euro
Subject:
European History [1]
Ever since the purchase of the YPF petroleum corporation by Madrid based Repsol in 1999, the relation between Repsol and the Argentine government, who previously owned YPF, became strained. Even as the world energy markets boomed, YPF could not keep up with global competition since Repsol focused on investment in its other subsidiaries. In fact, in 2011, YPF posted its first negative balance of approximately $3 Billion USD since 1987. Political negotiations to urge the parent company to increase investments in YPF were fruitless.