Repsol nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina. Compared to the oil production in 2011, YPF’s oil production in 2012 fell by 8%, according to data from Argentina’s Department of Energy. Repsol had the backing of the EU and the US, and both powers condemned Argentina’s move as expropriation. President Fernández claimed that the state would seize 51% of YPF. In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4%
Presidency of Cristina Fernández de Kirchner The Supreme Court rules the media law to be constitutional, a pair of days after the election. Cristina Fernández, who was under medical treatment during both events, changed the cabinet at her return, appointing Jorge Capitanich as chief of cabinet, Axel Kicillof as minister of economy, Juan Carlos Fábrega as president of the Central Bank, and Carlos Casamiquela as minister of Agriculture. The interior trade secretary Guillermo Moreno resigns the following day. The international controversy over the renationalization of YPF ends with a financial compensation for Repsol. The year ends with several electricity blackouts and with police revolts at several