Repsol YPF: Activities in Argentina

Transcription

Repsol YPF:
Activities in Argentina
September 2003
1
TABLE OF CONTENTS
1. ARGENTINA AND REPSOL YPF
2. EXPLORATION AND PRODUCTION
3. REFINING AND MARKETING
4. LPG
5. NATURAL GAS AND ELECTRICITY
6. CHEMICALS
7. OTHER ACTIVITIES
8. HUMAN RESOURCES
2
1. ARGENTINA
AND
REPSOL YPF
3
ARGENTINA
Highlights
Highlights
Form of Government: Republican, representative and federal
Area: 2.8 MM km2 (continental)
Population: 37 million
G.N.P. (2002): us$ 101,300 million
G.N.P. per head (2002): us$ 2,750
Exports (2002): us$ 25,709 million
Imports (2002): us$ 8,470 million
4
Source: Ministry of Economy
ARGENTINA AND REPSOL YPF S.A.
Mercosur
Mercosur:
Mercosur:: Key
Key factor
factor for
for Regional
Regional Integration
Integration
Formed by Argentina, Brazil, Paraguay, Uruguay
Area: 11.9 MM km2
Population: 209 million
GNP: us$ 633 billion
5
Source: Ministry of Econom y, World Bank, Dresdner KB
ARGENTINA AND REPSOL YPF, S.A.
Mercosur
Mercosur:
Mercosur:: Key
Key factor
factor for
for Regional
Regional Integration
Integration (cont.)
(cont.)
GNP 2002 (MMus$)
2000000
1800000
1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
ARGENTINA
MERCOS UR
SPAIN
ITALY
GERMANY
6
Source:Ministry of Econom y; WB; Dresdner Bank
ARGENTINA
Argentina
Argentina in
in the
the Energy
Energy Field
Field
Proven Oil Reserves: 2,821 MM bbls (as of 12/31/2002)
Proven Natural Gas Reserves: 664 billion m3 [23.3 Tcf] ( as of 12/31/2002)
Consumption of Primary Energy
1%
2% 5%
5%
41%
Oil
Gas
Oil Production: 0.75 MM bbl / d
Hydro
Nuclear
Carbon
Others
46%
Natural Gas Production: 125 MM m3 / d [1.6 Tcf/y]
7
Source: Secretary of Energy
ARGENTINA
Argentina
Argentina in
in the
the Energy
Energy Field
Field
Oil Exports Year 2002: 2,156 MMus$
Exports of Hydrocarbons
Gas Exports Year 2002: 264 MMus$
Oil
Gas
Products
40%
53%
Products Exports Year 2002: 1,610 MMus$
7%
Hydrocarbon Exports Year 2002: 4,030 MMus$
Hydrocarbons Exports / Total Exports: 16%
8
THE SOUTHERN CONE
Oli
Oli,
Oli,, Gas
Gas and
and Power
Power
Hydrocarbon Reserves (2001 2002)
Brazil
Brazil
• Oil Reserves
8,400MM bbl
• Gas Re serves
Bolivia
Bolivia (*)
(*)
• Oil Reserves
440 MM bbl
• Gas Re serves
7.8 Tcf3
Installed Capacity
84,540 MW
54.9 Tcf
• (p1 + p2)
Paraguay
Paraguay
Chile
Chile
• Oil Reserves
150 MM bbl
• Gas Re serves
3.5 Tcf
• Gas Re serves
• Oil Reserves
• Gas Re serves
0 MM bbl
0 MMm 3
Uruguay
Uruguay
Argentina
Argentina
• Oil Reserves
Installed
Capacity
23,600 MW
2,821 MM bbl
23.3 Tcf
• Oil Reserves
• Gas Re serves
0 MM bbl
0 MMm 3
9
(*) During the last few years gas reserves have
increased significantly
Source: Secretary of Energy, EIA, others
ARGENTINA
Growth
Growth in
in the
the Energy
Energy Field
Field was
was very
very high
high in
in the
the 1990
1990 -- 2001
2001 period
period
Oil Production
Mbbl/d
Natural Gas Production
MMm3/d
100 0
120
800
+61%
+61%
600
+100%
+100%
90
60
400
30
200
0
0
1990
8000
1990
2001
Proven Reserves
MMBOE
Hydrocarbons Foreign Trade Balance
MM$
4000
7000
3000
6000
2000
5000
1000
4000
2001
1990
2001
0
1990
2001
Investments in Oil, Gas and Electricity 1990-2000: $ 78,000 million
10
ARGENTINA AND REPSOL YPF, S.A.
Growth
Growth in
in the
the Energy
Energy Field
Field was
was very
very high
high in
in the
the 1990
1990 –– 2000
2000 period
period
Breakdown of Investments in Oil, Gas and Electricity 1990-2000 $ MM
7475
2849
1633
16475
41904
Oil and Gas
Products
Electricity
Pipelines
Gas Prov.
Petrochemicals
7689
11
Source: Ministry of Econom y
THE SOUTHEN CONE
Next years will have a great potential
Consumption of Energy
Commercial Energy Use
High Income
USA
Greece
Italy
Spain
Uruguay
Chile
KgOE per capita
Braz il
Bolivia
Argentina
0
2000
4000
6000
8000
10000
12
Source: World Development Indicators 2003, World Bank
ARGENTINA and REPSOL YPF S.A.
Exploration Opportunities
Potential Producing Basins
Pr oducing
basins
Basins not producing
yet
Areas to bid
13
Repsol
Repsol YPF
YPF in
in Argentina
Argentina
1989
Deregulation starts in Argentina
1990/ 1991
Repsol purchases oil areas
1993
Privatization of YPF S.A.
1996
Repsol takes control of Astra C.A.P.S.A.
1999
Repsol takes control of YPF S.A., investing more
than $ 15 billion and becomes Repsol YPF
14
Main Competitors
E&P
R&M
LPG
G&E
Chemicals
Petrobras
Esso
Total
Endesa
Dow
Pan American Energy
Shell
Shell
Perez Companc
Others
Total
Petrobras
Others
Capex
Chevron
Others
Others
Others
15
2. EXPLORATION & PRODUCTION
16
EXPLORATION & PRODUCTION
Argentina and Repsol YPF in E&P (Year 2002)
Argentina
Repsol YPF in
Argentina
%
OIL PRODUCTION
M Bls/d
0.769
0.436
57
GAS PRODUCTION (Net)
M m3/d
110
44
40
PRODUCTION
M BOE/d
1.461
0.716
49
OIL RESERVES
M Bls
2800
1400
50
GAS RESERVES
Billion m3
670
267
40
RESERVES
M BOE
7013
3081
44
17
Source: Secretary of Energy and own data
Argentina and Repsol YPF in E&P (Year 2002)(cont.)
Argentina
% Argentina
vs.
World
REPSOL YPF
World
Latin
America
OIL PRODUCT ION
M Bls/d
0.584
0.471
0.436
75
GAS PRODUCT ION ( Net)
M m3/d
66
51
44
67
PRODUCTION
M BOE/d
1.000
0.792
0.716
72
OIL RESERVES
M Bls
2019
1691
1400
69
GAS RESERVES
Billion m3
516
447
267
52
RESERVES
M BOE
5261
4501
3081
59
18
Source: Rep sol YPF – Year 2002
Repsol YPF in Argentina: Production per Basin (BOE per day-Year 2002)
N OR O E S T E
( 58 50 0 )
CUYANA
( 4 18 00 )
5 P R O D U C TIV E
B A S IN S
N E U Q UI N A
( 45 34 00 )
O CEANO
A TLA N TIC O
G O LFO
S A N JO R G E
( 14 05 00 )
A U S TR A L
( 2 16 00 )
19
Argentina: Companies in Basins – Year 2002 -
COMPANY
NORTHWEST
CUYANA
NEUQUINA
SAN JORGE
AUSTRAL
% PROD (Oil+Gas)
REPSOL YPF
X
X
X
X
X
50,4%
PAN AMERICAN
PETROBRAS
CHEVRON
PLUSPETROL
TOTAL
WINTERSHALL
TECPETROL
VINTAGE
CAPSA CAPEX
PIONEER
SIPETROL
Others
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
10,4%
8,4%
5,1%
3,5%
3,4%
3,4%
3,1%
2,8%
1,8%
1,7%
1,5%
4,5%
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
20
Source: IAPG – Year 2002
3. REFINING AND MARKETING
21
REFINING AND MARKETING
Argentina & Repsol YPF in R&M
Argentina
REFINERIES CAPACITY
bbl/d
Repsol YPF
%
667,000
319,500
48%
6,096
1,904(*)
31%
SALES OUTLETS
22
(*) Includes 50% of Refinor Service Stations
As of June 30 2003
Argentina and Repsol YPF in R&M (cont
(cont.)
.)
Repsol YPF in:
World
REFINERIES CAPACITY
bbl/d
SALES OUTLETS
Latin America
Argentina
Argentina
vs
World%
1,176,000
436,000
319,500
27%
6,636
2,833
1,904(*)
28%
(*) Includes 50% of Refinor Service Stations
As of June 30 2003
23
Source: 20F Repsol YPF
Location of Refineries and Logistics in Argentina
ive
r
Campo Durán
Pa
ra
ná
R
Refining Capacity
(Boe
Boe// day
Luj án de Cuyo 120,000
Córdoba
La Plata
189,000
P. Huincul
25,000
Bahía Blanca
30,500
Lujan de Cuyo
San Lorenzo
Rosario
Campana
Dock Sud
Buenos Aires
Campo Durán
Pto. Galvan
28,000
La Plata
R ío
P. Huincul
Ne
gro
Oil Pipeline
Products Pipeline
Under Project
Production
Bahía Blanca
Dock sud
122,000
Campana
88,000
Repsol YPF Refineries
Pto.. Galv án
Pto
19,000
San Lorenzo
39,000
Refineries where
REPSOL YPF has an
interest
Other Companies
Refineries
24
Location of Refineries and Logistics in Argentina (cont
(cont.)
.)
Campana
Dock Sud
La Plata
Province of
Buenos Aires
Puerto Galván
Bahía Blanca
Oil Pipeline
Products
Pipeline
Refinery 25
4. LPG
26
LPG
LPG Production in Argentina
7
Domestic Market 33 %
REPSOL YPF PRODUCTION
Petrochemicals 28 %
838 Thousand MT
REF.
3
1
5
8
PRODUCER
LA PLATA + PLP YPF
YPF
GRAL. CERRI
LUJAN DE CUYO YPF
LOMA LA LATA
YPF
UT E
F. M ORADO
SAN SEBASTIAN
UT E S.SEBASTIAN
C. DURAN
TOTAL YPF + AFFIL IAT ES
491
45
218
19
24
15
26
838
8
MEGA
207 (*)
ARGENTINA TOTAL PRODUCTION: 2,570 THOUSAND MT
R EF INO R
9%
TG S
12%
T OT AL
11%
SH ELL
4%
ES S O
5%
2002
(*)Not available for Repsol
YPF marketing
PETR OB RAS
5%
M E GA
18%
6
THOUSAND MT
1
2
3
4
5
6
7
2
4
PLANT
Exports 39 %
YP F
28%
27
OT HE RS
8%
LPG
Argentina and Repsol YPF in LPG
Retail Market
(bottling + in bulk + piped)
Repsol YPF Ga s (85% Repsol YPF, 15% Pluspetrol) – Trade Mark : YPF Gas
World
Repsol YPF SALES
Thousand tn / year
3,220
Latin America
1,000
Argentina
Argentina vs. World
%
340
2002
11 %
Bottling
36%
36%
37%
In Bulk+Piped
+ Propelent
Repsol YPF
Total Gas
Shell Gas
Others
8%
64%
19%
Total Argentina 970,000 tons / year
Bottling: Mature Market
In Bulk: Market with high growth potential
Piped: natural substitute for bottling
28
6. NATURAL GAS AND ELECTRICITY
29
ARGENTINA
Gas
Gas produced
produced -- Year
Year 2002
2002 (in
(in thousand
thousand m3).
m3). Breakdown
Breakdown by
by destination
destination
In Field Consumption
3,833,319
Delivered to Transcos
32,282,870
Delivered to Third Parties
2,329,979
Reinjected
3,516,716
Withheld in Plants
1,456,052
Flared
Exported
TOTAL
846,558
1,504,644
45,770,138
30
NATURAL GAS AND ELECTRICITY
Gas
Gas Infrastructure
Infrastructure
CAM ISEA
LA PAZ
SANT A
CRUZ
11
8
TOC OPILL A
MEJILL ON ES
9
CUIAB A
2,5
BEL O H ORIZ ONT E
30
SAO M AT EU S
CORN EJO
RIO DE JANEIRO
22
23
SAN PABL O
6
30
TUCUM AN
URU GU AIAN A
PAR AN A
SAN
JERON IMO
SANTIAGO
6
33
3
14
MONT EVID EO
BUEN OS
AIRES
30
CONC EPC ION
POR TO
AL EGRE
6.8
PAYSAN DU
9
RAN C AGU A
3
BAH IA B L ANC A
15
Operatimg
LOM A
LA L AT A
Under Const ruction
Proyects
19
Under Asse ssment
(MMm 3/día)
5
EL C OND OR
Capacity
LNG
31Proyect s
Transmission Lines
METH AN EX
SAN SEB ASTIAN
Electric Projects in which Repsol YPF participates
CTSMT (45%)
340 MW
CTT (45%)
430 MW
Dock Sud
775 MW
(40%)
Chihuido
37 MW
Filo Morado (50%)
63 MW
Plaza Huincul
37 MW
Los Perales
74 MW
32
7. CHEMICALS
33
QUIM ICA
Chemicals:
Chemicals: Argentina
Argentina and
and Repsol
Repsol YPF
YPF
PRODUCITON CAPACITY
tn / year
World
Latin America
Argentina
6,551
2,551
2,551
Includes ow n capacity and interests in other com panies
Argentina
vs World
%
39%
34
CHEM ICALS
The Petrochemical Market in Argentina - Background
` Raw materials availability
` Deregulated economic background
` Sustained growth of all segments
` Insufficient domestic productive capacity
` High import increase
` Share capital restructuring
` Regional Integration - MERCOSUR
35
7. OTHER ACTIVITIES
36
Compañía A – Evangelista S.A.
A company devoted to Construction and Serveces aiming mainly at the
Oil, Gas and Petroche mical sectors.
Repsol – Y PF
“El Portón” Plant
Also, it is the only company in the market that integrates engineering
and construction activities with the manufacturing of equipme nt for turn
key plants.
“Sábalo” Plant
Petrobras Bolivia
Our activites:
Æ Integral Construction of Industrial Works and turn ke y plants
Æ Equipment and process modules manufacturing
MTBE Column 60
M. long. Carboclor
Æ Provision of Services for Oil and Gas Industries
Æ Operation and maintenance of Plants (Gas, compression, electricity
generation, etc.
Shareholders: YPF S.A.
2002 Sales: 138 M. U$S
Oil Services
37
8. HUMAN RESOURCES
38
HUMAN RESOURCES
Personnel
Personnel per
per Area
Area
Upstream America
1230
Downstream Latin America
4682
Downstream LPG Latin America
589
Downstream Chemicals
425
Gas Area
Astra Evangelista
Corporation
TOTAL
13
1256
634
8829
39
June 2003
HUMAN RESOURCES
Personnel
Personnel per
per Professional
Professional Group
Group
Director
Senior Technician
50
685
Semi Senior Technician
1996
Junior Technician
1036
Administrative personnel
916
Operator
4146
TOTAL
8829
40
June 2003
HUMAN RESOURCES
Expatriates
Expatriates
Argentinians abroad
Foreigners in Argentina
136
87
August 2003
41
Repsol YPF:
Activities in Argentina
September 2003
42
10. APPENDIX
43
Northwestern Basin
N W B A S IN
N OR O E S T E
T o ta l A rea : 1 58 00 0 k m 2
W ells d rille d : 9 70
P ro du c tio n W e lls (20 02 ): 89
R ep so l YP F - N W B A S IN
P ro du c tio n : 5 9 k B O E /d
O il R e s erv es : 5 9 M B ls
G a s R e se rve s: 49 B m 3
• M a inly a g as ba s in
O CEANO
A TLA N TIC O
• G a s p ip elin es to N o rth ern C h ile
a nd B u en o s A ires
• R e fin o r R efin ery
44
Cuyana Basin
C U YA N A B A S IN
T o ta l A rea : 5 80 00 km 2
W ells d rille d : 2 44 0
P ro du c tio n W e lls (20 02 ): 93 4
C U Y AN A
R e ps o l Y P F – C U Y A N A B A S IN
G a s R e se rve s: 0.4 B m 3
• O n ly O il
O CEANO
A TLA N TIC O
• P ipe line s
• L u já n d e C uy o R e fine ry
45
Neuquina Basin
N E U Q U IN A B A S IN
T o ta l A rea : 1 25 00 0 k m 2
R e p so l Y P F - N E U Q U IN A B A S IN
G a s R e se rve s: 19 7 B m 3
• O il an d G as b a sin (Th e be s t)
• G a s p ip elin es to C h ile a nd
B s .A s .
• Mega
• P laz a H u in c u l R e fin e ry
N E U Q U IN A
O CEANO
A TLA N TIC O
46
Golfo San Jorge Basin
G O L FO S A N J O R G E BA S IN
T ota l A r ea : 9 20 0 0 km 2
W ells d rilled : 2 96 00
P ro du c tio n W e lls (2 0 02 ): 1 0 03 0
R e p so l Y P F – G O L F O S .J. B A S IN
O il R es erv e s: 3 3 2 M B ls
G a s R e se rv es : 8 B m 3
• Ma inly a n O il b as in
O C EA N O
A TLA N TI CO
G O LFO
SA N JO R G E
• L o w R ec ov e ry F ac to r
• R e ce n t G as d isc o ve ry
47
Austral Basin
A U S T R A L B A S IN
T o ta l A rea : 1 45 00 0 k m 2
R ep s o l Y P F – A U ST R A L B A S IN
G a s R e se rve s: 13 B m 3
O C E A NO
A TLA N TIC O
• O il an d G as b a sin
• O n S ho re a n d O f f S h or e
• G a s p ip elin es
B s .A s .
to
C h ile
a nd
AU S T RA L
48
Argentine
Argentine Crude
Crude Oils
Oils :: Export
Export Logistics
Logistics
North
Basin
to Paraguay
Formo sa
RLC
to Chile
Cuyana
Basin
Ships
Railroad
Pipelines
Rosales - LP
Allen - Rosales
P.Hdez
P.
Hdez - LC
P.Hdez
P.
Hdez - Chile
RLP
Q = 2150 m3/h
Q = 1500 m3/h
Q = 400 m3/h
Q = 750 m3/h
P. Hernand ez
Allen
RPH
Pto. Rosales
Neuquen
Basin
Golfo San
Jorge Basin
Austral
Basin
Imported crude oils
Exportaciones
Comodoro
Rivadavia
Punta
Loyola
San Sebastián
49
Service
Service Stations
Stations Network
Network in
in Argentina
Argentina
Service Stations Distribution in Argentina
Repsol YPF
27%
31%
Petrobras
Shell
Esso
13%
11%
18%
Other + White Pump
Gasoline Stations
Number of Service Stations: 6,096
Ow n Data: June 30, 2003
50
Service
Service Stations
Stations by
by Type
Type of
of Operation
Operation
Resale
24%
454
Red XXI
OPESSA
Resale
OPESSA
7%
131
Red XXI
69%
1319
Number of Service Stations: 1,904
Ow n data: June 30 2003
51
LPG
The LPG Argentine Market
Bottling
z Mature market with a low growth rate
z Very competitive market
z High negotiation power with distributor /
retailer
z Plant Installed overcapacity
z Good product offer
z Inadequate regulations control
z Presence of small companies with high level
of informality
z In the process towards formalization
Bulk
z Recent development - 6 years
z Repsol YPF Ga s i s the leader in its
development
z Repsol YPF Ga s has 50,000 active clients
z Moderate entry barriers
z Main competitors: Shell Gas, TotalGaz,
Extragas, Amarilla Gas, Areco Gas
z Regional competitiveness
PRICES DEREGULATED THROUGHOUT THE WHOLE CHAIN
52
ARGENTINA
Argentina
Argentina and
and Repsol
Repsol YPF
YPF
Argentina
PROVEN GAS RESERVES
Billion m3
GAS PRODUCTION
MM m3/d
Repsol YPF
in
Argentina
%
663
240
36%
125
44
36%
53
Annual Data
Metrogas S.A.
OPERATIONS
•
Country's largest distributor
•
•
•
•
Covered area: 2,150 km 2
GASA
54.67 % BG
45.33% Repsol
YPF
3 City Gates: Buchanan - Gutiérrez - Ezeiza
Distribution network: 15,774 km
Firm transportation capacity: 22.8 MM m³/day
THE MARKET
• City of Buenos Aires and South of Greater
Buenos Aires.
• Clients: 1.9 million
• Distributed gas volume: 5,755 MM m³ (year 2002)
• Annual Revenues: 719 MM $ (fiscal year 2002)
METROGAS
70% GASA
10% PPP
20% NYSE/BCBA
54
Gas Natural BAN
OPERATIONS
• Country's highest growth
second largest distributor.
distributor,
• Covered area: 15,000 km2
• Distribution network: 20.369 km.
GN Ban is a Gas
Natural Group
Company
Others
30%
THE MARKET
• North and West of Greater Buenos Aires and
Province of Buenos Aires.
• Clients: 1.2 million
• Distributed gas volume: 3,300 MM m³ (year
2002)
• Annual Revenues:: 436 MM $/year (fiscal year
2002)
Gas Natural
SDG
19%
Invergas
51%
Invergas is a Gas Natural
subsidiary
55
GAS NATURAL Y ELECTRICIDAD
Electricity Generation:
Generation: Argentina and Repsol YPF
Argentina (1)
GENERATION CAPACITY
MW
23,278
Repsol YPF
%
800 (1)
3,4%
1,800 (2)
7,7%
(1) According to our interest in each project
(2) At 100% of the projects
Nuclear
Hydro
Argentina Generation Capacity (MW)
Thermal
Thermal:
Hydro:
Nuclear:
12,733
9.540
1.005
56
Source: CAMMESA
Electricity Generation:
Generation: Argentina and Repsol YPF (cont
(cont.)
.)
World Latin American Argentina
INSTALLED CAPACITY
MW
1,130
800
800
Argentina
vs the
World %
71%
57
Repsol
Repsol YPF
YPF Power
Power Plants
Plants
Power
MW
Filo Morado
CTT
CTSMT
CDS
Chihuido
Pza. Huincul
Los Perales
63
430
340
775+70
37
37
74
Energy
GWh/year
450
3,200
2,500
6,000
310
270
550
Gas
MMm3/d
0.8
2.0
1.6
3.0
0.3
0.3
0.6
%
Interest
50%
45%
45%
40%
100%
100%
100%
58
Natural Gas Distribution Companies
Gasnor
Gas NEA Mesopotamia
Litoral Gas
Ecogas Centro
Gas Natural BAN
MetroGas
Ecogas Cuyo
Camuzzi Gas Pampeana
Camuzzi Gas del Sur
59
Natural Gas Distribution Companies
Gas Natural BAN
MetroGas
60
CHEM ICALS
Petrochemical Investments in Argentina
PROJECT
INVESTMENTS
MM US$
PRODUCTS
MEGA
690
Ethane, LPG, Gasoline
Profertil
680
Urea / Ammonia
PBB Polisur
875
Ethylene (Enlargement)
Polyethylene (Enlargement)
Metanol
140
Methanol
61
CHEM ICALS
Integration
Integration
YPF
BAHÍA BLANCA
NATURAL
GAS
PROFÉRTIL (50%)
AMMONIA (750 KT/YEAR)
PBB Polisur (28%)
PBB Polisur (28%)
ETHYLENE
(700 KT/YEAR )
POLYETHYLENE
600 KT/YEAR
YPF
PLAZA HUINCUL REFINERY
NATURAL
GAS
ETHANE
YPF
UREA ( 1,100 KT/YEAR)
METHANOL PROJECT (100%)
RE-VAM P
(+328 KT/YEAR)
METHANOL
(411 KT/YEAR)
62
MAXIMUM INTEGRATION BETWEEN UPSTREAM AND BASE CHEMICALS
CHEM ICALS
Integration
Integration (cont.)
(cont.)
ENSENADA PLANT
BENZENE
LA PLATA
REFINERY
NAPHTA
AROM ATICS UNIT
(600 KT/YEAR)
OLEFIN UNIT
(429 KT/YEAR)
PROPYLENE
PROPANE
CYCLOHEXANE
TOLUENES
XYLENES
PP (PETROKEN)
OXO ALCOHOLS
MTBE, BUTENE,
BUTANE
C4 FRACTION
MAXIMUM INTEGRATION BETWEEN REFINERIES AND
BASE AND DERIVATIVE CHEMICALS
63

Repsol YPF: Activities in Argentina

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