Oil Giant Repsol Announces Five-Year Plan.

Spanish-Argentine oil giant Repsol YPF announced plans Wednesday to invest $1.1 billion in western Argentina over five years on exploration and refining projects.

A company said the investments would be made in Mendoza province over the next five years, announcing its investment after a meeting between visiting Repsol chairman Antonio Brufau and Mendoza's governor, Julio Cobos.

Repsol's local spokesman, Lucas Mendez, said the outlay is to be spent on "exploration, production and the development of reserves," with this year's expenditures totaling $140 million.

He said the plan also would include investments to upgrade the Lujan de Cuyo refinery in western Argentina to meet new gasoline sulfur requirements taking effect in 2008.

Repsol announced separately last month that it planned to invest a total of $1.2 billion in Argentina this year alone on various projects.

[Source: Forbes Alerts, 16Feb05]

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