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 Repsol YPF defiende sus niveles de inversión en Argentina
Repsol YPF defends their levels of investment in Argentina
23/04/2004
on April 23, 2004
Repsol YPF has defended the levels of investment in Argentina and that they have kept despite the adversities of the local economy, said the President of the company.
Alfonso Cortina said that Repsol YPF maintained its programme to invest 6,000 million dollars between 2003 and 2007. Only since 2001, the Spanish company has invested a total of 761 million dollars in exploration and production of natural gas in Argentina, where it has become the first investment company, the first in exploration and the first in tax payments. "We have never failed to invest despite the adversities," said Cortina.
The declarations of the directors of the company are produced once Argentine officials criticize what they perceive as low levels of investment in energy companies. These criticisms have arisen once appeared signals about an energy crisis in Argentina that led to the partial reduction of shipments of gas Chile and the decline in the delivery of electricity to Uruguay.
Curtain stressed, however, that in 2003, Repsol YPF rose by 18 percent the production of gas, a rise of 2 percent in the rest of the companies operating in the country. The increase in the sector averaged 10 per cent.
More information: www.repsolypf.com
