Chairman of the Spanish oil Giant Repsol-YPF Antonio Brefao said on Wednesday that it plans to invest about 3.5 billion euros in 2005. "The major portion of the funds will be channeled to exploration projects in Iran, Algeria and Libya."
Speaking to a Madrid gathering of entrepreneurs, and industrialists, Brefao said that the company aims to diversify its operations geographically and will concentrate investing in new fields, especially Iran.
According to IRNA, last year, Repsol and British-Dutch oil giant Royal-
Dutch Shell signed a US$4 billion contract for explorations, drilling and marketing of gas in Iran's South Pars Gas Field in cooperation with the Iranian national Oil Company (NIOC). The project's yield is slated to stand at seven million tons of liquid natural gas (LNG) and one million tons of liquefied gas extracted from oil annually for exports to Europe and Asia.
Under the contract, the two companies will start operations in Iran as of 2010 for extraction and sale of natural gas.
