Repsol and Fort Reliance Celebrate Canaport LNG Opening Ceremony

Canaport LNG can supply up to 20% of New York and New England's gas demand.
Repsol (NYSE: REP) enters the US and Canadian natural gas markets with significant supply capabilities for local distribution companies, power generators and other retailers.
The LNG facility has a firm sendout capacity of 1 Bcf/day, enough to heat 5 million homes.
Canaport LNG is the first to be completed of Repsol's ten key projects included in the 2008-2012 Strategic Plan.
It is the first land-based LNG receiving and re-gas terminal built on the east coast of North America in 30 years and the first LNG receiving and re-gas terminal in Canada.
Repsol partnered with Fort Reliance, Irving Oil's parent company and owner of Canada's largest oil refinery, in the construction and operation of the Canaport LNG receiving and re-gas terminal.
"The Canaport LNG project demonstrates our ability to develop and construct complex energy projects," said Repsol Chairman, Antonio Brufau.

• Press Release
• Source: Repsol
• On 8:26 pm EDT, Thursday September 24, 2009

MADRID, Sept. 24 /PRNewswire-FirstCall/ -- Repsol (NYSE: REP - News) Chairman Antonio Brufau and Kenneth Irving, Chairman of Fort Reliance, today officially opened the Canaport LNG terminal in Canada, marking the completion of the first of ten key projects in Repsol's 2008-2012 Strategic Plan. Brufau and Irving were accompanied by Shawn Graham, Premier of New Brunswick.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090924/NY81949-a )

(Photo: http://www.newscom.com/cgi-bin/prnh/20090924/NY81949-b )

The terminal, built in partnership with Fort Reliance, is the first of its kind to be built on the east coast of North America in 30 years and the first ever to be built in Canada. The 1 Bcf per day facility will provide supplies of natural gas to homes, businesses and industry in Canada and the northeast United States.

Repsol is the managing general partner of Canaport LNG, with a 75 percent stake, and has contracted for 100 percent of the plant's capacity. Repsol began selling gas in northeast of the US in 2008.

"The Canaport LNG terminal commissioning demonstrates Repsol's commitment to the LNG business," said Antonio Brufau, Chairman of Repsol. "Canaport LNG highlights Repsol's ability to develop and construct complex energy projects."

"We would like to thank our community for their support, especially during the early days when it was just an idea. We are very proud to be associated with Repsol on this project and are grateful for the trust they have invested in us as their local partner," said Kenneth Irving.

Repsol's commercial strategy in LNG aims to reinforce its position in the commodity's global trade, which is key for the company's mid- and long-term growth. The company's strategic plan aims to quadruple the volumes of LNG sold by 2012.

Repsol (http://repsol.com/es_en/) is Spain's largest oil company, and the sixth largest in Europe. Repsol is present in more than 30 countries where it has interests ranging from exploration and production through shipping, refining, LNG, LPG and retail sales.

Repsol Energy North America Corporation and Repsol Energy Canada Ltd. are the entities that will engage in the sale of the regasified LNG in the US and Canada, respectively.

Canaport LNG technical details:

Capacity: 1 Bcf/day firm capability

Storage Capacity: 9.9 Bcf natural gas equivalent

Ownership Structure: 75% Repsol / 25% Fort Reliance

Contracted Capacity: 100% to Repsol Energy Canada Ltd.

For more information on Canaport LNG you can visit:

http://www.repsol.com/es_en/

    Contacts:

    Mary Usovicz
    Repsol Energy North America
    Director External Affairs
    +1 978-741-0053 office
    +1 978-317-3434 cell
    musoviczl@repsol.com

    Kristian Rix
    Repsol
    Manager of International & Financial Media
    +34 91 753 6314 office
    +34 650 496 488 cell
    rix.kristian@repsol.com

    Andrew Carson
    Fort Reliance
    Public Affairs
    +506 202 2754

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