| 06/06/96 |
| STAMENT FROM BOARD OF DIRECTORS
|
- Repsol's Chairman, Mr. Oscar Fanjul, has decided to
present his resignation after the Annual General Shareholders' Meeting to be
held on June 7th, next. - Mr. Alfonso Cortina has been appointed Member of the
company�s Board of Directors and will become the new Chairman of
Repsol. - Mr. Miguel Angel Rodr�guez, Secretary of State for
Communications, has also been appointed Board Member. - The Board of Directors wishes to express its deep
appreciation to Mr. Oscar Fanjul, Cairman and Founder of the company, for the
important work he has carried out during his Chairmanship. The creation of
Repsol transformed an initial group of oil and chemical companies and assets
into a solid well-structured business corporation, which is now among the top
European companies. - Since its foundation, Repsol has multiplied its profit
six-fold, obtaining a net income of 117,715 million pesetas in 1995, and made
high retum investments of 1.6 trillion pesetas. The company has achieved high
international prestige and is excellently placed to confort this change and
future challenges. - The Board of Directors, on proposal by Mr. Alfonso
Cortina, has agreed to appoint Mr. Oscar Fanjul Honourable Chairman of
Repsol. - Mr. Oscar Fanjul has expressed to this Board of
Directors his conviction that the company has a promising future, stating that
he has already collaborated with the future Chairman to make and efficient
transition and wishes him the greatest success in his new
responsibility. - Mr. Alfonso Cortina de Alcocer is currently Chairman of
Portland Valderrivas, S.A. and Cementos Protland, S.A., and Board Member of BBV
and FCC. He has been Director of Bancaya Inmobiliaria, Managing Director and
Vice-president of Hispano Hipotecario, and Board Member of Banco Zaragoza and
Banco Central. His also President of Produsa and Vice-president and Member of
the Delegate Commission of Grucycsa. |