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From privatisation to nationalisation: Repsol-YPF, 1999–2012

Author

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  • Melgarejo Moreno, Joaquín
  • López Ortiz, Ma Inmaculada
  • Montaño Sanz, Borja

Abstract

In April 2012 Argentinean Government nationalized 51% of Repsol shares in YPF. Expropiation of YPF is a new step in a broad list of protectionist and interventionist decisions, such as the nationalization of Aerolíneas Argentinas, nationalization of private pension plans, or the amendments of the Central Bank regulations to make the use of reserves more flexible. Institutions set the rules of the game for citizens and companies, allowing incentives and creating expectations. Nationalization of the above mentioned Argentinean companies has created legal uncertainty bringing a relevant increase in the risk premium as a result. Privatization of YPF and its later nationalization, together with the company shareholder composition, and resulting international disputes will be addressed in this article.

Suggested Citation

  • Melgarejo Moreno, Joaquín & López Ortiz, Ma Inmaculada & Montaño Sanz, Borja, 2013. "From privatisation to nationalisation: Repsol-YPF, 1999–2012," Utilities Policy, Elsevier, vol. 26(C), pages 45-55.
    • Handle: RePEc:eee:juipol:v:26:y:2013:i:c:p:45-55
    DOI: 10.1016/j.jup.2013.05.002
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    References listed on IDEAS

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    1. Gadano, Nicolás, 1998. "Determinantes de la inversión en el sector petróleo y gas en la Argentina," Series Históricas 7444, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Nikas, A. & Koasidis, K. & Köberle, A.C. & Kourtesi, G. & Doukas, H., 2022. "A comparative study of biodiesel in Brazil and Argentina: An integrated systems of innovation perspective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 156(C).
    2. Waterworth, Alec & Bradshaw, Michael J., 2018. "Unconventional trade-offs? National oil companies, foreign investment and oil and gas development in Argentina and Brazil," Energy Policy, Elsevier, vol. 122(C), pages 7-16.
    3. Wang, Jinbo & Ran, Maosheng & Huang, Qing & Li, Wanli, 2022. "Nationalization of private enterprises and default risk: Evidence from mixed-ownership reform in China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 534-553.

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