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Yacimientos Petrolíferos Fiscales (YPF -means Fiscal Petroleum Fields-) was an Argentine state-owned oil company.
The company, specialising in the exploration, production, refining and commercialisation of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro Rivadavia in Chubut. The company was created in 1922 under the government of Hipólito Yrigoyen, and was first directed by Enrique Mosconi. It was the first entirely state-run oil company in the world (the second being created in France in 1924).
YPF 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. In 1965 YPF discovered oil on Puesto Hernández, leading to the ascension of Rincón de los Sauces (Neuquén Province), which has been declared the national energy capital due to its having 50% of the Argentinian national reserves of oil and natural gas.
YPF was privatized in 1991, one of many such controversial actions by Carlos Menem. The state retained a 5% share, which it sold in 1999 to Repsol S.A., 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.
In 2004, President Néstor Kirchner created Enarsa or Energía Argentina Sociedad Anónima, an energy company of which the state controls 53%. Enarsa recently joined efforts with Venezuelan state-owned Petróleos de Venezuela.
Sport
- Sponsor of Argentina national football team.
- Oil supplier to several Argentinean motor racing series.
References
- Felipe Pigna, Los Mitos de la historia argentina, 3, ed. Planeta Historia y Sociedad, 2006, p.152
- Rincón de los Sauces, national capital of energy
External links
- Repsol YPF official site
- YPF Privatisation (Spanish)
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