MADRID | By Luis Arroyo | During the so-called Transition period in Spain, a new entrepreneurial force should have arisen, but there was a destruction of the nationalized companies. Thus, the country doesn’t have strong big firms. Something is wrong with the Spanish fiscal system.
MADRID | By Julia Pastor | Sovereign funds’ bet on Spanish companies continued to be strong during 2012-13. Spain and its brands were these global investors’ favourite picks in the euro zone, overcoming English, German or French firms. The trend is to be renowed in 2014 because of their strong presence in the emerging markets of Latin America.
MADRID | By Fernando G. Urbaneja and Julia Pastor | Repsol is a “rara avis”, a private and listed firm, with public shareholders and indirectly supported by the Spanish government.
MADRID | By Julia Pastor | Repsol’s Board of Directors will consider a proposal from the Argentinian government according to which Repsol would drop their dispute on YPF without any economic compensation and be given in return some stake of a joint venture company to develop 6% of Vaca Muerta’s field oil and gas reserves.
MADRID | By Julia Pastor | Repsol’s sites in the United States will receive 30% of almost €3 billion total investment, followed by Brazil, which will be assigned 21%.
MADRID | via valenciaplaza.com | Although there have been no agreement in previous occasions, Argentinian commentators describe Fainé as more ‘open-minded’ than Repsol’s president Antoni Brufau, who would favour legal action against the Kirchner government.
MADRID | Repsol has sold its own treasury shares, amounting to 5% of the company’s stock, to Singapore’s Temasek for 1.036 billion euros. Together with existing shareholdings in Repsol, Temasek now owns 6.3% of Repsol’s outstanding shares.
MADRID | Shell will acquire the assets for $4.4 billion in cash and will assume $2.3 billion in financial leases ($1.8 billion) and debt ($0.5 billion in non-consolidated investments.) The deal reduces net debt by more than half (excluding Gas Natural Fenosa) to 2.2 billion euros.
Sapinhoa is one of Brazil’s largest oil fields, with estimated reserves of 2.1 billion barrels of high quality oil. In the next 18 months Repsol’s platform should reach its daily production peak of 120,000 barrels.
The company has been recognised as the energy company with the best environmental performance in 2012. For the second consecutive year, Repsol leads the Green Ranking of the energy sector that evaluates environmental practices of the world’s top 500 major listed companies.