Lisbon, Portugal, 11 Oct – The project of Spanish oil company Repsol in the petrochemical complex at Sines, Portugal, which will make it possible to double production and make it one of the most sophisticate din Europe, will be launched in the third quarter of 2007, the company’s chairman said in Lisbon.
Repsol chairman, António Brufau, who travelled to Lisbon Tuesday to present the Portugal Repsol Guide 2007-2008, announced that the oil company would invest over 1 billion euros in Portugal over the next four years.
Most of this amount, or 650 million euros, is to be invested in doubling production capacity at the Sines petrochemical complex.
The remainder will be invested in increasing the company’s network of gas stations, as Repsol wants to increase its current market share from 20 percent in the fuel retailing sector, and on marketing, Brufau told reporters.
The Sines project includes the construction of three new units, a co-generation unit and two for plastic products (polyethylene and polypropylene), boosting production by 40 percent to 570,000 tons per year.
The investment will make it possible to export an extra 500 to 600 million euros, as of 2010, and create 1,500 new jobs in the construction phase.
Repsol, which is officially called Repsol YPF after acquiring Argentinean company YPF, is one of the large conglomerates in the petrochemical sector operating in 29 countries in Latin America, the Middle East and North Africa.
With over 6,900 gas stations in Europe and Latin America, Repsol has proven reserves of 4.9 billion barrels of oil. (macauhub)