The European Bank of Investments (EBI) has granted several Repsol subsidiaries a credit of 30 Billion pesetas for financing the following projects: the Cartagena-Puertolleno pipeline, Tarragona polypropylene and cogeneration plants, and Repsol Butano�s Factory 2000 Plan. The signature of the contract, between the Chairman of Repsol, Alfonso Cortina, and the Vice President of EBI, Luis Mart� Espluga, was carried out today in Repsol�s headquarters.

This credit is inscribed in the operation approved by the EBI Board of Directors up to the equivalent of 30 billion pesetas, distributed in the following manner: Repsol Petr�leo (10,600 million pesetas), Repsol Qu�mica (14,000 million pesetas) and Repsol Butano (5,400 million pesetas), which will be destined to the financing of the mentioned projects. The loan, according to the agreement, will be paid out in one or several tranches in pesetas or in foreign currencies, including the Euro.

Principal characteristics of the projects for which Repsol has obtained financing from EBI on this occasion are the following:

The Cartagena-Puertollano pipeline will make it possible to triple crude unloading in the Cartagena terminal and will supply this city�s refinery as well as the Puertollano Industrial Complex, exceeding more than 11.5 million tons of crude oil. Also, it will transmit approximately 800,000 tons of gas oils.

The new plipropylene plant in Tarragona has a production capacity of 190,000 metric tons per year and this will allow Repsol to increase its polipropylene manufacturing capacity to up to 385,000 tons per year, a capacity which represents 57% of the installed capacity in Spain and makes it one of the top-ranking European producers of this plastic. The Tarragona cogeneration plant, with an 68 MW installed electric power capacity, will permit Repsol Qu�mica to meet amply the present demand of its Tarragona plant.

Plans for facilities optimization and cost reduction include Repsol Butano�s Factory 2000 Plan, found in 9 factories, permitting the application of telecontrol and computerization in all processes in the production line, from the receipt, storage and bottling of LPG gases, through the departure of delivery lorries.

This credit is granted within the framework of the financing of technical and technological development projects, located within the territory of Member States of the European Union. This is not the first time that Repsol obtains this type of financing for its projects. Among others, the Magreb-Europe gas pipeline stands out, along with other projects for natural gas networks and installations in Spain, as well as in Argentina (Gas Natural BAN), and diverse technical projects in the refining area, carried out in all the Group refineries.