Repsol-YPF to invest $ 8 bn in Latin America until 2002

Aug 05, 1999 02:00 AM

Repsol-YPF are negotiating with Petrobras of Brazil the sale of EG3's oil refinery and 800 gasoline stations located in Argentina. EG3's assets are worth $ 600 mm Repsol-YPF plans to grow the businesses already developed by YPF and Repsol in Brazil separately, and enter new areas like gas distribution and thermoelectric power generation.
Repsol-YPF plans to invest $ 8 bn in Latin America until 2002. In Brazil, the company aims to generate gross sales of $ 6 bn per year until 2010. It holds a 50 % stake in the Refinaria de Manguinhos oil refinery located in Rio de Janeiro and also a 50 % stake in Waal's local gasoline stations (the remaining stake is held by the Peixoto de Castro group, GPC).

Besides, Repsol-YPF owns a YPF gasoline station in Rio de Janeiro along with Petrobras. In Sao Paulo, the group has 40 gasoline stations previously owned by BP, a medium-sized fuels distributor. As for oil &gas research and development, Repsol-YPF has already agreed to invest $ 210 mm in 8 projects, of which 4 ones to be developed along with Petrobras.
The 1st joint venture with Petrobras was formed last October, concerning the research and development of an oilfield in Espirito Santo - the 1st oil well will be drilled in September.
Repsol-YPF also takes part in a similar project developed in Rio Grande do Norte. It also succeeded last June in ANP's auction for 4 oilfields - 2 in Campos, State of Rio de Janeiro, 1 in Bahia and the other in Espirito Santo.

Source: Gazeta Mercantil Page via Newspage
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