Between national engine and corporate plunder The drift of Argentina ́s Fiscal Oilfields YPF

The YPF case is crucial for at least two reasons. First, it reveals how these corporate operations are intertwined with access to global capital markets in the pursuit of financial returns. Second, it exposes the contradictions within the international investment protection regime, which enables large corporations to engage in predatory practices that generate severe macroeconomic strains for Argentina. These dynamics unfold not only through litigation but also through reputational pressures that function as a form of blackmail, narrowing the range of viable policy choices. As a result, governments often avoid measures that could benefit the broader population out of fear of investor reprisals.

This document outlines the key elements needed to understand YPF’s trajectory, now constrained by overlapping institutional barriers that prevent it from fulfilling its potential as a driver of more equitable economic development. To do so, it offers an overview of the company’s recent history, situating it within wider national reform processes.