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Repsol makes first sale under Argentina liquids-for-gas scheme
Platts
Buenos Aires
Petroleumworld.com 07 17 07
Spain's Repsol YPF has made its first sale of gasoil as a replacement for
natural gas to a company in Argentina, part of a subsidies program created by
the government to help alleviate an energy shortage, a spokesman for the oil
company said Monday.The sale was made Friday, the day the program took effect, the Repsol
spokesman in Buenos Aires said. The company sold an undisclosed amount of
gasoil to Central Costanera, a fossil fuel power plant in Buenos Aires, at the
same price as natural gas, the spokesman said.Under the 90-day program, three of the country's big oil refiners--Repsol
and the Argentine units of Petrobras and ExxonMobil--will supply factories and
power plants with fuel oil, gasoil and LPG at the same price as gas, which
costs some 75% less.The government has earmarked 930 million pesos ($300 million) for the
scheme, dubbed "Total Energy." The government expects program to free up 5.8
million cu meters/d of gas, or around 4.5% of the average Argentine demand of
130 million cu meters/d.Argentina has been running deficits of around 40 million cu meters/d of
gas, which provides 55% of the country's energy needs, and 2,000 MW of
electricity on cold days since late May, as demand has risen faster than gas
production.For more news, request a free trial to Platts Oilgram News at
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Platts 16 07 07
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