Commentary among YpeFeanos, in the late 90s, was as follows: with Jose Estensoro, YPF would buy Repsol. The great transformer of the Argentinean oil company since 1990 under the presidency of Carlos Menem, died in May 1995 in a plane crash in Ecuador. Four years later, in a suspicious operation, Repsol won control of YPF with the green light, which Carlos Menem gave as president in his last year.
On April 30, 1999, the Spaniards launched a public proposal to maintain control of Argentina, an operation in which Carlos Menem and Jose Maria Aznesar as the main actors, as well as in the lobby of King Huan Carlos himself, dealing with local objects. There were several “actors” of the actors. Oil was $ 13. Great time for purchase. Sliding time for sale.
Carlos Menem. (Source: Archive).
But no one assumed that it would be the worst for many years. Under the leadership of local monarchs, Kirshner, there was an operation that should appear in the Guinness of Business Capcuses. The company of the Escenasi family, Petersen Energy arrived in the company when it acquired 14.9% of Repsol. He did this on the air: is funded by a group of international banks.
The deal was so obvious that several banks were invited to participate in it and refused to participate. Of the more than $ 1 billion. The United States of the initial loan of more than 600 million US dollars was from Credit Suisse, a bank with proximity to Argentine officials of that time.
But no one assumed that the worst would be visible. 2012 arrives and expropriation. Forgot? Part of Repsol appropriated, but not part of Petersen Energy. Queer. And as the YPF charter made the same proposal, this test was born.
Nicholas Gadano was an economist YPF and caught files that were never studied from an oil company, wrote a book about oil history in Argentina. He lacks the modern part, unfortunately, the most juicy. His problem is that reality is faster than the possibility of completing history. And this chapter, I hope, will end in a few months.
Jose Estensoro would never have imagined how populism brought in his energy aspect of an oil company, founded in June 1922. Some emphasize that the history of Argentina can be seen using loans of the National Bank from the moment of its creation. The same thing can happen to the history of YPF, with its past cases of corruption, its transition to private at cheap prices and expropriation at expensive prices. Similarly, YPF as Buenos -Aires is considered eternal, like water and air.
