Repsol is primarily a downstream company and is Europe's sixth largest refiner. Repsol operates 3,308 exploration and production operations in Dubai, Egypt, and Indonesia. Sixty-one percent of Repsol's production comes from the Near and Middle East, 12 percent from the Far East, and 9 percent from Latin America.

An example of where privatization efforts on two separate continents have converged is Repsol. In 1996, in its largest foray abroad, the company purchased a 38-percent stake in the Argentine company Astra for $360 million. Astra is Argentina's fifth largest energy company and is fully vertically integrated with petroleum exploration, production, transportation, and refining operations {see Endnote 28}. Repsol has also recently purchased refining assets in Peru {see Endnote 29}. Repsol also has recently attempted to encourage greater foreign ownership. In its most recent sell-off of shares, a portion of the shares were reserved for U.S. investors {see Endnote 30}.