Repsol YPF Advances Canada LNG Project

Repsol YPF has signed agreements with M&NP for transportation service on a new pipeline system in Canada, as well as for a planned expansion of M&NP's pipeline system in the United States, which will deliver volumes from the Canaport LNG import terminal to downstream markets.

Under these agreements, Repsol YPF will be able to move its existing LNG supplies into the North American market.

Repsol YPF announced in June that it had agreed with Irving Oil to form a new company, Canaport LNG, which will build, own and operate the Canaport LNG terminal in Saint John, New Brunswick. The terminal will initially be capable of delivering 1 BCFD of regassified LNG into the market.

The Canaport LNG terminal is a key milestone in Repsol YPF's strategy. As outlined in Repsol YPF's 2005-2009 Strategic Plan, one of the principal vectors of growth for the company will be Upstream, and the company will increase its commitment with respect to assets related to the production of natural gas, especially LNG, in the Atlantic, Pacific and Mediterranean basins.

Canaport LNG has completed the front end engineering design for the terminal, and plans to request proposals for engineering, procurement and construction (EPC) contracts in July 2005. The terminal will be operational and delivering regassified LNG into the marketplace in 2008.

Repsol YPF considers this to be a very important step in completing its integrated LNG value chain, ensuring the delivery of secure supplies of natural gas to key markets in the USA and Canada from its extensive resource base in the Atlantic Basin.

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