MercoPress. South Atlantic News Agency

Repsol-YPF president resigns

Repsol-YPF president Alfonso Cortina presented this week his resignation as CEO of the Spanish-Argentine hydrocarbons corporation.

The resignation before the board of Directors follows the decision of the company's main shareholder La Caixa, a Spanish financial institution from Catalonia, to exert its full weight.

Mr. Cortina was named Repsol YPF CEO in June 1996 after the Popular Party of Spain won national elections, but has since become the main opposition force.

According to Spanish media Mr. Cortina resignation is closely linked to the fact that the Socialist Party is now in office with Jose Luis Rodriguez Zapatero as President.

Apparently some of Mr. Cortina's decisions have been questioned by Repsol-YPF main shareholders.