In October 1986, with symbolic capital of 60,000 pesetas, the National Institute of Hydrocarbons (INH) set up Repsol S.A. as a result of the reorganization of the Spanish oil sector and adaptation to changes at a global level. Our activity included the exploration, production, transport and refining of oil and gas.
We came to have five subsidiaries: Exploración (formerly Hispanoil), Petróleo (formerly ENPETROL), Butano (formerly Butano, S.A.), CAMPSA, and Petronor. Repsol Química (Alcudia), initially a subsidiary of Repsol Petróleo, later also became another subsidiary.
We got our name from the lubricant brand sold by REPESA as it was well-known and the name was easy to pronounce in different languages. The objective was to make it a leading brand with prestige and a global reputation.
The first step toward privatizing the company was taken on February 8th, 1989, when a contract was signed between INH, Repsol and the BBV. The contract stated that BBV would take shares in Petronor in exchange for INH shares in Repsol. We took on a debt with the INH for the value that it would have in the company's first distribution of shares in the stock market. Following this transaction, Repsol's share in Petronor rose to nearly 55%, and to more than 60% in Campsa.
Between January 1990 and March 1992, after a series of shares were exchanged between INH, Repsol, and the Mexican company PEMEX, the latter acquired 5% of Repsol, while Repsol acquired 88.3% of CAMPSA and 68.12% of Petronor.
In November, the separation of Campsa's commercial activities was approved to distribute its commercial assets among its shareholders (Repsol, Cepsa, BP). A new oil sees the light of day: Repsol Competition, developed thanks to tests performed by company-sponsored riders.
In December 1992, an end was put to the oil monopoly. Campsa changed its company name to "Compañía Logística de Hidrocarburos" (CLH).
In 1995, the state-owned industrial holding company (SEPI) was founded under the control of Spain's Ministry of Industry and Energy. All of INH's holdings in Repsol, ENAGAS, Sagane, and Gas Natural SDG were transfered to it.
In April 1997, Repsol's privatization process was concluded. The last of five IPOs for selling shares was set forth, which comprised 10% of the share capital (30 million shares) that still belonged to the state-owned industrial holding company (SEPI).