Repsol-YPF tower [SEP] architect
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Repsol-YPF tower


The YPF tower is a corporate high-rise building designed by internationally recognized architect César Pelli constructed in the Puerto Madero "barrio" (district) of Buenos Aires, Argentina. Construction began in 2005, and the office building was completed in September 2008. The building is tall and has 44 floors. It was, upon completion in 2008, the tallest office building in Argentina, and the third tallest overall. The building is located on the corner of Macacha Güemes and Juana Manso streets, in the Puerto Madero ward.
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Buenos Aires Central Business District


in the district by Argentine architects Clorindo Testa, Santiago Sánchez Elía, César Pelli, and Mario Roberto Álvarez, by firms such as SEPRA Arquitectos and MSGSSS, and by Uruguayan architect Rafael Viñoly. Some of the more notable commercial developments completed since then have included the Catalinas Norte office park, Torre Bouchard, Bouchard Plaza, Galicia Tower, the Repsol-YPF Tower, the Banco Macro Tower, and the BBVA Tower. San Nicolás is one of the districts that shares most of the city and national government structure with neighboring Montserrat
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Buenos Aires


the influence of Le Corbusier and European rationalism consolidated in a group of young architects from the University of Tucumán, among whom Amancio Williams stands out. The construction of skyscrapers proliferated in Buenos Aires until the 1950s. Newer modern high-technology buildings by Argentine architects in the last years of the 20th century and the beginning of the 21st include the Le Parc Tower by Mario Álvarez, the Torre Fortabat by Sánchez Elía and the Repsol-YPF tower by César Pelli. Primary education comprise grades 1–7. Most primary schools in the city
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Renationalization of YPF


YPF leases accounting for over a fifth of its production, the president announced on April 16 that the Argentine Government would acquire a majority stake in YPF. Repsol YPF Gas, a liquefied natural gas subsidiary in which Repsol had an 85% stake, was concurrently nationalized on April 19. The Chinese state oil concern, Sinopec, was reported to have been in talks to buy out Repsol's share in YPF – a potential deal scuttled by the Argentine announcement. Repsol officials maintained that, per company statutes, the acquisition by any
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Cuatro Torres Business Area


was first known as "Torre Repsol" and was to have served as headquarters for the oil and gas company Repsol YPF. During the construction of the tower, Repsol decided to change the location of its future headquarters, and the financial institution Caja Madrid (currently Bankia) purchased the building for €815 million in August 2007. In 2015 it was loaned to Cepsa for its main headquarters and hence the tower was renamed again as Torre Cepsa. Designed by Carlos Rubio Carvajal and Enrique Álvarez-Sala Walter and built by Sacyr
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YPF


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
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YPF


government and Repsol reached agreement in principle on compensation in November 2013, and on February 25, 2014, Repsol announced final agreement that the Argentine government would provide Repsol with guaranteed Argentine government bonds of varying maturities, the nominal amount varying to assure that Repsol would in fact receive US$5 billion in compensation for the 51% of YPF nationalized. YPF also acquired a controlling stake in Metrogas (the nation's largest gas distributor) in November 2012. A joint exploratory venture for the development of tight oil and shale gas at the
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Repsol


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 Ibero America. The acquisition better positioned Repsol as a multinational company. Repsol’s acquisition of YPF also increased its capital to 288 million shares worldwide. Repsol's presence in Latin America was one of the keys to corporate growth. It was the first full year after the
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YPF


, nationalization of oil supplies; the latter, however, was never achieved due to a 1930 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
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Axel Kicillof


had been pegged to the dollar and government assets had been sold off. In connection with his oversight of the seizure of YPF, Kicillof served as a Director of YPF SA starting in June 2012. His power at YPF was equivalent to that of a CFO. He has been called “the ideologue of the expropriation of YPF” In April 2012, Kicillof told the Argentine Congress that the country would not pay $10 billion in compensation for YPF, as demanded by Repsol. An agreement was ultimately reached with Repsol in November
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Renationalization of YPF


one party of stock held by Repsol equaling a 15% stake or more would trigger a mandatory purchase of Repsol's entire 57% stake (rather than the 51% sought). Repsol officials calculated compensation by multiplying the highest price earnings ratio reached by YPF in the prior two years by its earnings per share in 2011, and arrived at US$10.5 billion for a 57% stake. Argentine Deputy Economy Minister Axel Kicillof rejected these demands, however, citing debts of nearly US$9 billion. The book value of YPF was
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Torre Cepsa


served as headquarters for Repsol YPF oil and gas company. During the construction of the tower, Repsol decided to change the location of its future headquarters and the financial institution Caja Madrid purchased the building for €815 million in August 2007. In 2016 it was bought by Amancio Ortega, Europe's richest man and founder of global fashion group and Zara owner Inditex (ITX.MC), for €90 million euros through his property investment arm, Pontegadea Inmobiliaria, one of the biggest property companies in Spain. He purchased the tower from
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Renationalization of YPF


some market analysts blamed the decline in exploration and production on government controls on exports and prospecting leases, and price controls on domestic oil and gas. YPF, however, remained profitable throughout Repsol's tenure even as output fell, and net income from 1999 to 2011 at YPF totaled nearly US$16.5 billion. The Kirchner administration in turn pointed to high dividend yields and low investment levels at YPF in relation to profits. Argentine Economy Minister Hernán Lorenzino claimed that asset stripping at YPF had financed Repsol's expansion in other parts of the
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Renationalization of YPF


stake in YPF from 15% to 25%. Officials at Credit Suisse and at other creditors involved, including Banco Itaú, BNP Paribas, and Goldman Sachs, announced on May 11 that the Group's shares would be repossessed as collateral. Repsol, as another of the Group's creditors affected by their default, also repossessed a block of shares, thus increasing their stake in YPF to 12%; following a steep rally in YPF shares, Repsol sold its stake a year later. The Argentine Senate approved the takeover on
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YPF


. Both Repsol and YPF shares fell sharply before and after the announcement, and the cost of insuring Argentine government bonds against default rose, as did those of Spain. Repsol Chairman Brufau estimated the company’s potential loss at €5.7 billion (US$7.5 billion). The largest minority shareholder, the Petersen Group, had financed their initial purchase of 15% of the stock with a vendor’s loan from Repsol for €1.5 billion. The 2008 agreement required Repsol to buy back shares owned by the Group and to assume the
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Repsol


that summer made officially possible the expropriation of Repsol's shares. Repsol went to various international bodies to pursue legal action directly after losing its shares of YPF. The expropriation was an attempt by the Argentine government to nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina. Compared to the oil production in 2011, YPF’s oil production in 2012 fell by 8%, according to data from Argentina’s Department of Energy. Repsol had the backing of the EU and the
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YPF


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 announcement (market price of the shares declined by over half from February to April). Economy Minister Hernán Lorenzino claimed in turn that asset stripping at YPF had financed Repsol's expansion
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YPF


Schlumberger as president of its production management division in London, was appointed CEO. Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for payment of US$10.5 billion for a 57% stake in YPF (the state sought 51%), citing debts of nearly US$9 billion. The book value of YPF was US$4.4 billion at the end of 2011; its total market capitalization on the day of the announcement was US$10.4 billion. Repsol officials submitted the matter to the World Bank ICISD for arbitration. The Argentine
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Renationalization of YPF


1987. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries, and fell from 30 new wells in 1998 to eight in 2010 (French energy firm Total S.A. overtook YPF as the leading oil driller in Argentina). Its reserves of crude and natural gas fell 60% and 67% respectively between 1999 and 2011, and declines in output at the firm represented 54% of the nation's lost oil production and 97% in the case of natural gas. Repsol and
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YPF


private portfolios; the Argentine Government retained the golden share. Argentine international energy trade recorded an imbalance of US$3 billion in 2011, the first negative figure since 1987, and the relationship between YPF and the government became difficult. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention,
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Nationalization of oil supplies


production and 97% in the case of natural gas. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting leases, as well as price controls on domestic oil and gas. YPF increased its estimates of oil reserves in Argentina in 2012, but warned that government policies would have to change to allow investment in new production. The government announced instead that it would acquire a majority stake in YPF. Argentine Economy Minister Hernán Lorenzino claimed that asset stripping at YPF had financed Repsol's expansion
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Nationalization of oil supplies


in other parts of the world, while Repsol officials denied charges of underinvestment in its YPF operations. Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for payment of US$10.5 billion for a controlling stake in YPF, citing debts of nearly US$9 billion. The book value of YPF was US$4.4 billion at the end of 2011; its total market capitalization on the day of the announcement was US$10.4 billion. The bill was overwhelmingly approved by both houses of Congress, and was signed by the president on May
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Buenos Aires Central Business District


currently. Having undergone an impressive revival in merely a decade, it is one of the most successful recent waterfront renewal projects in the world. Numerous new residential high-rises of up to 50 stories have been built facing on the eastern half of Puerto Madero since 2000. These include El Mirador of Puerto Madero towers, Renoir Towers, El Faro towers, Chateau Tower of Puerto Madero, and the Mulieris towers, among others. Notable non-residential structures include the Repsol-YPF tower, the Hilton Buenos Aires, the
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El Faro Towers


groups dedicated to the protection of the nearby Buenos Aires Ecological Reserve, objections were also raised over the prior substitution of Act 123 for Act 452, which would have permitted a lesser degree of environmental impact for the project's approval. The second tower was completed in the early months in 2005 and promptly sold out, thus concluding the project. These became the highest in Buenos Aires and Argentina, though the structures were narrowly surpassed in height by the nearby Mulieris towers and the Repsol-YPF tower (both in Puerto Madero)
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Puerto Madero


Towers amongst others. Many other high-rises that have recently been inaugurated include the Le Parc Tower and Hilton and River View Towers. Office and hotel high-rises are also being built such as the Repsol YPF Headquarters and the Conrad Buenos Aires Hotel & Resort, whose construction is slated to begin at the end of 2008 and completion scheduled for late 2010. Additionally a St. Regis Starwood Hotel is being built in the first "dique", where the famous nightclub Opera Bay was formerly located, and is scheduled to open
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Economy of Libya


; and small volumes to Asian and South African companies. In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro. Also located in Murzuq Basin is Eni's Elephant field. In October 1997, a consortium led by British company Lasmo, along with Eni and a group of five South Korean
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Renationalization of YPF


; an environmental law enacted by the province in 2010 mandated the inventory and maintenance of all such wells. Other claims, including environmental damage in five other provinces, a tax debt in Chubut Province, and a judicial injunction issued against Repsol over their illegal sale in 2011 of 45 million shares belonging to an employees' severance fund, raised their potential liability to US$15 billion. An agreement was reached with Repsol on November 27, 2013, whereby the latter would be compensated for a 51% stake in YPF with approximately US$
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Renationalization of YPF


5 billion in 10-year corporate bonds. Repsol sold its remaining 12% stake to Morgan Stanley the following May. The largest minority shareholder, the Petersen Group, held a 25% stake at the time of the renationalization, and had financed their initial purchase of 15% of the stock in 2007 with a vendor's loan from Repsol for €1.5 billion. The chairman and majority owner of the Petersen Group, Enrique Eskenazi, was close to President Néstor Kirchner, who supported Eskenazi's bid to become YPF's principal Argentine stockholder.
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Renationalization of YPF


gas distributor) in November. YPF stock rose by 190% from its post-nationalization depths in mid-2012 to the announcement of a compensation agreement with Repsol in November 2013. Production declines of 6% annually under Repsol were likewise reversed. Overall output rose by 3% in 2013, and a further 8.7% in oil and 12.5% in gas during 2014. Output increased a further 3% in 2015. Development prospects for the "Vaca Muerta" field, which by 2014 was estimated to contain at least 23 billion barrels
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National Oil Corporation


total oil production from 1.80 mmbd in 2006 to 2 mmbd by 2008. Foreign direct investment into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk
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Renationalization of YPF


US$4.4 billion at the end of 2011; its total market capitalization on the day of the announcement was US$10.4 billion. Repsol claimed that the Argentine Government drove down YPF shares ahead of the announcement (market price of the shares declined by over half from February to April), and chairman Antoni Brufau estimated the company's potential loss at €5.7 billion (US$7.5 billion). Repsol retaliated by canceling nine shipments of liquefied natural gas to Argentine state energy distributor Enarsa, claiming the government breached contracts following the seizure of
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Renationalization of YPF


world, while Repsol officials denied charges of underinvestment in its YPF operations and instead cited the Vaca Muerta discovery as a motivation for the takeover. "Vaca Muerta", a 30,000 km² (11,600 mi²) unconventional oil field with proven recoverable reserves of up to 927 million barrels, had been discovered by RepsolYPF in November 2011. Repsol executives declared however that government policies would have to change in order to allow investment in new production. Following bills signed by governors in six fossil-fuel producing provinces during March and April 2012 revoking
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Repsol


acquisition of YPF and the consolidation of Gas Natural SDG by global integration. The company's business structure was more balanced and international. Then in December 2001 Repsol completed an asset exchange agreement with Petrobras, making it the second largest consolidated oil company in Brazil. The same year Repsol announced new discoveries in Libya, Indonesia, Spain, Venezuela, Argentina, and Bolivia, prompting the development and marketing of its electricity business through Gas Natural SDG. In 2003 Repsol tripled its reserves and production of hydrocarbons in Trinidad and Tobago. North
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Repsol


US, and both powers condemned Argentina’s move as expropriation. President Fernández claimed that the state would seize 51% of YPF. In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4% of the massive Vaca Muerta shale-gas field. The board of the Repsol firm unanimously rejected this offer, as it would have caused them to drop a $10.5 billion lawsuit that was in progress against the Argentine government.
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Repsol


Repsol at the time owned 6.4% of the YPF oil-and-gas company. On 25 February 2014 the Repsol board announced it had accepted a settlement offer from the Argentine government of an issue of Argentine bonds valued at $5 billion. The deal concluded after 3 months of negotiations in Buenos Aires was subject to shareholder approval. The agreement ended two years of legal wrangling and the potential for a long drawn-out legal battle. Repsol Chairman Antonio Brufau described the "friendly" settlement as "extremely positive."
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Renationalization of YPF


Eskenazi benefited from a dividend distribution rate at YPF of 90%, which allowed the Group to repay its vendor's loan in installments. The 2008 agreement required Repsol to buy back shares owned by the Group and to assume the loan should the Madrid-based firm lose majority control of YPF. Sebastián Eskenazi, the son of the Petersen Group chairman and CEO of YPF until April 16, indicated however that the group would forego this option. The Group defaulted in May on a Credit Suisse loan taken in 2011 to raise its
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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
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Antonio Brufau Niubó


Monte de Piedad Barcelona. In 1994, on behalf of La Caixa, he became president of Port Aventura. In July 1997, he was appointed the president of the natural gas division at Repsol, a post he held until 2004. From 1996 to 2004, Brufau was a member of the Board of Directors of Repsol. In July 2002, he was appointed president of Circulo de Economía de Barcelona, a position that he held until July 2005. In 2004, he was appointed CEO of Repsol YPF. Since his appointment
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Miguel Galuccio


subsidiary following its 1995 acquisition by YPF. He was designated head of operations and development in the firm's Patagonian oil fields division in 1996, and of YPF's oil fields Indonesia in 1998. Galuccio resigned his post following the 1999 acquisition of YPF by Madrid-based Repsol. He joined Houston-based oilfield services firm Schlumberger, and was designated general manager of the firm's operations in Mexico and Central America. This division grew under Galuccio, with whom the Mexican state oil firm Pemex signed numerous oil services contracts. He
20140802
Federal University of Rio de Janeiro


, the Nucleus of Ecosystem Recovery Technologies (NUTRE) and a virtual reality center linked to the Laboratory of Computational Engineering Methods (LAMCE). Among the corporations with research units established in the Technological Park or in other spots of College City are: L'Oréal, Siemens AG, Usiminas, Schlumberger, Baker Hughes, FMC Technologies, Repsol YPF, Halliburton and Tenaris Confab. Public biddings for the construction of new research centers and commercial tower, all capable of supporting one hundred new more enterprises, are currently under request. The Park
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Cutral Có


Cutral Có is a city in the Confluencia Department of Neuquén Province in Argentina. It is part of the statistical area formed with neighboring Plaza Huincul. The settlement is located in the desert, it was founded in 1933 after the discovery of oil. The majority of the economy is based on the petrochemical industry. Cutral-Có is home to several multinational corporations such as Repsol-YPF and Petrobras. Following the 1992 privatization of YPF, thousands of people lost their jobs in the city's important industrial action. There are plans
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Cristina Fernández de Kirchner


able to export surpluses. Kirchner proposed a fiscal austerity program in early 2012, including the gradual removal of subsidies. The proposal turned out to be unpopular, and was not implemented. She opted instead to send a bill to Congress for the renationalization of YPF, privatized in 1993, blaming the Spanish company Repsol for the energy trade deficit. The bill was approved by the Chamber of Deputies by a 207-32 margin. It was criticized as an authoritarian move, as there was no negotiation with Repsol. As well,
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Vaca Muerta


The Vaca Muerta Formation, commonly known as the Vaca Muerta (Spanish for "Dead Cow") is a geologic formation of Late Jurassic to Early Cretaceous age, located in the Neuquén Basin in northern Patagonia, Argentina. It is well known as the host rock for major deposits of shale oil and shale gas. The large oil discovery in the Vaca Muerta Formation was made in 2010 by the former Repsol-YPF, which announced the discovery in May 2011. The total proven reserves are around , and YPF's production alone
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YPF


annually under Repsol were reversed following the renationalization, however. Amid sharp increases in profitability and investment, output in 2013 rose by 3.4% in oil and a 2.2% in gas, and a further 8.7% and 12.5% in oil and gas, respectively, during 2014. YPF announced the discovery in November 2011 of an 8071 km unconventional oil field, "Vaca Muerta", with recoverable reserves of 22.8 billion barrels of oil equivalent, and potential to extend to an area of up to 30,000 km (11,600 mi)
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Tartagal, Salta


as in terms of social impact, since it ensured work, social security, education for the worker’s children and dozens of benefits that dignified the lives of workers, not counting the commercial flow that positively impacted the area. Petroleum was discovered here at the beginning of the 20th century. Since 1926 the state-owned oil company YPF employed or indirectly supported most of the local population. In 1992 the company was privatized (becoming Repsol-YPF) and 90% of its workers were fired, prompting violent social conflicts and
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Axel Kicillof


in the renationalization of YPF. President Cristina Fernández de Kirchner named Kicillof to the post of Secretary (or Deputy Minister) for Economic Policy and Development Planning in December 2011. He took academic leave to assume this post. In this position, Kicillof oversaw the controversial 2012 nationalization of YPF, the Argentine oil company then controlled by the Spanish energy firm Repsol. It was the largest expropriation in Argentina's history. He justified this action as part of a needed reversal of the Argentinian economic policies of the 1990s, when the peso
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YPF


1993 to a record 190 million in 1998; of the latter total, 32 million were produced by Maxus operations in Ecuador and elsewhere. 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. The union of
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YPF


in other parts of the world. Responses included a diplomatic offensive by Rajoy in other countries in the region, assurances by Industry Minister José Manuel Soria of "clear and decisive" Spanish government measures, Foreign Minister José García-Margallo y Marfil's admonition that Argentina had "shot itself in the foot" by damaging relations with Spain, and other threats. The Chinese state oil concern, Sinopec, was reported to have been in talks to buy out Repsol's share in YPF – a potential deal scuttled by the Argentine announcement
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Economic history of Argentina


to higher income households. By mid-2011, credit was outpacing GDP by a wide margin, raising concerns that the economy was overheating. Argentina began a period of fiscal austerity in 2012. In April 2012, the government announced plans to expropriate YPF, despite the opposition of some energy experts, claiming that YPF's Spanish partner and major holder, Repsol, had not done his duty as to provide the financial support for research and land exploitation, as well as being a bad administrator concerned only in sending profits to Spain and forsaking
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Nationalization of oil supplies


. In April 2010, Argentina's president Cristina Fernández de Kirchner introduced a bill on April 16, 2012, for the expropriation 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%. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries, and declines in output at the firm represented 54% of the nation's lost oil
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Renationalization of YPF


audit of Repsol documents conducted by Kicillof and Planning Minister Julio de Vido in May uncovered what Kicillof described as a "debasement of the company and a policy of creating shortages that would raise domestic prices to those prevailing internationally;" these findings were published on June 1 in the Mosconi Report. The Government of the Province of Santa Cruz published the results of an investigation of 13,000 inactive YPF oil wells on May 14, finding that 8,000 of these leaked and that at least US$3.5 billion of environmental damage had been caused by these
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Argentina–Spain relations


harm bilateral relations if such a move were to happen. On 16 April, Argentina's President Cristina Fernández de Kirchner announced the nationalization of YPF, to which Spain warned of a "clear and decisive" response. Since then, Argentina has recompensed the Spanish government and Repsol over the take over of YPF. Over the years, both nations have signed numerous bilateral agreements such as an Air Transportation Agreement (1947); Agreement on the Elimination of Visas (1947); Agreement on Migration (1960; Agreement on Cultural Cooperation
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Red Eléctrica de España


trading session. Though parallels were made in the media with Argentina's nationalisation of YPF from Spain's Repsol, sources in the Bolivian government were reported to have told Repsol chairman Antonio Brufau that their investment on a new gas plant of about 100 million euros was safe. An anonymous Spanish diplomat said that the reaction was much more muted than with Argentina as "the diplomatic channels are open here, and it's all a matter of discussing a fair price, while in Argentina they didn't even want to meet with us.
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José María Aznar


more expensive than imported coal. Aznar also announced the sale early in 1997 of the nation's remaining minority stake (golden shares) in the Telefónica telecommunications company and the petroleum group Repsol. These golden shares in Telefónica and Repsol YPF, as well as in Endesa, Argentaria and Tabacalera, all presided over by people close to Aznar, have since been declared illegal by the European Union. This marked the beginning of a period of privatizations after the previous PSOE government had nationalized parts of the economy. After the PP's first
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Bolivian gas conflict


70-year-old, state-owned "Yacimientos Petroliferos Fiscales de Bolivia" (YPFB). The construction of the Bolivia-Brazil gas pipeline cost US$2.2 billion. A consortium called Pacific LNG was formed to exploit the newly discovered reserves. The consortium comprised the British companies BG Group and BP, and Spain's Repsol YPF. Repsol is one of three companies that dominate the gas sector in Bolivia, along with Petrobras and Total. A plan costing US$6 billion was drawn to build a pipeline to the Pacific coast,
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Repsol


% on the prior year. The distribution business now boasts 455,000 supply points, representing an increase of 1.3% over the previous year. Electricity supply points in Spain kept steady with 2012 levels, at 3,772,000. Electricity effectively supplied decreased 3% from 2012 to 2013, to 32,766 GWh, mainly because of more clement weather conditions. In May 2012, the Argentine president Cristina Fernández de Kirchner, proposed the expropriation of 51% of Repsol’s shares in YPF. The Republic of Argentina's Yacimientos Petrolíferos Fiscales Act that was passed
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Bolivia–Chile relations


Quiroga did not want to jeopardize his chances of re-election as president in the 2007 elections. After winning the 2002 presidential election, Gonzalo Sánchez de Lozada expressed his preference for the Mejillones option but made no "official" decision. Despite this, a consortium called Pacific LNG was formed to exploit the newly discovered reserves. The consortium comprised the British companies BG Group and BP, and Spain's Repsol YPF. Repsol is one of three companies that dominate the gas sector in Bolivia. The other two are Petrobras and Total
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Renationalization of YPF


YPF. Repsol filed a lawsuit at the World Bank’s International Center for Settlement of Investment Disputes on May 15. The Government of Spain petitioned the European Commissioner for Trade for sanctions against Argentine exports. The Spanish Government did unilaterally curtail biodiesel purchases from Argentina (its main provider), as well as from Indonesia. Following a complaint filed at the World Trade Organization by the Argentine Government as well as higher costs for biodiesel distributors in Spain itself however, boycotts of both Argentine and Indonesian biodiesel were lifted by January 2013. An
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Caja Madrid


Caja Madrid reached 161 million euros. Some of the bank’s users criticised it, along with the other Spanish savings banks for having lost its charitable character in the course of developing its business as a bank. In 2009 Caja Madrid acquired a new headquarters in a newly completed sky-scraper office block known as Torre Caja Madrid (Caja Madrid Tower). The tower had been intended for the Spanish company Repsol, and the principal architect was Norman Foster. The tower is now leased by CEPSA and it used to be called
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Sep Ruf


1593 to 1596. In the 17th century it was called the Herzog-Max-Burg. After it was destroyed in World War II., only the renaissance-tower was still standing. The city asked some architects to find ideas for the place and allowed to destroy the old tower. Only Ruf and Theo Papst were the two architects, who wanted to save it. So both got the order to build the New Maxburg. The steel skeleton building followed the structure of the tower and in the middle of the buildings
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Perla gas field


of condensate, and Perla-4 produced of gas and of condensate. In total, it is expected to hold more than of natural gas. At the phase I light offshore platforms will be installed to utilise the wells already drilled. A pipeline will be installed to a central processing facility located onshore. The phase I is expected to cost of US$1.4 billion. The field will be developed by consortium of Repsol YPF (32.5%), Eni (32.5%), and PDVSA (35%). The front-end
14910507
Orinoco Belt


partner yet for Junin 1, 10, and 11 blocks — all with expected production capacity of . Carabobo 1 is developed in cooperation with Repsol YPF (11%), Petronas (11%), ONGC (11%), Indian Oil Corporation (3.5%), and Oil India (3.5%). It consists of Carabobo block 1 North and block 1 Central. The expected production output will be by 2013. The upgrader is expected to be ready by 2017. Carabobo 3 is developed in cooperation with Chevron
16918072
Atlantic LNG


% from a mix of NCMA gas (as with Train 2) and east coast gas (ECMA) held 50% by BG and 50% by ChevronTexaco. Atlantic LNG is owned by the National Gas Company of Trinidad and Tobago (NGC Trinidad and Tobago) and local subsidiaries of BP, BG Group, Repsol YPF and Suez. The stakes in Train 1 are: The stakes in Trains 2 and 3 are: The stakes in Train 4 are: In August 2007, the Vedomosti newspaper reported, that BP has invited
20365939
6, 7, 8


was recorded through a hidden camera, and it shows the journalist and columnist of newspaper "La Nación", Carlos Pagni, in an alleged operation to publish false information for the purpose of damaging the oil company Repsol YPF. The broadcast of the video was criticized by the Partido Solidario deputy Carlos Heller who was a guest on the program that day, expressing his objection to the publication of anonymous films. The contents of the video were criticized by the panelists after it was shown. According to an article in La Nación that
3014003
Reputation


to a specific individual in the organization. That's why some companies have created the position of Chief reputation officer. A growing number of people in the business world now have the word "reputation" in their titles –including Dow Chemical, SABMiller, Coca-Cola, Allstate, Repsol YPF, Weber Shandwick, and GlaxoSmithKline (although no longer). Hoover's shows a list of such officers. Social media like Twitter, Linked In, and Facebook have made it increasingly important for companies to monitor their online reputations in
8365069
Grupo Compás


Grupo Compás, which trades as The Alloy Valve Stockist, is an industrial alloy valve stockist and distributor based out of Barcelona, Spain and is recognized as one of the fastest growing service companies in Spain. Their customers come from three areas of activity: "chemical and petrochemical refineries, combined cycle plants and companies related to the natural gas business", such as BASF, Repsol YPF, Saudi Aramco, Galp, Petrobras, Petronas and Marathon Oil; "integrated engineering companies", like Sener, Technip and OneSteel; and
11224498
Ampm


, and Brazil, usually attached with an Ipiranga station. In Argentina and Chile they can be found in Repsol-YPF/ACA stations. In Spring 2008, U.S. branches of the BP Connect brand of convenience stores rebranded to "ampm", which also brought the brand under the BP banner after exclusively being under the ARCO banner. The subsequent decision saw markets with a large BP presence, such as Chicago, Cleveland, Indianapolis, Orlando, and Pittsburgh, instantly have ampm stores and subsequent TV ads in those markets,
1136252
Camisea Gas Project


contract for the exploitation of Camisea, concessions and transport of liquids and gas from these fields to the coast and gas distribution in Lima and Callao. In December 2000, contracts were signed for the project development with an international consortium which now includes of Pluspetrol (27.2%), Hunt Oil Company (25.2%) SK Corporation (17.6%), Repsol YPF (10%), Tecpetrol (10%), and Sonatrach (10%).The key legal advisors in the transaction were Jaime Malagón, Jerome Jakubik, Paul Slocomb,
12762321
Yamal LNG


in 2009. Another project named Yamal LNG was proposed by Gazprom. In November 2008, Gazprom announced that it prepares a list of potential partners for the LNG plant of the Yamal project. Although the list was not disclosed, Gazprom indicated that ExxonMobil and ConocoPhillips were included on the list. Also Royal Dutch Shell, Repsol YPF and Petro-Canada were mentioned as potential partners. In October 2010, the Novatek's project was chosen by the Russian government as a pilot project. The groundbreaking ceremony for the port construction was held
16236165
Peru LNG


supplied from Repsol YPF and Petrobras developed fields near the Camisea fields. The supply pipeline runs from Chinquintirca in Ayacucho area to the LNG plant. The plant was designed and built by Chicago Bridge & Iron Company. The marine terminal was built by the CDB consortium (Saipem, Jan De Nul, and Odebrecht). The pipeline system was installed by Techint. The LNG plant is operated by Peru LNG which is a consortium of Hunt Oil Company (50%), SK Energy (20%), Shell (20%
17438509
Economy of Bolivia


were to be nationalized, recovering ownership, possession and control of hydrocarbons. US Exxon Mobil Corporation, Petrobras, Spain's Repsol YPF, UK gas and oil producer BG Group Plc, and France's Total are the main gas companies present in the country. Until 1994 the electricity sector was dominated by the vertically integrated public utility ENDE ("Empresa Nacional de Electricidad"). In 1994 the electricity sector was privatized and was unbundled into generation, transmission and distribution. The law aimed to increase efficiency in the sector, promote
19420339
Bolivian gas conflict


run by Spain's Repsol YPF and the United Kingdom's BP and have forced them to stop production. Felipe Quispe is a radical Aymara leader who wishes to return control of the country from what he sees as the "white elite" to the indigenous Aymaran people who make up the majority of the country's population. Therefore, he is in favor of an independent "Aymaran state". Quispe is the leader of the Pachakutik Indigenous Movement, that won six seats in the Congress and the secretary general of the United Peasants
19733511
Petrobras Argentina


of a majority stake in Transener from PESA, though the group sold Transener to local entrepreneur Marcelo Mindlin in 2004. The company since operates in the energy area, focusing its business in the exploration and production of oil and gas, as well as the petrochemical and electricity production. Currently, Petrobras Energía is the second largest oil company in Argentina, behind Repsol YPF, and is present in United States, Brazil, Bolivia, Ecuador, México, Peru and Venezuela. The company is listed in Buenos Aires Stock Exchange and is
2020247
Carlos Menem


caused by the privatization of the postal service led to Cavallo's removal as minister, and his replacement by Roque Fernández. Fernández maintained Cavallo's fiscal austerity; he increased the price of fuels, sold the remaining state shares of YPF to Repsol, fired state employees, and raised the value-added tax to 21%. A new labor law was met with resistance, both by Peronists, opposition parties, and unions, and could not be approved by Congress. The 1997 Asian financial crisis and the 1998 Russian financial crisis
5055498
Golden share


contradictory to the principle of free circulation of capital within the European Union. The European Court of Justice also held that Portugal's holding of golden shares in Energias de Portugal is contrary to European Union law since it presented an unjustified restriction on free movement of capital. Other golden shares ruled illegal include the Spanish government's golden shares in Telefonica, Repsol YPF, Endesa, Argentaria and Tabacalera. The golden share structure of Volkswagen AG and the travails of the German Land (Federal State) of "Niedersachsen" (Lower Saxony)
11292503
Energy in Libya


TWh per million persons. The National Oil Corporation is the state oil company of Libya. The biggest oil producers in Libya are Eni, an Italian company, and Repsol YPF, a Spanish one. Other major producers in the country include BASF, Petrobras, Gazprom, Exxon Mobil, Pertamina, Nippon Oil, Sirte Oil Company, BP, Hess Corporation, JAPEX, and Oil and Natural Gas Corporation. In 2010, 28% of Libyan oil exports went to Italy (over 284 barrels a day). In 2009,
11361425
Economy of Argentina


from 1992 to 1998 and reached in US$24 billion in 1999 (reflecting the purchase of 98% of YPF stock by Repsol), fell during the crisis to US$1.6 billion in 2003. FDI then accelerated, reaching US$8 billion in 2008. The global crisis cut this figure to US$4 billion in 2009; but inflows recovered to US$6.2 billion in 2010. and US$8.7 billion in 2011, with FDI in the first half of 2012 up by a further 42%. FDI volume remained below the regional average
11588272
Port of Spain


of Spain enjoy. Some of the oil and gas company headquarters located in Port of Spain (many others are found in San Fernando & Point Lisas)include BPTT, BGTT (British Gas), BHP Billiton, EOG Resources, Fluor, Repsol YPF, Atlantic LNG and Baker Hughes. Trinidad and Tobago is considered one of the wealthiest nations in the Caribbean and some of this wealth is on display in Port of Spain. High-income proceeds from the international sale of natural gas has aided the country in the Port of Spain International
12264780
Vaca Muerta


is nearly . In February 2012, Repsol YPF SA raised its estimate of oil reserves to . The US EIA estimates total recoverable hydrocarbons from this Vaca Muerta Formation to be of oil and of natural gas, more than even the Neuquén Basin's hydrocarbon-rich Middle Jurassic Los Molles Formation holds. The Vaca Muerta Shale is a continuous tight oil and shale gas reservoir of Late Jurassic (Tithonian) and Early Cretaceous (Berriasian) age. The formation covers a total area of . The shale is at a depth of about ,
15058023
2004 Argentine energy crisis


; it has shifted the focus from coal and oil towards gas, and had five gas pipelines built for the specific purpose of getting gas from Argentina. The energy crisis was blamed on a number of factors. Former Argentine President Néstor Kirchner attributed it on lack of investment on the part of the private companies that extract the resource (such as Repsol YPF), and the concomitant lack of pressure from past governments on those companies. The private corporations contended that their profits after the collapse of the Argentine economy were severely hurt by
15606001
Apache Corporation


Repsol YPF for $410 million. In 2002, the company drilled its first deepwater wells in the West Mediterranean Concession of offshore Egypt. In 2003, the company acquired the Forties oilfield, the largest field ever discovered in the United Kingdom North Sea as well as assets in the Gulf of Mexico from BP for $1.3 billion. In May 2005, Apache and ExxonMobil completed a series of agreements that provided for transfers and joint ventures across a broad range of properties in Western Canada. In October 2005, the company partially sold
16062160
Economy of Libya


and is expected to have a positive impact on the Libyan economy. The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total
17919918
Michael Maduell


YPF nationalisation [Repsol’s subsidiary in Argentina, eds.]." During the Libyan revolution, CNN Money interviewed Michael Maduell on Gaddafi's influence on sub-Saharan Africa and Libya's sovereign wealth fund. Maduell argued Gaddafi remained in power for so long because "Gadhafi is providing support where there is none." In 2013, policymakers and thinktanks were discussing ways to improve the U.S. economy, leading to the idea of creating a federal sovereign wealth fund. Maduell told CNBC in an article that creating a Norwegian-like
19658603
Corruption in Spain


Supreme Court of Spain but shelved for lack of evidence. Nevertheless, the defendants were still strongly suspected of misconduct and expelled from the Popular Party. In 1997 the People's Party government of José María Aznar announced the sale of the nation's remaining minority stake (golden shares) in the Telefónica telecommunications company and the petroleum group Repsol YPF. as well as in Endesa, Argentaria and Tabacalera, all major enterprises managed by people close to Aznar, and since been declared illegal by the European Union. This marked the beginning of
19723130
Bolivian gas conflict


those of Brazil's Petrobras, one of Bolivia's largest investors, which controls 14% of the country's gas reserves. Brazil's Energy Minister, Silas Rondeau, reacted by considering the move as "unfriendly" and contrary to previous understandings between his country and Bolivia. Petrobras, Spain's Repsol YPF, UK gas and oil producer BG Group Plc and France's Total are the main gas companies present in the country. According to Reuters, "Bolivia's actions echo what Venezuelan President Hugo Chávez, a Morales ally,
19733503
U'wa people


14-year-long struggle to prevent oil drilling on their land, which secured the withdrawal of Royal Dutch Shell and Occidental Petroleum (Oxy), and continues as Ecopetrol and Repsol YPF seek to drill on their land. Their representative to the outside world in this struggle, Berito Kuwaru'wa, won the Goldman Environmental Prize in 1998. The conflict came to a head as Oxy prepared to drill at the Gibraltar 1 test site. The U'wa, who had previously threatened to commit mass suicide if the oil extraction project went forward, constructed
20770272
Renationalization of YPF


%, respectively, in 2011; company revenues that year were US$13.7 billion. The firm was privatized in 1993 on the initiative of President Carlos Menem and Economy Minister Domingo Cavallo pursuant to the State Reform Law of 1989, which authorized the president to present bills to Congress for the privatization of any of the numerous state enterprises in operation at the time. Madrid-based Repsol acquired a majority stake in 1999. Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since
21892054
Petroleum politics


and Repsol-YPF. Hugo Chávez, the President of Venezuela sharply diverged from previous administrations' economic policies. PDVSA is now used as a cash-cow and as an employer-of-last-resort; foreign oil businesses were nationalised and the government refused to pay compensation. Estimates of Venezuelan oil production vary. Venezuela claims its oil production is over , but oil industry analysts and the U.S. Energy Information Administration believe it to be much lower. In addition to other reporting irregularities, much of its production is extra-
6036425
Indio Rico


the town is the "Indio Rico" pressure plant on two major gas pipelines belonging to TGS and the "Indio Rico" Pumping Station on a major oil pipeline of REPSOL-YPF. INDEC had 1165 inhabitants at 2001, which represents an increase of 15.6% compared to the 1008 from the previous census in 1991. The town has preschool, primary and secondary school levels. The Indio Rico Athletic and Social Club and the Eleven Hearts Club provide the sports and social needs. They stand out for their provision of traditional events
6640829
Real Madrid CF


richest professional football club. The club ceded part of its training grounds to the city of Madrid in 2001, and sold the rest to four corporations: Repsol YPF, Mutua Automovilística de Madrid, Sacyr Vallehermoso and OHL. The sale eradicated the club's debts, paving the way for it to buy the world's most expensive players, such as Zinedine Zidane, Luís Figo, Ronaldo and David Beckham. The city had previously rezoned the training grounds for development, a move which in turn increased their value, and then bought
6723475
Energy policy of Venezuela


5%) are vented or flared. About 10% of production volumes are subject to shrinkage as a result of the extraction of NGLs. The 2010 estimate is , and the nation reportedly produced about in 2008. The leading gas company is PdVSA. The largest private natural gas producer is Repsol-YPF, who supplies 80-megawatt (MW) power station in Portuguesa, and plans to develop a 450-MW power plant in Obispos. Venezuela has non-conventional oil deposits (extra-heavy crude oil, bitumen and tar sands)
989709
Vaca Muerta


known as a major petroleum source rock for other formations in the Neuquén Basin, which has had oil production since 1918. Wells producing from the Vaca Muerta itself are in several oil fields, including the Loma La Lata, Loma Lata Norte, and Loma Campana fields. Repsol-YPF recognized the productive potential of the Vaca Muerta Shale of the Neuquén Basin, and completed Argentina's first shale gas well in July 2010, at the Loma La Lata field. Then in November 2010, the company completed a tight oil well in
15058029
National Oil Corporation


the Libyan government will retain 35%. Libya will continue to control Tamoil Africa, which operates retail stations in Egypt and Burkina Faso, as well as other African nations. NOC oil is also sold on a term basis to foreign oil companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total; and small volumes to Asian and South African companies. With domestic consumption of in 2006, Libya had estimated net exports (including all liquids) of 1.525 million bpd. The majority of Libyan oil exports are
15084666
Brun C91


to begin competition in late 1991 and then continuing into 1992, when the new World Sportscar Championship would come into effect. These new rules, which required 3.5 liter engines would make their 962 illegal. Therefore, instead of buying another chassis, Brun and backer and sponsor Repsol YPF decided to invest in building a new car, naming it the C91. The design would be similar to most other 3.5 liter Group C cars, using large double rear wings, low bodywork and long high downforce noses. For an engine, Brun
1857499
Offshore drilling on the Atlantic coast of the United States


gas exploration offshore Florida became a hotly contested topic in the 2008 US elections. In a column published 5 June 2008, syndicated columnist George Will wrote that a Chinese oil company was then drilling in Cuban waters from the Florida coast, a claim that was repeated by candidates in favor of offshore drilling. George Will later acknowledged that no drilling was then taking place in that part of Cuban waters. In 2004 the Spanish oil company Repsol-YPF drilled in deep Cuban waters between Cuba and the Florida Keys, and found an oil
18643786
Yamal project


gas hub at Ukhta. First deliveries of over 15 bcm per year were originally expected to start by the end of 2011. Actual pipeline filling with natural gas started on 15 June 2012; operation is expected to start imminently. In November 2008, Gazprom announced that it prepares a list of potential partners for the Yamal LNG project. Although the list was not disclosed yet, Gazprom indicated that ExxonMobil and ConocoPhillips were included on the list. In July 2014 Halliburton was added to this list. Also Royal Dutch Shell, Repsol YPF
18762516
Nationalization of oil supplies


" with Article 40 of the Argentine Constitution of 1949 promulgated by President Juan Perón. The latter was abrogated in 1956, but oil and natural gas were renationalized in 1958 during President Arturo Frondizi's self-described "oil battle" for self-sufficiency in the staple, and private firms operated afterward via leases. YPF was privatized in 1993, and Madrid-based Repsol acquired a majority stake in 1999. Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since 1987
19378808
Nationalization of oil supplies


5. The government of Argentina eventually agreed to pay $ billion compensation to Repsol, which had previously owned YPF. In 2010 Canada was the United States' leading oil supplier, exporting some of oil per year (), 99 percent of its annual oil exports, according to the EIA. Following the OPEC oil embargo in the early 1970s, Canada took initiative to control its oil supplies. The result of these initiatives was Petro-Canada, a state-owned oil company. Petro-Canada put forth national goals including
19378812
Bolivian gas conflict


two of the companies (including Total) and by the deadline on Saturday the rest of the ten companies (including Petrobras and Repsol YPF) operating in Bolivia had also come to an agreement. Full details of the new contracts have not been released, but the objective of raising government share of revenues from the two major fields from 60 percent to 82 percent seems to have been achieved. Revenue share for the government from minor fields is set at 60 percent. During the six month negotiation period talks with the Brazilian company Petrobras
19733505
Front for Victory


the material at the same price to all who required it daily. - In terms of sovereignty, Cristina Fernandez de Kirchner has taken steps towards resuming negotiations with the United Kingdom over the Falkland Islands. - On 16 April 2012 announced the involvement in the oil company YPF (Fiscal Oilfields), whose majority stake was owned by the Spanish company Repsol, which had previously been questioned by deficiencies in oil supplies and new explorations. Also sent to Congress a bill to expropriate 51% of the shares and regain state control over the
22098991