02 November 2012 22:56 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Argentine oil and gas company YPF has begun the first steps in building a new refinery that will increase the local fuel offer, a company spokesman confirmed on Friday.
The refinery would not come on stream before 2017, but is on the current agenda as projects of this type take a number of years to mature, YPF said.
The spokesman confirmed comments made earlier this week by company director Carlos Alfonsi outlining how YPF would act to meet rising fuel demand.
“YPF has designed a comprehensive plan that includes the development of a new refinery, starting from the year 2017,” said Alfonsi.
Alfonsi stressed the need “to streamline and increase the conversion capacity and refining of hydrocarbons in ?xml:namespace>
“The increase in demand for hydrocarbons and lower oil and gas production explains why we have a negative energy balance with imports of $10bn (€7.7bn),” Alfonsi said. “This situation should, and can, be corrected.”
In August, YPF announced plans to invest $37.2bn to boost oil, natural gas and refining.
YPF said that oil production would be increased by 32% between 2013-2017 and fuel production by 37% over the same period.
$1 = €0.77
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