Repsol�s activities in Argentina have grown gradually since they began in 1990, when the privatization of YPF began, and it now has a considerable presence there. In the first round, Repsol obtained four exploration blocks in the south of the Golfo de San Jorge basin, in a 50% association with Astra. Later, in 1991, it raised its stake in the Vizcacheras field, from 25% to 45%. In 1992, Repsol, through Gas Natural SDG, company in wich Repsol has a 45.3% stake, was allotted the gas distribution company, Buenos Aires Norte, as part of the privatization of the Argentinian company, Gas del Estado.

More recently, on June 6th last, Repsol signed an agreement to acquire 37.7% of Astra equity capital. This share package gave Repsol control of the company and approximately 45% of economic rights. The operation involved an investment of 360 million dollars, and Repsol began to consolidate income from Astra on July 1st, 1996. The purchase agreement was ratified on July 19th, and the company Board was renewed.

Thus, in Argentina, Repsol is engaged in exploration, refining, distribution of oil products and natural gas, electricity generation and distribution, shipping, construction and services, repeating the structure of the company in Spain.