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Expansion (Spain): Shell appointed technological partner for Extremadura refinery (La refineria de Extremadura 'ficha' a Shell como aliado tecnologico del proyecto)

Shell appointed technological partner for Extremadura refinery (La refineria de Extremadura 'ficha' a Shell como aliado tecnologico del proyecto)
Expansion; May 23, 2006

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In Spain, shareholders in an oil refinery in the Spanish autonomous region of Extremadura approve a rights issue and formed the board of directors of the company responsible for the project, Refineria Balboa. Spanish entrepreneur Alfonso Gallardo has a 47 per cent stake in the firm, while Sociedad de Fomento Industrial de Extremadura has a 20 per cent stake. The remaining 33 per cent is owned by leading Spanish electricity group Iberdrola and leading Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) and savings bank Caja Madrid (10 per cent each) and Corporacion Empresarial de Caja Extremadura (3 per cent).

To ensure the viability of the project, Anglo-Dutch oil giant Shell has been appointed a technological partner to Refineria Balboa. Shell will provide technical assistance in the definition of the project and technology in oil conversion units. The project, which has met with opposition from environmental groups, will require investment of 1.2bn euros and have to pass an examination by the environment ministry.

Abstracted from Expansion

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