Perez Companc to invest $ 800 mm through 2001 in Argentina

Jul 26, 2000 02:00 AM

Perez Companc will invest $ 800 mm through 2001 in Argentina for crude oil and natural gas exploration, expansion of its service station network and other sector activities, the company announced. The move is aimed at improving Perez's competitive position against market leader Repsol-YPF of Spain.
Perez, which had $ 1.273 bn in revenue in 1999, produces 140,700 bpd of crude and operates 75 service stations in five north-eastern provinces. "The recession (in Argentina) has not impeded us from investing," Daniel Rennis, director of financial planning, told. "Our strategy is to maintain costs low, but also look for investment that will transform us into a more integrated energy company with high rates of return."

Perez in June acquired control of a refinery in Santa Fe Province that will supply fuels to a planned 150 service stations by year-end under the San Lorenzo brand name. Perez's weak downstream presence has raised questions about its ability to compete with Repsol-YPF, which operates the country's two largest refineries and 2,211 service stations nation-wide. In a move to lessen dependence on Argentina, Perez has expanded exploration and development in Ecuador, Peru and Venezuela.

Source: Bridge News via Newspage
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