Repsol De-Emphasizes Chemicals under New Strategy

Brufau: Seeking large compensation from Argentina for expropriated YPF shares. Repsol (Madrid) says it will invest €19.1 billion ($24 billion) in 2012-16 under a recently announced development plan. The program will involve spending cuts in Repsol’s chemicals business, however. The plan was unveiled last month by Repsol chairman Antonio Brufau. It follows a decision by the Argentine government to nationalize oil and gas group YPF (Buenos Aires), in which Repsol had a 51% stake, cutting Repsol’s share in YPF to 6.4%. Repsol will seek compensation...

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