Repsol

Repsol, Petronor and BBK reach an agreement on CLH

Press Release

25 March 2010 17:46 CET

Repsol, Petronor and BBK today signed an agreement through which BBK acquires 5% of Compañia Logistica de Hidrocarburos (CLH) held by Petronor. The holding was sold for 145 million euros, representing a net capital gain for the Repsol Group, once taxes and minority shareholdings are excluded, of 107 million euros.

With this transaction, Repsol has reduced its holding in CLH to 10% and aims to cut its stake in the transport company by an additional 5%, with Citigroup acting as advisor. As part of the transaction, Petronor has transferred to Repsol in the same conditions the remaining 0.33% it owned in CLH.

By acquiring this 5%, BBK takes a position in a company that, by its positioning in the logistics services sector for storage, transport and distribution of hydrocarbons, is strategic for the economy and the industrial activity of the country. CLH is also a company with low leverage and is financially sound, due to growth and recurrent flows. 

Following this transaction, both BBK and Repsol wish to express their full support of CLH's strategy and management, and Repsol reaffirms its intention to remain as shareholder and first industrial client of the logistics company.

CLH provides service to the majority of operators in Spain. It has one of the largest and most efficient hydrocarbons logistical networks in the world, with more than 3,800 kilometres of oil transport pipelines, 37 storage centres with a total capacity of more than 7 million cubic metres and 29 airport storage centres. In 2009, the company’s revenue was 592 million euros with an EBITDA of 302 million euros.