Spanish-Argentine oil giant Repsol YPF announced plans Wednesday to invest US$1.1 billion (euro852 million) for exploration and refining projects in western Argentina over five years.
Repsol's local spokesman, Lucas Mendez, said the investments are earmarked for the Mendoza province, and will be spent on "exploration, production and the development of reserves," with this year's expenditures totaling US$140 million (euro108.5 million).
The announcement by the company came after a meeting between visiting Repsol chairman Antonio Brufau and Mendoza Gov. Julio Cobos.
Mendez said the investments would also include upgrading the Lujan de Cuyo refinery in western Argentina to meet new gasoline sulfur requirements taking effect in 2008.
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