SPAIN S POSITIONING. Leadership Key Factors

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1 SPAIN S POSITIONING Leadership Key Factors

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3 SPAIN S POSITIONING Leadership Key Factors SPAIN'S POSITIONING 3

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5 INDEX Introduction...6 The Spanish language...10 Business leadership...14 Technologies for producing and managing energy...14 Infrastructure sector...21 Railway and high-speed infrastructures Aerospace technology...27 Naval technology Automotive sector Financial and insurance sector...31 Information and communication technologies Other services...33 Health technologies Environmental technologies...37 Other industrial sectors...40 Distribution and fashion industry Habitat sector Publishing industry Post-graduate education and professional training Agriculture sector...44 Tourism and gastronomy Sports SPAIN'S POSITIONING 5

6 INTRODUCTION Spain is the fourth economy in the Eurozone, the fifth in the European Union and the world s thirteenth largest economy by GDP. It is the eleventh largest investor in the world, with a Foreign Direct Investment stock abroad of 640,312 million dollars (UNCTAD, WIR, 2012) which represents 3% of global investment, and the world s second largest investor in Latin America, only after the United States. Furthermore, Spain has one of the world's largest infrastructure networks placed among the world s top ten countries with the best quality in this field, according to the Global Competitiveness Report (World Economic Forum). It has the world's second largest high-speed railway network (trailing only China), of around 2,900 km in length, the most extensive in Europe, as well as the most modern and technologically advanced train fleet in Europe. It also has the top European motorway and highway network. Spain is also Europe's third leading country by passenger air traffic and fourth in maritime goods transport, with three of its ports among Europe's top 10 (Cargo Systems). Spain is one of the world's economies with the fewest restrictions on Foreign Direct Investment (FDI). According to OECD's 2012 FDI Restrictiveness Index, it is the sixth most open country to Foreign Investment. Also the annual report by the consulting firm Ernst & Young places Spain among the world's twenty least protectionist countries. Spain is one of Europe's largest markets, with 47 million consumers, who add to the more than 57.9 million tourists who visit the country each year. Its relevant geostrategic position for access to markets of great potential increases the Spanish economy's appeal as an investment destination: an EU member, a bridge between Africa and Europe, and key to reinforcing relations with Latin America through its economic, cultural and language links, with access to 1.3 billion consumers. All this explains why Spain is the world s ninth economy in terms of Foreign Direct Investment inflow (634,532 million dollars, according to the most recent report by UNCTAD, World Investment Report, July 2012, stock data). In fact over 8,600 foreign companies are established in Spain, resulting in emplo- 6 SPAIN'S POSITIONING

7 yment for more than 1.2 million people and a turnover of just above 400 billion Euros a year (Spanish Statistical Office, September 2012). Spain is the seventh largest exporter of commercial services in the world, with a 3.04% global share, and the fourth in the EU, as well as being seventeenth in the world for exporting goods. Since 1999, Spain has been a leading European country for increase in exports, well above Italy, France and the United Kingdom. Since that year, Spain's share in international trade has fallen only by two tenths of a percentage point, from 1.9% to 1.7%, the smallest reduction in the major EU economies. This contrasts with the losses experienced by other countries as a result of the entry into the market of the emerging countries. In the past twenty years, Spanish companies have embarked on a concerted internationalisation process. At present, 62.4% of the turnover of the IBEX 35 companies is generated abroad and in some cases attains higher percentages, close even to 100%. Spanish companies are among the world's leaders in sectors of high added value and major growth potential such as infrastructure management, the electricity sector, renewable energies, logistics, oil refining, high-speed railways, the financial sector, security, automotive sector, biotechnology, environmental technologies, water treatment, aerospace, naval technology, information and communication technologies, health technology, e- health and electronic administration. Spain is also a global benchmark in the field of the social economy. Moreover, Spanish companies are also world leaders in mature sectors, like fashion, agrifood and tourism. According to OECD figures, major Spanish companies are among the most productive internationally. They have demonstrated that they are ready to compete at the highest level, as is reflected by the fact that Spanish firms are now established and provide different services in a wide variety of sectors worldwide: A Spanish company runs Europe's busiest airport, Heathrow; Spanish societies build and run many subway lines in the world's great cities (New York, Mexico, Panama, Miami, Rome etc.); a Spanish company distributes electricity to 120 million people in Spain, the United States, the United Kingdom and Brazil; and a third of the world's air traffic, including 100% of German air space and recently 60% of the Chinese skies, is managed through systems developed and implemented by a Spanish firm. Spain's industrial fabric is highly diversified: The largest corporation in the world's textile sector, with over 6,000 shops spread over the five continents, is Spanish. So are the world's top company in renewable energies, the world's largest cooperative group and the world's leading firms in olive oil and rice production. If we consider the infrastructure sector, Spanish companies head the world ranking for transport infrastructure management, operating almost 40% of the most important concessions in the world (272 transport infrastructures), with the leading three companies in the world and six of the top ten being Spanish. The most important infrastructure project in the Arab world is being undertaken by a Spanish consortium and many engineering works, such as the expansion of the Panama Canal, one of the largest international civil engineering works, is being carried out by consortia led by Spanish companies. Spain is also present in such important sectors as health, in which one of its companies is the world leader in the production of plasma-derived medicines, considered strategic in countries like the United States. Moreover, the world's number one cancer research centre in terms of publications of high scientific quality and their impact and ninth in biomedical research is also Spanish (SCImago 2011). Two of the world's major financial institutions are Spanish, as is the top European telecommunications company in terms of revenue volume. Likewise, two of the world's top ten business schools are Spanish. Creativity, organisational capacity, endeavour and dedication are values which have enabled Spanish companies to occupy the above leadership positions. SPAIN'S POSITIONING 7

8 Nevertheless, it is not only in the business field that Spain holds an important position in the world. Spain is also a caring country, demonstrated by it boasting the world's highest rate of organ donors over the past twenty one years, through its active development cooperation and humanitarian work and through the work of its Armed Forces in major projects relating to international security and stability. Spain also possesses a rich historical and cultural heritage. It has the second most World Heritage sites (UNESCO) and some cultural and creative industries of the highest order, together with a language which displays extraordinary international presence and constant growth. Around 500 million people speak Spanish in the world making it the second most widely-spoken native language, behind only Mandarin Chinese and ahead of English. It is also the second language of international communication. Spain is also a world power in tourism. It is the second leading country in the world for tourist revenue, behind only the United States, Europe's most visited country and the fourth in the world. It is also recognised globally for its quality of life. The following pages provide a more detailed analysis of the positions occupied by Spain and its companies in the diverse sectors of economic activity. It does not include every sector or mention every company with a prominent position, but it does represent a very significant sample which will be completed in forthcoming editions. 8 SPAIN'S POSITIONING

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10 THE SPANISH LANGUAGE The Spanish language is one of the country's principal assets. It grows daily in every dimension: as a native language, as an acquired language, as a language of universal culture, as a language of international communication and as a language of transcontinental economic exchange. Its image is associated with the dissemination of an international culture of quality. 1 Spanish is the world's second most widely-spoken native or mother tongue, behind only Mandarin Chinese and ahead of English (3rd), Hindi (4th) and Arabic (5th). Forecasts indicate that Spanish will maintain its position as the world's second most widely spoken native language. 2 More than 495 million people speak Spanish in the world (7% of the global population), either as a mother tongue (native command), a second language (limited command) or because they study it as a foreign language. 3 By 2030, there will be 535 million Spanish speakers (7.5% of the global population) and 550 million by It is the second language of international communication, after English. 5 It is also the world's second most studied foreign language. Over nineteen million people study Spanish as a foreign language in eighty three countries where it is not an official language, together with the twenty one where it is. The United States has the greatest number, with over six million and a 60% growth estimated over the coming years. 6 Spanish is the third most used language on the internet (7.8% of total users) behind only English (26.8%) and Chinese (24.2%). However, if we consider that Chinese is a language which, in general, is only spoken by natives, Spanish is the second language of internet communication behind English. 7 It is the language which has experienced the greatest growth in internet use (807.4% in the past decade compared with 301.4% recorded by English), above all as a consequence of the incorporation of Latin American users onto the Web. 10 SPAIN'S POSITIONING

11 The Prince of Asturias Foundation has convened since 1981 the Prince of Asturias Awards, annually presented by H.R.H. The Prince of Asturias. Nowadays, more that thirty years later, they are considered one of the most internationally renowned awards. 8 Spanish is the official language in twenty one countries on three continents: Europe (Spain), America (Argentina, Bolivia, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, the Dominican Republic, Uruguay and Venezuela) and Africa (Equatorial Guinea), and also in Puerto Rico. It is also spoken in a further fifty countries without it being the official language. 9 Spanish is one of the six official languages of the United Nations. The other five are English, French, Mandarin Chinese, Arabic and Russian. The United States is the leading non- Spanish speaking country with the largest Spanish-speaking population. Spanish is the second most widely-spoken language after English, with over fifty million speakers. The Spanish language is spoken in 12% of the country's homes. With over 900,000 students, it is also the foreign language which is most studied. The United States is the world's second country in terms of its Spanish-speaking population, behind only Mexico. By 2050, the United States will surpass Mexico as the world's largest Spanish-speaking country, with million Hispanics (30% of its population). Two thirds of American university students study Spanish as a foreign language. Moreover for university students, Spain is the second most popular destination country for completing their studies, only after the United Kingdom. Spanish is a curriculum subject in 90% of primary and secondary schools. The Cervantes Institute has just been opened at Harvard University, the oldest North American university which is ranked the world's best. In the next three or four generations, 10% of the global population will communicate in Spanish. SPAIN'S POSITIONING 11

12 Spanish also occupies leading places in social media. On Twitter, it is the second most used language after English. On Facebook, the number of users is eight hundred million. The GDP of Spanish in the world would be 4.5 billions (millions of millions) dollars: It is estimated that 15% of the Gross Domestic Product (GDP) of a State is linked to its language. The number of speakers, their purchasing power and the international nature of a language are the three key factors which establish the economic power of one language compared to another. Spaniards have won seven Nobel Prizes, five in Literature and two in Medicine. The Prince of Asturias Prizes and Cervantes Prizes enjoy great international prestige. A common language is a multiplying factor for trade between those countries which share it. The sharing of Spanish between twenty one countries increases bilateral trade by 195%. The Cervantes Institute is present in eighty six cities in forty three countries from the five continents as well as on the internet through the Cervantes Virtual Centre. It shows an annual growth of 8% in the number of registrations of Spanish students. The Royal Spanish Academy and the Association of Spanish Language Academies, comprising twenty two institutions in three continents, also perform a key role in the defence, unity and integrity of the Spanish language. There are a total of 2,180 Spanish departments in the universities of one hundred and sixteen countries, excluding Spain. The five countries with the most Spanish departments are: the United States (1,054), Brazil (95), the United Kingdom (75), Germany (64) and Italy (62). The total number of Hispanists is 10,329 in one hundred and four countries, excluding Spain. The five countries with the most Hispanists are the United States (5,498), Germany (463), France (421), Japan (375) and the United Kingdom (317). The world's only historical archive to have been declared of World Heritage by UNESCO is a Spanish archive, the General Archive of the Indies. Spain possesses one of the most important documentary heritages in the Western world. The Simancas Archive was the world's first purpose-built archive, the architect being Juan de Herrera in the time of Philip II (1572). 12 SPAIN'S POSITIONING

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14 BUSINESS LEADERSHIP TECHNOLOGIES FOR PRODUCING AND MANAGING ENERGY A. RENEWABLE ENERGIES Spain is a world leader in this field. It has an industrial network with companies which are prominent in the international arena, established worldwide and heavy investors in R&D&I. This has given them a competitive advantage compared with the rest of the world: Spain is Europe's leading generator of wind power and the fourth worldwide in terms of installed capacity (approximately 22,800 MW at the end of 2012). It has the third largest capacity in photovoltaic solar power in Europe and the fourth in the world, level with the USA. It has the world's largest installed solar thermal power capacity (1,950 MW, at December 2012), with power plants using the four available technologies: tower, parabolic- trough, fresnel and discs on a commercial scale. Spanish companies carry out 73% of the projects in the world. It is the sixth leading primary energy producer in the European Union of biomass. It is the EU's third leading country in installed hydroelectric power (13,226 MW). The world s leading company in renewable energies is Spanish. It is also one of the world's five leading electricity companies. The company with the world's largest installed photovoltaic capacity is Spanish. The world's leading companies in the thermoelectric sector are also Spanish. The world's fourth wind turbine manufacturer, by market share in 2011, is Spanish. Detailed analysis of energy types is as follows: 14 SPAIN'S POSITIONING

15 Groton Wind Farm, New Hampshire (USA) managed by the Spanish firm Iberdrola, the world's leading producer of wind power. Wind Power Spain is the European leader in wind power generation and the fourth in installed power (22,800 MW at the end of 2012) in the world. It also has a thriving industrial fabric, with a presence throughout the world, especially in the USA, China, Latin America, India, South Korea, Australia, North Africa and the rest of the EU. 1 The world's leading producer of renewable energies, principally wind energy, with an installed capacity of over 6,000 MW in Spain and over 14,000 MW in the world at the end of March 2013, is a Spanish company, IBERDROLA, which is present both in onshore and offshore farms. It is one of the world's five largest electricity companies, with activities in forty countries in four continents and distributing electricity to 120 million people. IBERDROLA invests 145 million Euros a year in R&D&I, making it Europe's second largest private investor of this type. It is the leading producer of wind power worldwide and the second biggest player in the USA. It is one of the leading operators in the United Kingdom following its acquisition of Scottish Power. It has one of Europe's largest onshore wind farms in Whitelee, Scotland, with a capacity of over 500 MW, sufficient to provide electricity to 300,000 homes It is Brazil's top electricity company in terms of number of customers, through its subsidiaries Neoenergia and Elektro. It is the leading private energy generator in Mexico, with 5,000 MW capacity, and the country's second electricity producer. It is at the forefront in Offshore Wind Farms technologies, having built and developed some of the world's largest farms: East Anglia (7,200 MW) and West of Duddon Sands (389 MW) in the UK, Saint Brieuc (500 MW) in France and Wikinger (400 MW) in Germany. 2 The world's fourth manufacturer of wind SPAIN'S POSITIONING 15

16 turbines in terms of market share is also a Spanish company, GAMESA. It is one of the world's technological leaders in wind turbine design, installation and maintenance with 30,000 MW installed in thirty countries. It is also a global benchmark in the wind farm promotion, building and sales market. 3 The world's sixth company in wind power installation is ACCIONA, which is also Spanish. It is present in the entire value chain of wind power, from wind turbine design and manufacture to the development, building, exploitation, operation and maintenance of farms. It is the world's second leading company in terms of number of countries with assets. It is the leading wind power producer in Mexico and it runs Latin America's largest complex with this technology. 4 Other companies, such as TECNALIA, NAVANTIA, INGETEAM, GESTAMP WIND, ORMAZÁBAL, IDESA, VICINAY CADENAS and BARLOVENTO, are also prominent in this sector. Special mention should be made of technology centres like CENER, IRCE or the IREC, which participate in key R&D&I projects for improving the competitiveness of wind power technology at a global level. Technological advances are continuous and some of the leading manufacturers like GAMESA and ACCIONA have developed new competitive prototypes which are also adapted to the offshore environment. Photovoltaic Solar Power Spain is Europe's third most important country in terms of installed capacity and the fourth in the world, level with the US. Spanish companies embrace all the activities related to the industry, covering the entire silicon production chain and all the electronic processes for producing polysilicon, ingots, wafers, cells and modules. In the field of concentrated solar energy, Spain is the world's leading country in terms of installed Solar-thermal plant SOLANA in Arizona (USA), under construction, by the Spanish company ABENGOA, will be the world's largest solar power plant. It will store 6 hours of thermal energy, which enables energy production in cloudy periods and after sunset and will avoid the emission into the atmosphere of 475,000 tons of CO2 a year. 16 SPAIN'S POSITIONING

17 Spain is Europe's leading generator of wind power and the fourth worldwide in terms of installed capacity. It has the third largest capacity in photovoltaic solar power in Europe and the fourth in the world. Spain has the world's largest installed solar thermal power capacity. capacity of commercial systems, with a very strong associated industry at a global level. In 2011, Spain had the largest market share in the world, with 65% of the total, followed by the USA and Australia. There are approximately thirty centres (universities, private and public centres) which are devoted to R&D in photovoltaic energy. 1 The leading company in photovoltaic installed capacity is Spanish, ISOLUX CORSÁN, which is present in thirty countries. It has built the largest installation in Europe, specifically in Italy. Beyond Europe, its powerful presence may be noted in India, where it launched its second large photovoltaic plant. 2 One of the world's largest photovoltaic solar plants is built and operated in Portugal by a Spanish company, ACCIONA. It is currently planning to build one in South Africa which will double the previous one in size. 3 The world's top manufacturer of the Silicon metal is also a Spanish company, FE- RROATLÁNTICA, a 100% subsidiary of the VILLAR MIR GROUP. Solar -Thermal Power Spain has the world's largest installed capacity (1,950 MW), with power plants using the four available technologies: tower, parabolictrough, fresnel and disc on a commercial scale. The world's top companies in the solar thermal sector are Spanish. Heavy investment in R&D&I has led to the development of cuttingedge technology in the world. Spanish firms currently participate in 64% of the world's solar thermal projects under construction. 1 The Spanish company ABENGOA is the world's top company in the solar thermal sector, with the following key achievements: The world's first concentrating solar power plant (CSP) using tower technology on a commercial scale was built in 2006 by ABEN- GOA, which is also the owner of the world's largest commercial tower in operation, the PS20. The world's first commercial plants using parabolic-trough collector technology are Spanish, including those of SOLANA (Arizona) and MOJAVE (California) in the United States. SOLANA will be the world's largest solar plant. It will store six hours of thermal energy, which enables energy production in cloudy periods and after sunset and will avoid the emission into the atmosphere of 475,000 tons of CO2 a year. The world's two largest solar towers in California, the Palen Solar Electric Generating System platform, which will provide enough power to meet the demand of 200,000 homes and avoid the emission of seventeen million tons of CO2 during its life cycle, will be built by ABENGOA in consortium with America's Bright Source Energy. The largest plant in the Middle East, Shams-1 (Abu Dhabi, United Arab Emirates) which uses parabolic-trough technology, was also built by ABENGOA for a consortium comprising the UAE's Masdar, France's Total and ABENGOA itself, which will also be responsible for its management and maintenance. The first two solar thermal plants in South Africa, one with parabolic trough collector technology and the other with tower technology are also being built by ABENGOA. 2 ACS-COBRA is the world's third company in solar thermal power. 3 ACCIONA is the fifth largest company in the world in the solar thermal sector. It is a global pioneer, with the launching in 2007 of what was the world's largest solar thermal plant in the Nevada desert (USA), Nevada Solar One. 4 SENER has constructed the world's first commercial scale power plant to apply central tower receiver and molten salt heat storage technology in a central tower configuration with a heliostat field. The Gemasolar Plant, run by TORRESOL ENERGY, has a fifteen hour storage capacity, which enables it to continue producing electricity without sunshine, either at night or when it is cloudy. Therefore, at certain times of the year, the plant is capable of generating SPAIN'S POSITIONING 17

18 electricity uninterruptedly for up to 24 hours. Storage allows a clean source like solar power to become manageable. It is also a global leader in the sector of concentrated solar power (CSP), both for the development of cutting-edge technology and for the number of projects in the pipeline. 21% of the world's solar thermal plants employ SENER technology and 20% of the MW produced in the world comes from power plants which apply technology developed by SENER. 5 ABANTIA and COMSA have designed and built the world's first hybrid biomassthermosolar power plant on a commercial scale, the Borges Solar Thermal Plant. This will enable continuous 24/7 electricity generation. 6 The world's most prestigious publicly-led CSP Research Centre, the ALMERIA SOLAR PLATFORM, is Spanish. 7 The world's most important private concentrating solar research centre, the ABEN- GOA SOLUCAR PLATFORM in Seville, is also Spanish. 8 Many Spanish companies also form part of the industrial fabric of the solar thermal market through the manufacture of key components, like RIOGLASS SOLAR, the manufacturer of mirrors for solar thermal plants. It occupies a key position in the world's mirror market. Biofuels 1 One of the world's largest producers of bioethanol and the only company with a presence in the sector's three leading markets (US, EU and Brazil), is a Spanish company, ABENGOA BIOENERGÍA. The level of resources devoted by the company to technological innovation is particularly significant, having made it a technological leader in fields like cellulosic bioethanol production. 2 One of Europe's top biodiesel producers is INFINITA RENOVABLES, with installed capacity of almost a million tonnes a year. Other important companies are BIO-OILS and ACCIONA. Biomass 1 Spain is the sixth leading primary energy producer in the European Union and possesses technological and industrial experience in most of the subsectors within this field, from obtaining resources to producing fuels, technologies and applications, both thermal and electric. Hydroelectric Power Spain is third leading country in the European Union in terms of installed hydroelectricity capacity (13,226 MW). 1 IBERDROLA is one of the world's top hydroelectricity generators, with over 10,000 MW of installed capacity in Spain, Brazil, the United Kingdom and the United States. Network Management 1 The globally pioneering centre for optimising the way renewable energies are integrated into the grid, especially wind power, the CECRE (Control Centre of Renewable Energies), was created by a Spanish company, RED ELÉCTRICA ESPAÑOLA. Spain has become the first country worldwide to have a control centre for all their wind farms of over 10 MW. The CECRE connects all the wind farms with capacity in excess of 10 MW and can monitor wind power generation in real time and integrate the maximum amount of this power without any risk to the electricity system. It sends timely instructions to wind generators to reduce their output or disconnect when the stipulated safety threshold has been exceeded, while also calculating loss margins in the event of disconnection due to power dips. 2 IBERDROLA runs over a million kilometres of power lines in the United Kingdom, Spain, the United States and Brazil. From the Renewable Energies Operation Centres (CORE) located in Toledo (Spain), Portland Spain is the sixth leading primary energy producer in the European Union and the third in terms of installed hydroelectricity capacity. 18 SPAIN'S POSITIONING

19 A Spanish corporation is one of the world's five largest electricity companies in the world. The first and largest integrated natural gas and electricity firm in Latin America is also Spanish. (USA) and Glasgow (United Kingdom), the company monitors and operates all its world's wind farms, with a total of 14,000 MW. 3 ACCIONA has the world's largest control centre for renewable energy facilities, from which it manages over 9,000 MW produced by wind farms, hydroelectric power plants, photovoltaic and solar thermal plants and biomass plants, spread across the five continents. B. ELECTRICITY AND GAS 1 IBERDROLA is one of the world's five largest electricity companies. 2 ENDESA controls the largest private electricity group in Latin America through Enersis, supplying electricity in five of Latin America's six largest metropolitan areas: Bogota, Lima, Buenos Aires, Rio de Janeiro and Santiago. It is the leading electricity operator in Peru, Colombia, Chile and Argentina, and one of the largest electricity companies in Brazil. It is a benchmark in electric car development, leading the development of one of the largest launch pads for electric mobility in Malaga's Smart City in conjunction with Mitsubishi and Hitachi. 3 The largest international electrical transmission and distribution contractor for the sixth consecutive year, according to the Engineering News Record (ENR) ranking, International Contractors, is a Spanish company, ABEINSA ABENGOA. It is building the largest direct-current transmission line in Brazil, which in turn is one of the world's largest. 4 The world's top cogeneration company is also a Spanish firm, ABEINSA ABENGOA, according to the ENR ranking International Contractors. It is also the leading solar energy contractor and is placed in the world's top five in operations and maintenance activities (O&M). 5 Other Spanish firms occupy leading positions in the installation and maintenance of high-voltage electricity transmission and distribution lines. ISOLUX-CORSÁN is one of the world's leading operators, with over 10,000 kilometres of lines constructed and in the installation phase in the United States, Latin America and Africa. COBRA, ELEC- NOR and SENER are also prominent in the sector. 6 Latin America's leading and largest integrated natural gas and electricity firm is also Spanish, GAS NATURAL FENOSA. It operates in over twenty five countries, has an installed capacity of 15,500 MW worldwide and is the leading gas distribution operator in Latin America. It is the only integrated gas and electricity company in Mexico and the leading natural gas distributor. It is building a hydroelectric plant in Costa Rica which will make it the country's largest private electricity producer. It is one of the world's leading liquefied natural gas (LNG) companies and a benchmark operator in the Atlantic and Mediterranean basins. 7 The world's largest research centre devoted to fusion power will be built by a Spanish company, FERROVIAL, in consortium with the VINCI Group and RAZEL-BEC. 8 The world's first installed offshore gas terminal, the Liquefied Natural Gas storage caisson for the Adriatic Coast, which also holds the European record for the largest sliding surface, was built by a Spanish company, ACCIONA. 9 One of China's most important liquefied natural gas terminals was also built by a Spanish company, TÉCNICAS REUNIDAS. Europe's leading regasification plant is owned by a Spanish company, ENAGAS, the company with the most facilities of this type in Europe. The construction of the MEDGAZ gas pipeline, one of the world's two deepest marine gas pipelines with the greatest diameter, is run by a Spanish company, CEPSA. SPAIN'S POSITIONING 19

20 It connects Algeria and Spain and reaches a depth of 2,000 metres in the Mediterranean. C. OIL 1 Europe's leading company for engineering and turnkey refinery construction, the third in the Middle East and the sixth in the world, is Spanish, TECNICAS REUNIDAS, in spite of the country not being a crude oil producer. It is one of the leading contractors in the oil and gas sector of the Gulf oil industry. 2 Europe's largest refinery, in Turkey, is being built by a Spanish firm, TÉCNICAS REUNIDAS, as is Russia's largest hydrocracker in the Volgograd Refinery, for Lukoil, one of the world's leading oil companies. 3 The Spanish company REPSOL is one of the world's top ten private oil companies. It is present in thirty countries and strategically located in the world's most hydrocarbonprolific zones. It is the oil and gas company which in the past five years has carried out five of the world's most important hydrocarbon discoveries and the largest hydrocarbon field in Brazil. It is the leading company in the Peruvian refining market. It is one of the leading suppliers of aviation fuels to commercial airlines worldwide. It owns Europe's most modern diesel factory, located in Cartagena, Spain. Repsol's Kaleidoscope R&D project, which entirely uses the company's own technology to process seismic images and is environmentally friendly, has been chosen as one of the world's five most innovative projects by the Oil platform in deep waters operated by Repsol, one of the world s top ten private oil companies. 20 SPAIN'S POSITIONING