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Petrobras Argentina Sa SECURITIES AND EXCHANGE COMMISSION FORM 20-F Annual and transition report of foreign private issuers pursuant to sections 13 or 15(d) Filing Date: 2017-04-28 | Period of Report: 2016-12-31 SEC Accession No. 0001292814-17-001102 (HTML Version on secdatabase.com) FILER Petrobras Argentina S.A. Mailing Address Business Address MAIPU 1, 22ND FLOOR MAIPU 1, 22ND FLOOR CIK:1449877| IRS No.: 000000000 BUENOS AIRES C1 BUENOS AIRES C1 Type: 20-F | Act: 34 | File No.: 333-155319 | Film No.: 17796540 C1084ABA C1084ABA SIC: 1311 Crude petroleum & natural gas 011 54 11 4344 6000 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 Commission File Number: 333- 155319 PETROBRAS ARGENTINA S.A. (Exact name of Registrant as specified in its charter) N/A (Translation of registrant’s name into English) Argentina (Jurisdiction of incorporation or organization) Maipú 1 C1084ABA, City of Buenos Aires Argentina (Address of principal executive offices) Diego Martín Salaverri Maipú 1 C1084ABA, City of Buenos Aires Argentina Tel.: + 54 11 4344 6000 / Fax: + 54 11 4344 6473 (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of each Exchange Title of each Class on which Registered American Depositary Shares, each representing 10 Class B shares New York Stock Exchange of Petrobras Argentina S.A. Class B shares of Petrobras Argentina S.A. New York Stock Exchange* * Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: Petrobras Argentina S.A. Class B ordinary shares, nominal value Ps.1.00 per share: 2,019,236,820 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes x No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ¨ Yes x No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ¨ Yes ¨ No i Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer ¨ Accelerated Filer x Non-Accelerated Filer ¨ Emerging Growth Company ¨ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: International Financial Reporting Standards as issued by U.S. GAAP ¨ Other ¨ the International Accounting Standards Board x If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ¨ Item 17 xItem 18 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No ii Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TABLE OF CONTENTS PART I 7 Item 1. Identity of Directors, Senior Management and Advisors 7 Item 2. Offer Statistics and Expected Timetable 7 Item 3. Key Information 7 Selected Financial Data 7 Exchange Rates 10 Risk Factors 11 Item 4. Information on the Company 52 History and Development of the Company 52 Our Business 52 Organizational Structure 63 Our Generation Business 64 Our Electricity Distribution Business 79 Our Oil and Gas Business 88 Our Refining and Distribution Business 108 Our Petrochemical Business 111 Our Holding and Other Business 112 Quality, Safety, Environment and Health 119 Property, Plant and Equipment 122 Insurance 122 Patents and Trademarks 122 The Argentine Energy Sector 122 Item 4A. Unresolved Staff Comments 164 Item 5. Operating and Financial Review and Prospects 164 Item 6. Directors, Senior Management and Employees 228 Item 7. Major Shareholders and Related Party Transactions 242 Item 8. Financial Information 244 Consolidated Financial Statements 244 Legal Proceedings 244 Dividends 253 Significant Changes 253 Item 9. The Offer and Listing 253 Trading History 253 The Argentine Securities Market 256 Item 10. Additional Information 259 Memorandum and Articles of Association 259 Material Contracts 259 Exchange Controls 259 Taxation 263 Dividends and Paying Agents 268 Documents on Display 269 Item 11. Quantitative and Qualitative Disclosures about Market Risk 270 Item 12. Description of Securities Other than Equity Securities 270 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Description of American Depositary Shares 270 PART II 272 Item 13. Defaults, Dividend Arrearages and Delinquencies 272 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 272 Item 15. Controls and Procedures 272 Item 16A. Audit Committee Financial Expert 273 Item 16B. Code of Ethics 273 Item 16C. Principal Accountant Fees and Services 273 Item 16D. Exemptions from the Listing Standards for Audit Committees 274 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 274 Item 16F. Change in Registrant’s Certifying Accountant 274 Item 16G. Corporate Governance 274 Item 16H. Mine Safety Disclosure 276 PART III 277 Item 17. Financial Statements 277 Item 18. Financial Statements 277 Item 19. Exhibits 277 3 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NOTE ON FILING This document comprises the annual report on Form 20-F for the year ended December 31, 2016 of Pampa Energía S.A. (“Pampa”). In this annual report, we use the terms “we”, “us”, “our”, “registrant” and the “Company” to refer to Pampa and its subsidiaries (including Petrobras Argentina S.A. (“Petrobras Argentina”) from July, 27 2016 through the Merger Effective Date (as defined below)) and the Merged Companies (as defined below) following the Merger Effective Date. References to “Pampa” or “Petrobras Argentina” are to, prior to the Acquisition (as defined below), each of Pampa and Petrobras Argentina, respectively, together with their respective subsidiaries, as they were prior to the Acquisition. On December 23, 2016, Pampa, Petrobras Argentina and Petrobras Argentina’s wholly-owned subsidiaries, Petrobras Energía Internacional S.A. (“PEISA”) and Albares Renovables Argentina S.A. (“Albares” and, together with PEISA and Petrobras Argentina, the “Merged Companies”) entered into a preliminary merger agreement (compromiso previo de fusión) (the “Preliminary Agreement”) to merge each of the Merged Companies into Pampa by way of absorption, with Pampa being the surviving company (the “Merger”), with effect as from November 1, 2016 (the “Merger Effective Date”). On February 16, 2017, the Merger was approved by the shareholders of each of the Merged Companies and Pampa at separate extraordinary shareholders’ meetings. In accordance with the Preliminary Agreement, as from the Merger Effective Date, Pampa and the Merged Companies operate as a single legal entity for operational, accounting and tax purposes, as well as for financial reporting purposes. As a result, none of the Merged Companies prepares or is required to prepare separate financial statements. Moreover, none of the Merged Companies may present separate financial statements as of any date after the Merger Effective Date, as such presentation would be inconsistent with the treatment of the combined businesses as a single operating entity as from the Merger Effective Date. In addition, in accordance with the Preliminary Agreement, Pampa and the Merged Companies are treated as a single entity for governance purposes: the board of directors of each of the Merged Companies has been suspended and the board of directors of Pampa has assumed responsibility for the conduct and oversight of the business of Pampa and the Merged Companies as a whole, through the registration of the DMA (as defined below) before the Public Registry of the City of Buenos Aires (the “IGJ”).
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