President Alberto Fernandez and the vice president Cristina Fernandez de Kirchner will headline this Friday centennial ceremony of the state energy company Fiscal Oil Fields (YPF)official sources reported.
The act will take place at 5:00 p.m. at the Tecnopolis sitein the Buenos Aires town of Villa Martelli, district of Vicente López, where both the Head of State and the President of the Senate will deliver speeches.
The president and the vice president will share an act again after having participated in the opening of the ordinary sessions of the National Congress, on March 1st.
“The President is going to be together with Cristina in Tecnópolis in what will be a very important act. Having recovered YPF allows us today to stand up to the world,” said the spokeswoman for the Presence, Gabriela Cerruti, in statements to Radio 10.
Fernández de Kirchner played a leading role in the nationalization of YPFwhich was in the hands of the Spanish multinational Repsol, when on April 16, 2012, as then President, she announced the recovery of the company through a bill approved by Congress.
Between 1991 and 1992 the company had ceased to be a State Company to become a Limited Company, and in 1999 it was sold to Repsolwhich acquired 97.81% of the shares for approximately 13,500 million euros.
There was a drop in investment and less production. In 2011, oil and gas imports generated a deficit of more than 3,000 million dollars and they joined Repsol’s disinvestment, which motivated Fernández de Kirchner to the idea of ”recovering the hydrocarbon sovereignty of the Argentine Republic,” according to his own words at the time, in a message broadcast on national television.
The bill submitted to the National Congress declared “public utility and subject to expropriation” of 51 percent of YPF Sociedad Anónima, shares that were distributed between the National State and the provinces that make up the Federal Organization of Hydrocarbon-Producing Provinces (Opephi ).
On June 3, 1922, the National State, during the mandate of Hipólito Yrigoyen, created by Decree the General Directorate of YPFmaking it the first vertically integrated state oil company in the world.
In October of that same year Marcelo Torcuato de Alvear assumed the presidency, who appointed General Enrique Mosconi as general director of YPF, a position he would hold for eight years and which meant a decisive boost to the activity and expansion of oil nationalism.
Later, during the first two presidencies of General Juan Domingo PerónYPF was one of the state companies that contributed to the birth of many towns, and oil production it went from 2,300,000 tons in 1946 to 7,500,000 in 1955.
YPF also celebrates the 10 years after its expropriationa company whose challenge is to increase its production, with the construction of the Néstor Kirchner gas pipeline in Vaca Muerta, announced last April by President Alberto Fernández.