CHAPTER 2 Who we are Our activities

EXPLORATION & PRODUCTION

Our Exploration and Production unit focuses on oil and natural gas exploration, development and production on land and at sea. We operate in Spain, Central and South America, North Africa, the Middle East and South East Asia.

We are currently the second largest oil producer in Algeria and we have a diversifi ed portfolio with onshore, offshore and deep offshore assets.

REFINING

This unit is involved in refi ning, the transportation of natural gas, the supply of gas and electricity and the trading of crude oil and associated products.

The activity at our refi neries enables us to convert crude oil into petroleum derivatives. We have a total crude distillation capacity of 23.5 million tonnes a year, 32% of the installed capacity in Spain.

We supply natural gas to the wholesale and retail markets through the MEDGAZ gas pipeline.

At our main industrial centres, we have electricity and steam co- generation plants, and following the acquisition of the Alijar II Wind Farm in Jerez, we have entered the renewable energies business. We provide electricity to both industrial customers and consumers in the service sector.

Our Trading unit supplies crude and other products to our refi neries. It also sells the crude produced at our oilfi elds and product surpluses.

2.3 OUR ACTIVITIES

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