Repsol YPF

2007 Highlights

• As part of its strategy of divesting non-strategic assets, in December 2007, Repsol YPF sold activities of marketing of liquid fuels in Chile with a value of $210 million, including debt, to the Colombian company Organización Terpel. The sale included the network of 206 Repsol YPF service stations in Chile, as well as the Industrial Sales business, including trade and logistics infrastructure. After the transaction, Repsol YPF has kept its Aviation, Lubricants, Specialties, and LPG businesses in the country.
• In December, Repsol YPF sold 10% of the capital of CLH (Compañía Logistica de Hidrocarburos) to Deutsche Bank for 353 million euros. After this sale, Repsol YPF holds a 15% share in CLH and remains the primary Spanish industrial shareholder and the leading client of the logistics company.
• On January 8, 2008, the Repsol YPF board of directors approved investing over 3,200 million euros to expand its refinery in Cartagena. Thus, this complex will become one of the most modern in the world and will double its production capacity to 11 million tons/year (220,000 barrels per day). With this project, over 50% of production will be medium distillates- mainly gas-oil- which will help to significantly reduce the growing shortfall of these products in Spain. The Cartagena project is part of Repsol YPF’s programme to adapt its facilities so they produce clean fuels for transport, encouraging the use of biofuels (biodiesel) and improving energy efficiency, safety and environmental impact. .      

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