The prospects of the Russian gas shipments to Spain were discussed during a meeting between Gazprom CEO Alexei Miller and the president of the Spanish Repsol YPF, Alfonso Cortina.
According to the press release, imported natural gas and liquefied natural gas makes up a significant part of gas shipments to the Spanish market. The Spain's reserves account for only 1% of Spain's gas consumption a year.
The sides also discussed the possibilities of cooperation in the organization of liquefied natural gas shipments to the American market and the development of joint oil and gas projects with countries with emerging economies.
Repsol YPF operates in over 28 countries and is currently the leader in Spain and Argentina's oil and gas markets. It is also a large player in Peru and Ecuador. The company produces an estimated at 1.1 million barrels in oil a day and its oil and gas deposits are estimated at 5.4 billion barrels.
Repsol YPF is the third largest liquefied natural gas producer in the world (3 million metric tons a year). Repsol YPF imports, stores, and distributes natural gas in Spain and South America.
