The former president of the Argentine oil company YPF, Pablo González, rejected a ruling by a New York judge ordering the Argentine State to hand over its 51% stake in the company as part of a billion-dollar lawsuit. He also denounced an attempt by the plaintiffs to seize the colossal unconventional hydrocarbon formation known as Vaca Muerta.
"Considering that sovereign provincial and federal states own the shares, the New York judge cannot tell the Argentine State to hand them over," González said in an interview with AM 750 radio.
The former head of the company (2021–2023) also emphasized that transferring the shares would require parliamentary approval, and he accused the plaintiffs of attempting to gain control over Vaca Muerta, located in southwestern Argentina.
"We are talking here about natural resources that represent the world's second-largest shale gas reserve and fourth-largest shale oil reserve, and a vulture fund like Burford is trying to seize these assets," he said.
González was referring to the British firm Burford Capital and the Canadian firm Eton Park, which sued the Argentine State over the 2012 expropriation of Spanish company Repsol’s 51% stake in YPF without making a public tender offer to other minority shareholders.
He also stressed that Vaca Muerta was developed "thanks to the decision made in 2012" and added: "If Argentina hadn’t expropriated YPF at that time, it wouldn’t have been developed."
"Burford’s goal was always to get hold of Vaca Muerta, and they’re succeeding," he added. He called for a "political reaction" and urged the governors of the oil-producing provinces to speak up and "not remain silent."
Argentine President Javier Milei said that he would appeal the ruling "at every appropriate level to defend national interests."
The case began in 2015 when the two firms filed the lawsuit after acquiring the litigation rights of two now-bankrupt companies based in Spain: Petersen Energía Inversora and Petersen Energía.
These companies had previously belonged to Argentina's Petersen Group, owned by the Eskenazi family, which held a 25% stake in YPF at the time of nationalization and did not participate in the New York trial.
Argentina argued during the trial that the YPF nationalization law, passed by Parliament in 2012 under the government of Cristina Fernández, prevented the State from acquiring additional shares.
Founded in 1922, YPF produces 40% of the country’s oil and 30% of its gas, operates three refineries (handling 50% of Argentina’s refining capacity), manages a broad gas station network, participates in oil pipeline operations, distributes gas, and generates renewable energy.
The company leads the development of Vaca Muerta and is involved in multibillion-dollar projects with other firms to export oil and liquefied gas via maritime routes.
