This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Cepsa suscribe con el Banco Europeo de Inversiones un préstamo de 150 millones de euros

Cepsa subscribes with the European Investment Bank a loan of EUR 150 million

28/06/2010

June 28, 2010

Cepsa and the European Investment Bank have signed an agreement whereby the company will receive funding amounting to EUR 150 million, for a period of up to 12 years. Cepsa permanently adapting its refining processes to respond to the new demands of the market, reduce the environmental impact of its activities and improve their competitiveness.

For this reason, this loan will be allocated to the financing of new cogeneration plants in the refinery "Gibraltar-San-Roque' (Cádiz) and 'La Rábida' (Huelva) to improve the energy efficiency of these facilities, as well as to complete the development of a unit conversion type 'mild hydrocracker' and other units associated with the production of diesel oil at the refinery"Gibraltar-San Roque" that allows to lower emissions of CO₂ in transport.

Thanks to the cash flows generated and its efforts to reduce costs from the beginning of the crisis, Cepsa has managed to maintain a ratio of debt to equity of 26% after making more than 2.5 billion euros of investment in the biennium 2008-2009tripling the annual rate of investment of previous years.