Antonio Brufau, new President of Repsol YPF

In his first appearance before analysts as President of Repsol YPF, and before that Managing Director, Ramón Blanco, explained the results of the company, Brufau returned to describe the current Strategic Plan as "ambitious" but offered its own priorities in the objectives of the next few years.

Thus, in the area of exploration and production, bet on improve historical performance and take advantage of the important basis of assets available to the company. In particular, he pointed to the need to increase the current value of the large reserves of gas from the company in anticipation of monetization and maximizing prices.

In the case of the business of Liquefied Natural Gas (LNG), he advocated the conclusion of the projects that already they have advanced to the markets, for what, he said, will have to boost collaboration with Natural Gas. "Given my experience in this business, it seems clear that the relationship between the two companies will be widely enhanced if we develop those areas of mutual interest, with the intention of maximizing the value of both companies and work together in new investment project-by-project"She said.

In the areas of refining and Marketing, liquefied petroleum gas (LPG) and chemistry, emphasized the need to achieve greater profitability of many competitive advantages available in Repsol YPF. In this line, said that it will work to identify and implement those "viable opportunities for growth" in significant markets of the company. He also advocated maximizing the efficiency of current operations.

The current Strategic Plan 2003-2007 of Repsol YPF, on which the team of Brufau will build the new strategy, provides a total of 18,800 billion euros in investments, of which 60 per cent will be allocated to exploration and productiona 26 per cent to refining and Marketing, 8 per cent to Gas and a 6 per cent to chemistry.

In the first nine months of the year, Repsol YPF recorded a net profit of 1.696 million, representing an increase of 5.5 per cent with respect to the achievements in the same period of 2003. These results reflect the bullish developments in crude oil prices and high margins for refining, both parameters at their highest levels for 20 years.

Also, the chemical activity recorded an improvement of the international banks, while in the area of gas and electricity profit reflected the increase in participation in Natural Gas and the improvement of the results of this area.