Spanish oil company Repsol YPF SA (REP) will reduce its refining
production at its Basque subsidiary Petronor as a result of the
current economic situation.
In a press release on Petronor's Web site, the refinery said
operations at the production units of plant 2 will be halted as of
Monday and added that for the time being there's no scheduled
resumption of those operations.
According to Tuesday's Internet edition of Cinco Dias, the
stoppage will translate to a 41% cut of Petronor's refinery
output.
The production adjustment is just a temporary measure, which the
company has already adopted in the past, the paper adds.
Petronor is 85% owned by Repsol, while Basque savings bank BBK
owns the other 15%.
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com