Spain's Repsol says no run cuts at its refineries

Wed Jul 29, 2009 7:13am EDT
 
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MADRID, July 29 (Reuters) - Spanish oil and gas firm Repsol (REP.MC) was running its refineries at normal rates without any cuts to throughput, its spokesman said on Wednesday.

Repsol had relatively heavy maintenance shutdowns at its refineries in the second quarter and had closed the Cartagena plant due to poor margins from April to earlier in July.

"The halt at Cartagena earlier this year and maintenance have eased things a bit," a company spokesman said late on Tuesday.

The Mediterranean region has seen its oil refining margins remain much lower than the rest of the world and simple plants have posted losses since May, according to Reuters data.

Cartagena was one of many refineries, which have been forced to reduce output.

Cartagena is the smallest of Repsol's five refineries in Spain, which have combined capacity to process about 740,000 barrels of crude oil per day.

Repsol's other plants are more sophisticated and can turn out more profitable, lighter products.

Repsol is upgrading Cartagena at a cost of 3.2 billion euros ($4.53 billion) to boost production of light products there. (Reporting by Martin Roberts; writing by Ikuko Kurahone)

 

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