Repsol

Regasification plant

In Spain, Repsol holds a 25% stake in Bahía de Bizkaia Gas, S.L. (BBG). One of the assets of this company is a regasification plant with unloading facilities for LNG carriers with a capacity up to 140,000 m3, and two 150,000 m3 LNG storage tanks with a vaporization capacity of 800,000 Nm3 per hour. BBG acts as the operator of this site, which also has a regasification capacity of 7 bcma, is connected to the Spanish gas system and is funded by the National Energy Commission (Comisión Nacional de la Energía) through tariffs, tolls and fees. The plant is located in the port of Bilbao and has three other shareholders (BP, EVE and Iberdrola), each holding a 25% stake. 

Assessments are currently taking place with a view to the expansion of the plant with construction of a third 150,000 m3 tank, with a regasification capacity of a further 400,000 Nm3 per hour. During 2008, the regasification plant had a 96% availability and a load factor over 68%, with both figures surpassing those of 2007 and the average in Spain, where the average load factor is 52%. 

Repsol also holds a 25% stake in Bahía de Bizkaia Electricidad, S.L. (BBE). One of this company's assets is a combined-cycle power plant, which has an installed capacity of 800 MWe and the main fuel of which is natural gas from BBG. The electricity produced supplies the network and is used for domestic, commercial and industrial consumption alike. This facility is located in the port of Bilbao and and has the same shareholders as BBG. In 2008, the power station attained 97% availability and a load factor above 66%, with both figures surpassing those of the previous year. 

En Iran, Repsol and Shell, together with NIOC, are continuing work on the development of the Persian LNG integrated gas project. The Final Investment Decision on the liquefaction plant has not yet been taken.  In December 2007, Repsol and Gas Natural signed a shareholders' agreement with Sonangol Gas Natural (SONAGAS) to carry out initial development work on an integrated gas project in Angola. 

This initiative entails the evaluation of gas reserves in order to later undertake the necessary investments to develop them and where possible, export them in the form of liquefied natural gas. The services contract and the decree-law for the concession of areas of interest were approved by the Angolan government's Council of Ministers in July 2008, with ratification pending the decision of the National Assembly. During 2008, progress was made in securing and studying seismic data, among other tasks, and it is anticipated that a well will be drilled in 2009.

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