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John Browne : BP has no intention to buy Repsol YPF

Reuters

BP Chief Executive John Browne

Petroleumworld
CARACAS
Petroleumworld.com 02 07 06

BP Chief Executive John Browne said Tuesday that BP has no intention to buy Repsol YPF and denied a press report that said the company was interested in buying Repsol YPF.

Browne told Bloomberg TV "No we don't have an amount set aside for acquisitions," he said. "We have no intention to do something like that." "now is not a good time to acquire" because of high oil prices.

Madrid's daily El Mundo reported Monday that Eni and BP were interested in bidding for Repsol after it announced it would cut its reserves by 25% for the year 2005 compared with 2004 and Repsol's shares lost nearly 9% .

Eni and Repsol declined to comment.

Petroleumworld 02 07 06

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