Exhibit 2.5  Pricing Supplement dated 18 July 2003.  REPSOL
INTERNATIONAL FINANCE B.V.
Issue of Euro 1,000,000,000 5 per cent. Guaranteed Notes due 2013
Guaranteed by Repsol YPF, SA
under the Euro 5,000,000,000 Euro Medium Term Note Programme  This document constitutes the Pricing
Supplement relating to the issue of Notes described herein. Terms used herein
shall be deemed to be defined as such for the purposes of the Conditions set
forth in the Offering Circular dated 21 October 2002. This Pricing Supplement
must be read in conjunction with such Offering Circular.  1
  
  (i)
  Issuer:
  
  Repsol
  International Finance B.V.(ii)
  Guarantor:
  
  Repsol YPF,
  S.A.2
  
  (i)
  Series
  Number:
  
  4(ii)
  Tranche
  Number:
  
  13
  
  Specified
  Currency or Currencies:
  
  Euro4
  
  Aggregate
  Nominal Amount:(i)
  Series:
  
  Euro
  1,000,000,0005
  
  (i)
  Issue Price:
  
  99.807 per
  cent. of the Aggregate Nominal Amount(ii)
  Net
  proceeds:
  
  Euro
  994,570,0006
  
  Specified
  Denomination:
  
  Euro 10,0007
  
  (i)
  Issue Date:
  
  22
  July 2003(ii)
  Interest
  Commencement Date
  
  Issue Date8
  
  Maturity
  Date:
  
  22
  July 2013, subject to adjustment in accordance with the Modified
  Following Business Day Convention9
  
  Interest
  Basis:
  
  5 per cent.
  Fixed Rate10
  
  Redemption/Payment
  Basis:
  
  Redemption
  at par11
  
  Change of
  Interest or Redemption/Payment Basis:
  
  Not
  applicable12
  
  Put/Call
  Options:
  
  Not
  applicable  1 
   13
  
  Listing:
  
  Luxembourg14
  
  Method of distribution:
  
  SyndicatedPROVISIONS RELATING TO INTEREST PAYABLE15
  
  Fixed Rate Note
  Provisions
  
  Applicable(i)
  Rate of Interest:
  
  5 per cent. per annum payable annually in
  arrear(ii)
  Interest
  Payment Date(s):
  
  22
  July in each year, commencing on 22 July 2004 up to and including
  22 July 2013, subject to adjustment in accordance with the Modified
  Following Business Day Convention(iii)
  Fixed Coupon
  Amount:
  
  Euro 500 per
  Euro 10,000 in nominal amount(iv)
  Broken Amount:
  
  Not applicable(v)
  Day Count Fraction (Condition 4(k)):
  
  Actual/Actual -
  ISMA(vi)
  Determination Date(s) (Condition 4(k)):
  
  Interest Payment Dates(vii)
  Other terms relating to the method of
  calculating interest for Fixed Rate Notes:
  
  Not Applicable16
  
  Floating Rate
  Provisions
  
  Not applicable17
  
  Zero Coupon Note
  Provisions
  
  Not applicable18
  
  Index Linked
  Interest Note Provisions
  
  Not applicable19
  
  Dual Currency Note
  Provisions
  
  Not applicablePROVISIONS RELATING TO REDEMPTION20
  
  Call Option
  
  Not applicable21
  
  Put Option
  
  Not applicable22
  
  Final Redemption Amount
  
  Aggregate
  Nominal amount23
  
  Early Redemption Amount(i)
  Early
  Redemption Amount(s) payable on redemption for taxation reasons (Condition
  5(c)) or an event of default (Condition 8) and/or the method of calculating
  the same (if required or if different from that set out in the Conditions):
  
  Aggregate
  Nominal amount plus interest accrued to the date fixed for such early
  redemption.(ii)
  Redemption
  for taxation reasons permitted on days other than Interest Payment Dates
  (Condition 5(c)):
  
  Yes  2 
   (iii)
  Unmatured
  Coupons to become void upon early redemption (Bearer Notes only) (Condition
  6(e)):
  
  YesGENERAL PROVISIONS APPLICABLE TO THE NOTES24
  
  Form of Notes:
  Bearer Notes(i)
  Temporary or
  permanent global Note:
  
  Temporary
  Global Note exchangeable for a permanent Global Note which is exchangeable
  for Definitive Notes in the limited circumstances specified in the permanent
  Global Note(ii)
  Applicable
  TEFRA exemption:
  
  D Rules25
  
  Additional
  Financial Centre(s) (Condition 6(g)) or other special provisions relating to
  payment dates:
  
  Not
  Applicable26
  
  Talons for
  future Coupons or Receipts to be attached to Definitive Notes (and dates on
  which such Talons mature):
  
  No27
  
  Details
  relating to Partly Paid Notes: amount of each payment comprising the Issue
  Price and date on which each payment is to be made and consequences (if any)
  of failure to pay, including any right of the Issuer to forfeit the Notes and
  interest due on late payment:
  
  Not
  Applicable28
  
  Details relating to Instalment Notes:
  
  Not Applicable29
  
  Redenomination, renominalisation and
  reconventioning provisions:
  
  Not applicable30
  
  Consolidation provisions:
  
  Not applicable31
  
  Other terms or special conditions:
  
  Not ApplicableDISTRIBUTION32
  
  (i)
  If syndicated, names of Managers:
  
  Banco Bilbao Vizcaya Argentaria, S.A. Banco
  Santander Central Hispano, S.A. Barclays Bank PLC Citigroup Global Markets
  Limited InverCaixa Valores, S.V.B., S.A. ABN AMRO Bank N.V. BNP PARIBAS
  Merrill Lynch International Morgan Stanley & Co. International Limited(ii)
  Stabilising Agent (if any):
  
  Banco Bilbao
  Vizcaya Argentaria, S.A.  3 
   (iii)
  Managers Commission:
  
  0.35 per cent.33
  
  If non-syndicated, name of Dealer:
  
  Not Applicable34
  
  Additional selling restrictions:
  
  The following
  language shall replace, for this issue of Notes, in their entirety the
  paragraphs with the similar heading included in the Subscription and Sale 
  Selling Restrictions section of the Offering Circular dated 21
  October 2002:The NetherlandsEach Manager has inter alia represented and agreed that the Notes may only
  be offered (i) to persons who are established, domiciled or have their
  residence (collectively, are resident) in The Netherlands who trade or
  invest in securities in the conduct of their profession or trade within the meaning
  of the Netherlands Act on the Supervision of Securities Trade 1995 (Wet toezicht effectenverkeer 1995)
  (which includes credit institutions, securities institutions (including
  dealers and brokers), investments institutions, insurance companies, pension
  funds, central governments, large international and supranational
  organisations and other comparable entities, and other institutional
  investors including, inter alia,
  treasuries and finance companies of large commercial enterprises, which trade
  or invest in securities in the conduct of a business or profession) and (ii)
  to persons who are resident outside The Netherlands, provided that (a) the
  offer, the Offering Circular and this Pricing Supplement  comply with the laws and regulations of
  any state where the persons to whom the offer is made are resident and (b) a
  statement by the Issuer that those laws and regulations are complied with, is
  submitted to the Netherlands Authority for the Financial Markets before the
  offer is made.  4 
   SpainThe Notes
  may be offered to institutional investors in Spain in accordance with the Información Complementaria, which
  substantially contains the information set out in the  Pricing Supplement relating to such Notes
  with, the Comisión Nacional del Mercado de Valores (CNMV) and which
  supplements the prospectus, in international format, of the Issuer relating
  to the Programme (Folleto Informativo
  Completo de Programa de Emisión de Eurobonos Garantizados) and the
  prospectus of the Guarantor (Folleto
  Continuado) registered with the CNMV on 8 July 2003 and 2
  July 2003, respectively.OPERATIONAL INFORMATION35
  
  ISIN Code:
  XS017275135536
  
  Common Code:
  01727513537
  
  Any clearing system(s) other than Euroclear
  and Clearstream, Luxembourg and the relevant identification number(s):
  
  Not applicable38
  
  Delivery:
  
  Delivery against payment39
  
  The Agents appointed in respect of the
  Notes are:
  
  Citibank, N.A. London Branch and Dexia
  Banque International à Luxembourg S.A.GENERAL40
  
  Additional steps that may only be taken
  following approval by an Extraordinary Resolution in accordance with
  Condition 11(a):
  
  Not applicable41
  
  The aggregate principal amount of Notes
  issued has been translated into euro at the rate of [], producing a sum of
  (for Notes not denominated in euro):
  
  Not applicableLISTING APPLICATIONThis Pricing
  Supplement comprises the details required to list the issue of Notes
  described herein pursuant to the Euro 5,000,000,000 Euro Medium Term Note
  Programme of Repsol International Finance B.V.STABILISINGIn
  connection with this issue, Banco Bilbao Vizcaya Argentaria S.A. (the Stabilising Agent) or any person acting
  for it may over-allot or effect transactions with a view to supporting the
  market price of the Notes at a level higher than that which might otherwise
  prevail for a limited period.  5 
   However,
  there may be no obligation on the Stabilising Agent or any person acting for
  it to do this.  Such stabilising, if
  commenced shall be in compliance with all applicable laws, regulations and
  rules and, may be discontinued at any time, and must be brought to an end
  after a limited period.MATERIAL ADVERSE CHANGE STATEMENTThere has
  been no significant change in the financial or trading position of the
  Issuer, the Guarantor or of the Group as a whole since 30 June 2002 and
  no material adverse change in the financial position or prospects of the
  Issuer, the Guarantor or of the Group as a whole since 31 December 2002.STATEMENT FOR THE PURPOSE OF THE DUTCH SECURITIES REGULATIONSThe offer of
  the Notes, the Offering Circular and this Pricing Supplement comply with the
  laws and regulations of any state where the persons to whom the offer is made
  are resident.  The statement above has
  also been submitted to the Netherlands Authority for the Financial Markets.RESPONSIBILITYThe Issuer
  and the Guarantor accept responsibility for the information contained in this
  Pricing Supplement which, when read together with the Offering Circular
  referred to above, contains all information that is material in the context
  of the issue of the Notes.   Signed on behalf of the Issuer:By:
  
  
  By:Duly authorised
  
  Duly authorised   Signed on behalf of the GuarantorBy:Duly authorised  6