YPF military coup against Yrigoyen backed by, among others, foreign oil interests. YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in 1999; the resulting merger produced 'Repsol YPF'. The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner. The government of Argentina eventually agreed to pay $5 billion compensation to Repsol. The company, specializing in the exploration, production, refining and commercialization of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro Rivadavia in Chubut. Following World War I, oil had become an important
Presidency of Cristina Fernández de Kirchner which had been approved almost unanimously in Congress (only 3 senators opposed the law). Critics have stated that the President's attitude would threaten over 75% of the country's water reserves. Cristina Kirchner has travelled extensively as president, visiting Algeria, Brazil, Cuba, Egypt, France, Libya, Mexico, Qatar, Russia, Spain, the UK, the U.S. and Venezuela, among other nations. Following the June 28, 2009, mid-term elections, the ruling FPV's party list lost its absolute majority in both houses of Congress, shedding a further 24 seats in the Lower House (including allies) and 4 in the Senate. They lost in the four most