BBVA, TELEFONICA, REPSOL AND IBERIA CREATE INTERNET GATEWAY.
The Bilbao Vizcaya Argentaria bank (BBVA), the telecommunications company Telef[cent]nica, the petroleum company Repsol-YPF and the airline Iberia, have created a joint venture to develop a Internet gateway that will permit the four Spanish companies to procure non-productive goods and services, thus reducing their procurement costs. Non-productive goods account for between 20% and 25% of total procurement by the four companies and represent a combined total of 1,000 billion Pesetas (Euro 6.01 billion). The company will be open to national associates interested in the sale and procurement of products via the new gateway, both in Spain and Abroad. The new gateway which will also include a payment system and an on-line financial facility, has been developed in...
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