Repsol

Investments at year-end 2009

Taking into account the 30% holding in Gas Natural Fenosa controlled by Repsol, investments during the year reached 5.060 billion Euros, compared to 894 million in 2008. The increase responds to the incorporation of the investments of Unión Fenosa, mainly in electricity generation and distribution.

Alternatively, in accordance with the commitments undertaken before the Comisión Nacional de la Competencia (CNC), Gas Natural Fenosa has divested, or is committed to divest, 3.6 billion Euros in assets. The divestment of 2,000 MW of combined cycles in Spain is also pending.

Among the divestments which have already been undertaken, totallling almost 2 billion euro, are the sales of financial shares (Cepsa, Red Eléctrica Española, Isagén, Enagás and Indra), 256,000 gas supply points in Spain and its holding in the Colombian company Empresa de Energía del Pacífico, S.A. ESP (EPSA). The divestments comitted to come to over 1.6 billion euro and correspond to the sale of 504,000 gas supply points in the Self-governing Region of Madrid and of certain energy assets in Mexico. 

In October 2009, Gas Natural Fenosa closed three issues of bonds in the Euromarket at three, seven and twelve years for 500, 1,000 and 750 million Euros, respectively. In January 2010 it closed three more bond issues at five, eight and ten years for 650, 700 and 850 million Euros, respectively.

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