Frondizi Ercoli was the President of Argentina between May 1, 1958, and March 29, 1962, for the Intransigent Radical Civic Union.-Early life:Frondizi was born in Paso de los Libres, Corrientes Province...
enacted policies in 1958 which granted foreign firms concessions over wells discovered by YPF, as a means of fostering production. These contracts were annulled by President Arturo Illia in 1963, however, over concerns that YPF would be deprived of adequate returns for its exploration investments. The company discovered oil in Puesto Hernández in 1965, leading to the development of Rincón de los Sauces
Rincón de Los Sauces
Rincón de los Sauces is a first category municipality and the capital of Pehuenches Department in Neuquén Province, Argentina.-History :The area was first populated by settlers around the end of the 19th and the start of the 20th century, until a flood of the Barrancas River caused the destruction...
(Neuquén Province
Neuquén Province
Neuquén is a province of Argentina, located in the west of the country, at the northern end of Patagonia. It borders Mendoza Province to the north, Rio Negro Province to the southeast, and Chile to the west...
), which was later declared the "national energy capital" due to its having 50% of the Argentine national reserves of oil and natural gas.
Privatization
President Carlos MenemCarlos Menem
Carlos Saúl Menem is an Argentine politician who was President of Argentina from 1989 to 1999. He is currently an Argentine National Senator for La Rioja Province.-Early life:...
initiated the privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of the firm's refineries, pipelines and oil fields in 1991, netting US$1.5 billion by 1993. An 80% stake in YPF itself was sold in July 1993 for US$3 billion in cash, plus US$2 billion in debt retirement. The state ultimately retained a 5% share, which it sold in 1999 to Repsol, a Spanish multinational corporation
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
that later launched a successful bid to take over the entire company. The union of the two companies took on the name Repsol YPF
Repsol YPF
Repsol YPF, S.A. is an integrated Spanish oil and gas company with operations in 29 countries...
; former YPF operations represent almost 50% of its production.
Creation of Enarsa
President Néstor KirchnerNéstor Kirchner
Néstor Carlos Kirchner was an Argentine politician who served as the 54th President of Argentina from 25 May 2003 until 10 December 2007. Previously, he was Governor of Santa Cruz Province since 10 December 1991. He briefly served as Secretary General of the Union of South American Nations ...
created Enarsa
Enarsa
Enarsa , in full Energía Argentina Sociedad Anónima, is a company managed by the national state of Argentina for the integral exploitation of petroleum and natural gas, and the production, industrialization, transport and trade of these and of electricity.Enarsa was founded on December 29, 2004 by...
(Energía Argentina Sociedad Anónima) in 2004. An energy company of which the state controls 53%, Enarsa later entered into a number of joint ventures with Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
n state-owned Petróleos de Venezuela.
Enarsa was labeled a "just a company to make personal business" by a member of the Congress
Argentine National Congress
The Congress of the Argentine Nation is the legislative branch of the government of Argentina. Its composition is bicameral, constituted by a 72-seat Senate and a 257-seat Chamber of Deputies....
, Proyecto Sur
Proyecto Sur
Proyecto Sur is a political party established in 2007 in Argentina. It was founded and would be led by film maker Fernando "Pino" Solanas, who ran on the Proyecto Sur ticket for President in 2007 and for Mayor of the City of Buenos Aires in 2011....
founder Pino Solanas, who manifested his wish that a new, state-owned oil company be created instead.
Recent changes
The firm's new headquarters, the Repsol-YPF towerRepsol-YPF tower
The Repsol-YPF tower is a corporate high-rise building designed by internationally recognized architect César Pelli constructed in the Puerto Madero barrio of Buenos Aires, Argentina. Construction began in 2005, and the office building was completed in September 2008. The building is tall and...
, was designed by César Pelli
César Pelli
César Pelli is an Argentine architect known for designing some of the world's tallest buildings and other major urban landmarks. In 1991, the American Institute of Architects listed Pelli among the ten most influential living American architects...
and were inaugurated in 2008. YPF announced on May 4, 2011, that Grupo Petersen (property of the Eskenazi family) bought another 10% of the company for USD 1,300 million. Nevertheless, most of YPF shares are still under the control of Repsol which owns the 58,23% of the company. Repsol and the Petersen group began to make business in 2007, reaching an agree that allowed the Argentine holding to acquire a 14,9% of YPF.
Sport support and sponsorships
- Sponsor of Argentina national football teamArgentina national football teamThe Argentina national football team represents Argentina in association football and is controlled by the Argentine Football Association , the governing body for football in Argentina. Argentina's home stadium is Estadio Monumental Antonio Vespucio Liberti and their head coach is Alejandro...
- Sponsor of 2011 Argentina national tennis team
- Sponsor of 2011 Torneos de VeranoTorneos de Verano (Argentina)Torneos de Verano are a series of short friendly football pre-season tournaments held during the southern summer in Argentina every year, usually in January and February...
- Oil supplier to several Argentine motor racing series
External links
- Official site
- YPF Privatization (Spanish)