12/12/00
A concession is signed for a share in the exploration and production of hydrocarbons in the gulf of Mexico
 
REPSOL YPF AND UNION CUBAPETROLEO SIGN A CO-OPERATION AGREEMENT
 

            Repsol YPF and the Cuban company Uni�n Cubapetr�leo (Cupet) have signed an agreement to study several joint ventures in the exploration and production of hydrocarbons, the refining, supply, transport, storage and marketing of oil products and LPG, and the development of natural gas and power generation in the Republic of Cuba and other markets.

A concession has also been signed for a share in off-shore hydrocarbon production in deep waters of the Gulf of Mexico, North-west of Cuba.

Several other projects will be undertaken, and these include finding ways to recover and modernise the Cienfuegos refinery, and promoting bilateral marketing activities.  Exploration and production activities, the consumption of natural gas, and its use for power generation will also be developed.  Joint venture companies will be created to conduct these activities.  A final definition and details of the projects to be undertaken, and the tools and legal framework with which they will be carried out, are to be published by May 31st, 2001.

            This agreement gives Repsol YPF the opportunity to enter a considerable growth market in an area the company considers strategic.  At the same time, Cupet will be able to develop, modernise and strengthen its presence in the Cuban energy market.