Rof Good afternoon, ladies and gentlemen. My name is Juan Sancho, I work for YPF, and I am vicepresident in charge of all the Downstream business of Repsol.

Before starting this special session of the downstream, I would like to make use of this occasion to thank the organization of the WPC and all the people that contributed to this great opportunity of accomplishing this debate about a theme that we consider one of the most important issues in Brazil nowadays.

I would like to thank Mr. Leonardo Galotti, Luiz Augusto Nogueira Horta, Julio Colombi Neto, Rogério Manso, Raul Aleman and Leocardio Antunes, their participation and their force in this presentation.

Leonardo Galotti is in charge in Enron in Brazil, of the supply and distribution in the company; Luiz Augusto Horta is the Director of the ANP, his job is, he is in charge of supply and inspection, competition and product quality. Julio Colombi is director of ANP too, in charge of refining and processing of natural gas, trading and movements of oil, trading and movements on natural gas; Rogerio Manso is Director in charge of all the downstream of Petrobras, including the logistics, planning, refining, marketing and petrochemicals; Raul Aleman is in charge in PVDSA of all the refining, marketing and supply business; and Leocardio Antunes is in charge at Ipiranga of all the marketing business.

We are going to make a presentation in three blocks: first for the ANP directors, refining and later on, the marketing.

I would like to introduce here before some points, in order to stimulate a future debate that I am sure will be well developed by the other members of the sections.

This point, of course, will be according with the Brazilian market and the present situation and we will continue with the deregulation, demand product and balance and future quality requirements.

That's the index that I am going to present very briefly.

In this slide you may see that the petroleum in Brazil plays a very important role in the energy market.

In this figure you can observe the importance compared to the electrical power, carbon, wood and others; and the crude responds to about 35% of the total energy consumed. Ethanol corresponds to 6% of the total and also natural gas corresponds, today, only 2% of the total energy that will be one of the most important sources with a significant increase in the next decade.

At the same time, Brazil has a great potential growth, as you can see in this figure, and very interesting opportunities of developing in this energy market, and the international companies could play a role to help the energy market in this country.



And you may notice Brazil has a deficit in crude of about 17 million m3 per year and 18.6 m3 of natural gas. The crude importation decreased and the apparent consump

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