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 In March 2008, Kirchner introduced a new sliding-scale taxation system for agricultural exports, effectively raising levies on soybean exports from 35% to 44% at the time of the announcement. This led to a nationwide lockout by farming associations, starting on March 12, with the aim of forcing the government to back down on the new taxation scheme. They were joined on March 25 by thousands of pot-banging demonstrators massed around the Buenos Aires Obelisk and in front of the presidential palace. Protests extended across the country. In Buenos Aires, hours after Kirchner attacked farmers for their two-week strike and "abundant"