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Ferrocarriles Metropolitanos S.A. (FEMESA) was a company set up by the Argentine government in 1991, during the presidency of Carlos Menem, to oversee the privatisation of commuter rail services within the city of Buenos Aires in Argentina. The company granted concessions to Metropolitano S.A., Ferrovias S.A., Metrovias S.A. and Trenes de Buenos Aires S.A. for the operation of services which had previously been run by state-owned companies since nationalisation of the railways in 1948. With its task complete, FEMESA was wound up in 1997.
In 1994, FEMESA granted concessions to Metropolitano which, through three subsidiary companies, took over the operation of services on the Línea San Martín, Línea Roca and Línea Belgrano Sur in Buenos Aires previously operated by the state-owned San Martín, Roca and Belgrano companies, respectively. In spite of Metropolitano receiving large government subsidies, its services deteriorated to a point where, by 2007, the three concessions had all been revoked and their operation was taken over by the consortium UGOFE.
Concessions were also granted in 1994 to Ferrovias and Metrovias, for operation of services over the Belgrano Norte, and Urquiza Lines, respectively, previously operated by the state-owned Belgrano, and Urquiza companies.
Finally, in 1995, concessions were granted to Trenes de Buenos Aires for the operation of services over the Mitre and Sarmiento Lines, previously operated by the state-owned Mitre and Sarmiento companies.
With all the commuter rail services in Buenos Aires now privatised, FEMESA was wound up in 1997.