Friday, February 20, 2015

Argentina 2014
YPF - Yacimientos Petrolíferos Fiscales - Energy self-sufficiency

 :: THEME: YPF - Energy self-sufficiency  
  :: NOMINAL VALUE: 15.00 $ 
   :: ISSUE DATE: 5 May 2014

Recuperación de la Soberanía Energética - YPF
For the design of this issue, the official mail illustrated the "block sheet" with a photographic collage that combines elements characteristic of the oil industry, the old logo of the company, and infographics with figures reflecting the outgoing data today. 

On April 16, 2012, President Cristina Fernandez de Kirchner sent the bill proposing to expropriate YPF shares and declare national public interest in achieving self-sufficiency in oil, as well as their exploitation, processing, transportation and marketing to Congress. The project was approved and promulgated by Law No. 26,741, on May 3, 2012.

Two years later, YPF operates as a joint venture with a management model that aligns the interests of the company with the country, while increasing all production rates.

The company is the largest producer of oil in Argentina and employs 45,000 people. It is also a leader in unconventional resources: Vaca Muerta, in Neuquén, is the third largest reserves of shale world.
{ Buenos Aires - Chacarita - Estación de servicio YPF 1951 }

Madrid-based multinational corporation Repsol S.A. purchased 98% of YPF in 1999 in two stages: a 15% share sold by the national government for US$2 billion, and a further 83% for over US$13 billion including all remaining public sector shares (10%, equally divided between the nation and the provinces) as well as most of the outstanding investor shares. 

{ pic. Repsol-YPF Tower courtesy of: Flickr: Skyhigh Author: Martin Barland }

The union of the two companies took on the name Repsol YPF - YPF would represent 40% of the new firm's reserves and over 50% of its production. The Petersen Group (property of the Eskenazi family of Buenos Aires) entered into a partnership with Repsol in 2007 by acquiring a 15% stake in YPF.

The group bought another 10% of the company for US$1.3 billion on 4 May 2011. A majority of the firm's shares (58%) remained under the control of Repsol, while 16% remained in private portfolios. The Argentine Government retained the golden share.

Stamp images thanks to Correo Argentino
Correo Argentino