Its founder and first director was Enrique Mosconi, who advocated economic independence and starting in 1928, nationalization of oil supplies; the latter, however, was never achieved due to a 1930 military coup backed, among others, by foreign oil trusts against Yrigoyen.[5] YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in 1999; the resulting merger produced 'Repsol YPF'. The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner.[6] The government of Argentina eventually agreed to pay $5 billion compensation to Repsol.[7]