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06 October 2006
Nexia Laes is delighted to have won a large long-term European Commission contract, seeing off competition from several big Spanish auditing firms. Nexia Laes’ appointment as trustee will entail verifying the compliance of certain commitments offered by REPSOL-YPF (one of the largest worldwide Spanish companies operating in the oil market) to the European Commission. REPSOL-YPF's end goal is to open up the service stations market in Spain, where REPSOL-YPF has a predominant position, giving approximately 500 service stations the opportunity of terminating their exclusive fuel supply contracts with REPSOL-YPF.
Nexia Laes has to supervise the process of terminating all contracts and verify the cost of the redemption indemnity, which has to be calculated as agreed with the European Commission.
The period of the commitment starts in September 2006 and runs until December 2011.
This appointment is of great importance to Nexia Laes; the fact that the European Commission has placed its trust in Nexia Laes may well lead to a hotbed of future opportunities. In addition, the appointment has been well covered by the Spanish economic press because of the importance of the company involved and, consequently, Nexia Laes has become much better known than it was three months ago!
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