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
Repsol and commercialization, which remained exclusive to CAMPSA. In 1948, REPESA (Refinería de Petróleos de Escombreras S.A.) was incorporated for the installation of a refinery in the Valley of Escombreras (Cartagena). 'REPESA became the symbol of the increasing industrial consolidation in the refining sector, as it took on the production and marketing of petrol, oils and lubricants under its own brand name.' From the beginning, REPSOL was REPESA’s "star brand" of petroleum as a REPESA product brand. In 1999 Repsol bought 97.81% of the Argentine oil and gas company YPF S.A., which at the time was the largest oil-and-gas company in