Repsol Its Operations In Latin America
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Repsol is expanding its operations in Latin America at the moment.
Following a takeover in 2009, Repsol now owns YPF, the biggest industrial company in Argentina. YPF produces and sells oil and gas in seven South American countries, Indonesia and the USA. Repsol also has a 67.86% share in the Argentinean oil company Astra C.A.P.S.A., which specializes in oil exploration* and production.
The new Repsol YPF company has a worldwide production capacity of 1.2 million barrels of oil per day, of which 364,000 barrels are produced in Argentina. As for distribution, Repsol YPF is selling its petrol in a network of about 3,300 service stations in Argentina, compared with 800 before. Sales are usually very high in these stations, and the Argentinean petrol market is growing very quickly, so the prospects for further expansion are very good.
Currently, Repsol YPF is helping Latin America to discover its cultural history. It is sponsoring a special community programme which is researching the traditional music of Latin America from the 16th to the 19th century.
oil exploration* - нефтепоисковые работы
4 Mark the following statements as true or false
a) Repsol is operating in Argentina at present.
b) YPF specializes in service industries.
c) Repsol made an acquisition of YPF in 2009.
d) YPF is the only Argentinean subsidiary of Repsol company.
e) Repsol YPF company produces one fourth of its oil in Argentina.
f) Repsol YPF is only interested in oil production and selling.
5 Alicia Gonzalez of Repsol YPF meets Jan Peterson at a conference. He asks her about her job.
Listen and answer these questions: (BB, T.36, 9’20-10’40)
1 What are her company’s main products?
2 Which department does she work in?
3 What is the company doing in Spain?
4 In which country is the company’s South American headquarters?
5 Why is the company introducing a specialized training programme?
6. Listen again and check your answers.
Which company are you with, Alicia?
Yes, that’s right. Oil and petrol are our main products. But the company also manufactures and distributes gas, petrochemicals*, and electricity.
I work in the training department. I train new employees. We’re investing a lot of money in training at the moment.
Is the company expanding very quickly, then?
Yes, it is. Repsol YPF is developing its activity in Latin America. And in Spain we’re building a big technology centre for all our research and development work.
Really? Where in Latin America does Repsol operate, then?
Well, mostly in Argentina. Recently, Repsol bought the Argentinean company YPF, and the company has a new South American headquarters in Buenos Aires.
Sounds exciting. And what are you working on at the moment?
Well, we’re organizing specialized training programmes because the company’s introducing a lot of new technology and computer tools.
petrochemical*- нефтехимический (продукт)
7 Practice the conversation in pairs.
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Spanish oil company Repsol has ended its operations in Argentina, two years after the government seized its assets.
Last month the Argentine congress gave final approval to pay $5bn (£3bn) in compensation for Repsol's stake in Argentine oil firm YPF.
The Spanish company has now announced that it has sold the last batch of bonds it received to cover its losses.
Argentine President Cristina Fernandez de Kirchner had accused Repsol of under-investing in oil production.
Before the government seized Repsol's assets in April 2012, the Spanish company had just over 50% of YPF shares.
The company initially estimated the value of its assets at $10.5bn (£6.3bn), but it later settled for about half of that amount.
As part of the settlement, Repsol agreed to drop its lawsuits against Argentina.
The deal was seen as crucial in helping Argentina attract foreign investment in its shale oil and gas reserves, which are among the world's largest.
YPF is responsible for about a third of Argentina's oil and a quarter of its gas output.
President Cristina Fernandez de Kirchner blamed Repsol for draining YPF of its resources since acquiring a controlling stake in the 1990s, and not investing enough to cope with growing internal demand.
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