Junta General de Accionistas de Repsol YPF

Press Release 31/05/2005 07:00

Upstream to be driver behind companys growth
Downstream to be stable cash-flow generator
Portfolio to be transformed via investments and divestments
Total investments to surpass 21,000 million euros
Investments to be concentrated in North Africa, Caribbean, Atlantic Basin and Middle East
In Argentina new opportunities will be taken advantage of in the area of exploration of offshore blocks, and competitive advantages in refining and marketing
Divestment of 1,500 million euros in non-strategic areas and businesses
Intensify exploratory activity drilling 200 new wells
Reserves in North Africa to grow by 170%
1,200 million euros in cost savings
Strategic alliance with Gas Natural to have cost savings of 10 million euros/year
ROACE to be 12%