The fate of the state oil society of Argentina was raised on Monday when a US judge ordered the country with cash to give up his 51% control applications to YPF at a partial remuneration for the seizure of the shares of former investors during the nationalization of the energy group in 2012.
The judgment – a dramatic effort to enforce A 16 billion US dollar US court judgment against Argentina -S gives a new headache for the libertarian president Javier Milei, the ideological film for the left wing, Former President Cristina Fernández de Kirchner the Argentina’s controversial takeover of YPF and the subsequent legal struggles during their term (2007-2015) supervised. Milei vowed to make an appeal against the decision.
Fernández ‘abrupt step to take control of ypf contributed to bringing the serial default Argentina further in order to give up his global financial obligations. Milei inherited an economy in ruins After decades of ruthless government spending And fought for commitments to privatize state companies.
When granting the application of former shareholders, who was largely represented by Burford Capital, which in return financed for a share of profits finance, judge Loretta Preska of the southern District of New York Argentina gave two weeks to the Bank of New York Mellon Corp, the large US Sorody bank, according to the registration, according to those Associated press raised.
Since YPF is listed on the New York stock exchange, the plaintiffs could submit the lawsuit to a US district court. Shares of YPF closed 5.6%.
The judgment results from a long-term legal case that judge Preska is liable for damages and interest of $ 16.1 billion in 2023. The plaintiffs argue that the government should have introduced a takeover offer for operations from minority shareholders.
Milei, whose government has tried to build exhausted facial reserves, swore itself to “defend national interests” against the judgment, and presented his political rivals the problem.
“More than 10 years have passed and we continue to suffer from the consequences of the worst government in Argentine history,” he wrote on the social media platform X.
Marcelo J. García, director of the Americas at the Horizon Engage Risk Consultancy based in New York, said the decision was “a memory of the Milei government that the country’s problems will not disappear just because he blames the opposition for them”.
“The control of YPF is important for Milei. That is why an appointment is the only option for him,” he added.
If you pay and lose the controlling participation in YPF, which has become a pillar of the economy, would paralyze Argentina at a crucial moment for Mileis.
Ypf has accelerated his effort to develop the huge shale gas reserves of the country in the Vaca Muerta area in the Argentine Patagonia. Crude oil production at Vaca Muerta has increased steadily and, according to official data in May, reached 22.5% more than in the same month in 2024 with 448,000 barrels in May 2024 in May 2024.
In 2024, YPF achieved a net profit of almost 2.4 billion US dollars, compared to a loss of 1.3 billion US dollars in the previous year.
Milei had hoped to use investments in the Vaca Muerta area to heal the long -standing fiscal weakness of the country and pay its massive deficits.
