In Spain, REPSOL YPF and GAS NATURAL will be merging their natural liquid gas activities to become the third largest player in the world in this arena. The partners will be setting up a joint venture with 50-50 parity, responsible for the transport and commercialisation of the gas. Another company will be set up to deal with the exploration and production of the gas, which will be 60% controlled by REPSOL and 40% by GAS NATURAL.