he Repsol YPF’s Board of Directors has approved an investment of more than € 3.2 billion for the expansion of its refinery in Cartagena. With this investment the complex will become one of the most modern refineries in the world and will double its production capacity to 11 million tonnes/year (220,000 barrels per day).

The President of the Autonomous Community of Murcia, Ramón Luís Valcárcel, and the Mayor of Cartagena, Pilar Barreiros, visited the Complex today together with Pedro Fernández Frial, Executive Managing Director of Downstream for Repsol, who informed them of the final approval and the scope of the expansion project for the Cartagena refinery.

This project, which is scheduled to start in 2011, will provide employment to more than 6,000 people during the construction and will generate around 700 jobs once in operation. The development of this project for the Cartagena refinery will represent more than 3.5 million engineering hours and 20 million construction hours.

With the new unit in operation, the Cartagena refinery will become one of the most modern refineries with one of the largest conversion capacities in the world and will maximise the production of clean transportation fuels.

After the planned investment, more than 50% of the complex's production will be medium distillates, mainly diessels, which will contribute to significantly reducing the growing deficit of these products in Spain.

The investment approved by Repsol is part of its refining strategy, which among its objectives aims to increase the oil distillation and conversion capacity in Spain and help remedy the current deficit of medium distillates on the Spanish market.

The Cartagena project forms part of Repsol’s programme to adapt its installations for the production of clean transportation fuels, promote the use of biofuels (biodiesel) and improve energy efficiency, safety and the impact on the environment.

The financial and industrial scale of the project make this the largest industrial investment ever to be made in Spain and reflects the firm commitment of a Spanish and international company, such as Repsol, to the economic and social development of the country.