The President of the Galician Xunta (Autonomous Regional Government), Manuel Fraga Iribarne, as first speaker at the opening meeting, emphasised the weight of the energy sector in Galicia�s economy, which represents around 9% of GDP, and the unique nature of the energy structure there. Indeed, the region has high potential for exploiting local energy sources, particularly renewables and fossil fuels, as it exports final energy (electricity and oil products), but imports primary energy (petroleum and coal). To correct this situation, the President of the Xunta has stated that one of the region�s main goals is to raise self-sufficiency in energy by exploiting local energy sources, and to increase diversification by introducing natural gas.

In his welcoming speech, Repsol�s Chairman, Alfonso Cortina, remarked on the great changes that have occurred in the energy markets, the integration of the oil, gas and electricity sectors, and the internationalisation of these markets. He also referred to other factors influencing the markets, such as oil prices, integration of the gas-chain, the effects of the crisis in Asia, and the introduction of the Euro.

The opening speakers were the Secretary of State for Energy and Mineral Resources, Nemesio Fern�ndez-Cuesta, and the Harvard Professor, William Hogan.

In his speech, Nemesio Fernd�ndez-Cuesta described the legal framework regulating the hydrocarbon sector in Europe and the effects of this legislation on the oil, gas and electricity markets in Spain.

The first session of the Seminar was co-ordinated by Professor William Hogan, and dealt with the evolution of the oil industry and its effects on foreign policy. Other matters for discussion were the importance of oil for industrial communities, the effects of oil prices on the distribution of countries� income, and international relations between the U.S.A. and oil producing countries. Within this context, the impact of unilateral sanctions on the oil industry was emphasised.

The second session is co-ordinated by Jos� Luis D�az Fern�ndez, President of the Repsol Foundation, and studies the various strategies employed by energy companies, presenting models of each of these, for regulated and de-regulated markets alike.

The third and last session of the Seminar will be held on Saturday, June 20th, and will analyse the problem of global climate change. This session will be chaired by the Director General for Energy, Antonio Gomis S�ez.

The Seminar will be closed by Dr. Irwin M. Stelzer, Director of Regulatory Policy Studies at the American Enterprise Institute, and he will deliver a summary of the debates conducted and conclusions drawn. There will then be a closing speech by Jos� Luis D�az Fern�ndez, President of the Repsol Foundation, the Seminar�s sponsors.