Expatica news

Spanish energy giant wins Saudi deal

28 January 2004

MADRID – The Spanish-Argentine energy giant Repsol YPF and Italy’s Eni announced Wednesday they have teamed up to win a concession to explore for and produce natural gas in Saudi Arabia, Repsol YPF’s first in the kingdom.

The winning consortium is comprised of Eni (50 percent), which will act as operator, Repsol YPF (30 percent) and the Saudi state-owned company Aramco (20 percent).

The concession, tendered by the Saudi Petroleum and Mineral Resources Ministry, will allow the three companies to explore for natural gas in a previously unexplored area covering 19,000 square miles.

[Copyright EFE with Expatica]

Subject: Spanish news