The governor of Chubut, Ignacio "Nacho" Torres, announced that his province, together with Mendoza and Santa Cruz, is joining as a plaintiff in the criminal case investigating the conditions under which Grupo Petersen, led by Enrique Eskenazi, acquired 25% of YPF's shares in 2007.
The filing, made before Federal Criminal and Correctional Court No. 4 of Comodoro Py, seeks to clarify possible irregularities in the transaction that preceded the expropriation of the oil company in 2012 and led to a multi-billion-dollar international lawsuit against the Argentine State.
Torres emphasized that "we, the producing provinces, are shareholders of YPF and we're going to exhaust every resource to defend what belongs to us." He also stated that, if necessary, they will turn to the United States Department of Justice to request the suspension of the civil action in New York until the criminal case in Argentina progresses.
The governor also questioned Judge Loretta Preska's ruling, which obliges the country to pay US$16 billion to the Burford and Eton Park funds, arguing that it doesn't take into account that part of the expropriated shares belonged to the oil-producing provinces.
Meanwhile, Chubut submitted an amicus curiae before the United States Court of Appeals for the Second Circuit in New York to defend the interests of the provinces in the international lawsuit.
The original transaction dates back to 2007, when Grupo Petersen reached an agreement with Repsol to purchase 25% of YPF, financed with future dividends. After the 2012 expropriation, the group transferred its litigation rights to Burford Capital, which initiated the lawsuit against Argentina. In 2023, Judge Preska ruled against the country, although she exempted YPF from liability.
The dispute continues in United States courts, while the provinces seek to strengthen their role as shareholders and protect their resources in the face of a ruling they consider unfair.
