YPF to invest in Argentinean refinery
The Argentine unit of Spanish energy group Repsol-YPF said it plans to invest $ 396 mm in its refinery in the western
province of Mendoza. The investment will go to improving the quality of the gasoline and diesel produced at the Lujan
de Cuyo refinery, as well as optimizing the use of energy and increasing the plant's electricity capacity, YPF
said.
"The investment plan will be distributed out over the next three years, allowing us to increase our workforce
steadily with priority given to local hirings," the oil company said, adding that 350 people will be employed per
month, "reaching a peak of 800 workers in months of highest demand."
YPF's executive vice president, Sebastian Eskenazi said the company's nationwide oil exploration plan is in the
pipeline and will be unveiled in December.
"YPF will finance all the necessary studies so we know once and for all what energy resources Argentina has," the
executive said. The company posted net income of pesos 1.05 bn ($ 271.9 mm) in the first half of this year, down 53.5
% from the same period of 2008.
Argentina's leading oil producer ended last year with net income of pesos 3.64 bn ($ 945 mm), 10.9 % less than in
2007.
The company is partly owned by Argentina's Grupo Petersen (15.4 %) and controlled by Repsol-YPF (84 %), which has
said it intends to sell part of its stake in the Argentine firm.
