Repsol-YPF to invest $ 6.94 bn in Argentina through 2005

Aug 03, 2000 02:00 AM

Spanish Repsol-YPF plans to invest $ 6.94 bn in Argentina through 2005, the company announced. The bulk of that amount -- $ 4.6 bn -- will go toward exploration and development. This forms part of the company's overall strategy to invest $ 24 bn world-wide during the next five years.
The Argentina investment also includes $ 1.08 bn on refinement and marketing, $ 580 mm on gas and electricity production, $ 480 mm on chemical processing and production and $ 163 mm on a new office complex in Buenos Aires. "This represents an important investment for Argentina," said Ramon Blanco, a company director.

Repsol-YPF is the largest private producer of oil and gas in Latin America. It also is the world's biggest retailer of LPG, selling 3.2 mm tpy. In 1999, Repsol-YPF generated 1,130 MW of electricity world-wide, about two-thirds of which came from Argentina. Within five years, it hopes to boost this amount to 7,200 MW and 1,800 MW, respectively.
Meanwhile, the company last year distributed naturalgas to around 8.2 mm customers, 3.0 mm of which live in Argentina. It hopes to increase this total to about 13 mm by 2005, with most of the growth coming from Argentina, Bolivia, Brazil and Chile, Blanco said. The company sees Latin American demand for natural gas increasing to 114 bn cm from a current 49 bn per year by 2005.

Source: Bridge News via Newspage
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