Repsol YPF opens an office in Moscow to support the companys growing presence in Russia

Press Release 09/02/2006 07:00
  • The company has invested EUR33 million in the acquisition of 44 service stations.
  • And had an estimated turnover there of EUR800 million in 2005.

Repsol YPF will open an office in Moscow to attend the companys growing activities in Russia with a view to boosting new projects and seizing the opportunities offered by the Russian oil industry more speedily and efficiently. The companys presence in the Russian capital will also intensify trade relations with the major domestic companies and make it easier to identify openings for joint ventures with new partners.

Repsol YPF is making its way into the Russian energy market and has recently entered a strategic agreement with West Siberian Resources (WSR), whereby it not only acquires a 10% stake in the latter, but will also develop projects in the exploration and production of oil and gas in Russia, where WSR owns exploration assets.

One of the main projects under study is the setting up of a joint venture with the Tambeyneftgaz and Anadarko companies to conduct an integrated LNG (liquefied natural gas) project in the Yamal peninsula, which includes development of the South Tambey gas field and the building of an LNG plant. This project will permit the transport of gas to the East Coast of Canada for regasification at the Repsol YPF Canaport plant, to be finally sold on the East Coast USA market.

In addition, Repsol YPF is studying other important liquefied natural gas projects in collaboration with Gazprom.

The new office will be located in the centre of Moscow, and will be attended by personnel of different nationalities, including Spaniards and Russians.