At this morning�s session, the Spanish Government passed a series of measures to liberalise the Spanish economy, some of which were relevant to the oil sector.

Alfonso Cortina, the Repsol YPF Chairman and CEO, has declared that:

"Repsol YPF has always expressed a positive attitude in favour of any measure to strengthen freedom of action in the sector in which it operates. Indeed, it is only in a free market scenario that our company�s competitive advantages and economies of scale may flourish, providing the opportunity to realise its full growth potential, orientated to create value for our shareholders."

"There is an overall balance inherent to the package of measures passed today designed to make the government�s aim of speeding up and deepening the liberalisation process in the energy sector compatible with Repsol YPF business targets in following its strategy for the Spanish sector".

"Repsol YPF feels it is most important that the uncertainties of recent months have been dispelled, and a stability been restored, which will permit the company optimal target delivery in growth and value creation".