Renationalization of YPF Renationalization of YPF President Cristina Fernández de Kirchner of Argentina introduced a bill on April 16, 2012 for the partial renationalization of YPF, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. The bill was overwhelmingly approved by both houses of Congress, and was signed by the president on May 5. The government of Argentina eventually agreed to pay $5 billion in compensation to Repsol, which had previously owned YPF. YPF was founded in 1922 as the first oil company
YPF provinces subsequently revoked YPF leases representing a fifth of its oil production. Citing Brazilian oil giant Petrobras as an example, the president announced the introduction of a bill on 16 April 2012, for the renationalization of YPF: the national government would purchase a controlling 51% share, with ten provincial governments receiving the remaining 49%. Planning Minister Julio de Vido was appointed to head the Federal intervention, replacing CEO Sebastián Eskenazi. Repsol YPF CEO Antonio Brufau, Spanish Prime Minister Mariano Rajoy, and other Spanish officials objected to the nationalisation, accusing the Argentine government of driving down YPF shares ahead of the