Yacimientos Petrolíferos Fiscales

a state-owned petroleum monopoly in Argentina. The monopoly was formed in 1907, soon after the discovery of petroleum deposits. In the mid-1970’s it controlled 70 percent of the extraction and about 65 percent of the refining of petroleum in Argentina; it had six refineries, with a total capacity of 22.5 million tons, and its own tanker fleet. In 1974 the monopoly had sales of $1.7 billion, showed a net profit of $181 million, extracted about 14 million tons of petroleum, and employed 45,600 persons.