The Chairman of El Corte Ingl�s, Isidoro Alvarez, and the Chairman of Repsol, Alfonso Cortina, signed this last Saturday, May 31st, in the headquarters of Repsol S.A., an important agreement of collaboration. This agreement contemplates the constitution of a joint company to undertake the development and management of high quality service stations, integrated in Repsol�s service station network, and in which a new type of establishment dedicated to the marketing of consumer products will be introduced.

At the same time, the signed agreement foresees the possibility of carrying out the installation of service stations and other complementary products, such as Boxes centers, etc., in hypermarkets and other marketing centers owned or managed by El Corte Ingl�s. On the other hand, the agreement does not exclude the possibility of undertaking international projects.

Both Chairmen expressed their satisfaction about the results of the negotiations, which were initiated last summer, and have ended satisfactorily for both parties, with the signature of this agreement between the two companies, El Corte Ingles and Repsol, leaders in their respective areas of activity, the former in the distribution sector and the latter in the crude oil sector. It should be pointed out that, for the first time, El Corte Ingl�s has associated with another important company for the realization of a project of great dimensions.

The new company will be participated in 50% by Repsol and in 50% by El Corte Ingl�s and will develop a new service station concept in Spain. This innovative station will integrate, as a novel element, a store with a surface of between 150 and 200 m², much larger than those already existing in the network, and which will attend specific consumers and users.

In the development of this service station for Spain, both companies will contribute their experience and prestige in their respective areas of activity. Repsol will contribute its locations, brand and knowledge of the fuels business, while El Corte Ingl�s will contribute its capacity in store management, as well as the brand and distinctive signs related to El Corte Ingl�s.

The new service stations will be under the flag of Repsol, using a new image, both attractive and of great public recognition, and will integrate the store with a brand associated with El Corte Ingl�s, Supercor. The service stations and their stores will be characterized by an excellent level of service, quality and customer attention, and they will either be chosen from those already integrated in the Repsol network or they will be newly constructed.

The development of the project contemplates the installation of 100 service stations. They will be located in urban zones or in areas of urban influence and in freeways and highways, of interest for both parties. Plans foresee that the first service stations will be introduced in the urban or metropolitan areas of Madrid and Barcelona.

For Repsol, the signature of this principle of agreement represents a guarantee of commercial success which will strengthen its quality brand and customer service. For El Corte Ingl�s, the project will represent the diversification of its range of products and services, bringing them closer to their customers with a greater network of sales points.