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Repsol unveils plans to spend 3.2 billion euros to update refinery
2008-01-08
Repsol, Spain's biggest oil firm, said Tuesday it planned to invest 3.2 billion euros (4.7 billion dollars) to double capacity at its refinery in Cartagena in southwestern Spain. The project was approved Tuesday by the firm's board and it will bring production capacity of the refinery to 220,000 barrels per day when it is completed in 2011, it said in a statement. It will by the biggest industrial investment ever carried out in Spain, employing over 6,000 people, and it will significantly reduce the nation's need to import gasoils, the statement added. In November 2005 Repsol unveiled plans for investment in its downstream business of 6.2 billion euros between 2005 and 2009. Last month Repsol announced it was selling 14.9 percent of its Argentine affiliate YPF to Argentine businessman Enrique Eskenazi for 2.2 billion dollars.
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