| 01/17/00 |
| THE GOVERNMENT OF TRINIDAD AND TOBAGO APPROVES REPSOL YPF�S PLANS
|
Repsol YPF has obtained approval from the Trinidad and Tobago
Government for the project to add two new trains (natural liquefied gas, LNG,
production units) to that already operating in Trinidad. When the facilities are
fully working (the first will be completed in 2002, and the second in 2003),
these will have an LNG production capacity of some 13 billion cubic metres per
year (practically Spain�s total current consumption). The cost of building the
new trains will be some 180 billion pesetas. Repsol YPF holds a 20% stake in Atlantic LNG, owners of the LNG
plant, and the other shareholders are BP Amoco, British Gas, Cabot and NGC. The new trains will produce 9 bcm per year of LNG, 5 bcm of
which will go to supply the Spanish market. This approval allows Repsol YPF to acquire 30% of exploration
and production assets from BP Amoco in Trinidad and Tobago. The first 10% will
be purchased immediately, and the rest within a maximum term of three
years. |