Repsol successfully completes the capital increase in Brazil, subscribed in its entirety by Sinopec

Press Release 28/12/2010 15:34
  • Antonio Brufau: “With this transaction, concluded in a short time, we have created one of Latin America’s largest energy companies, in one of the countries with greatest economic push in the world”..
  • The Shareholders’ Meeting of Repsol Brazil, held today in Rio de Janeiro (Brazil) approved a capital increase worth $7.1 billion, subscribed in its entirety by Sinopec.
  • Repsol holds 60% of the share capital of the Brazilian company and Sinopec the remaining 40%. These shareholdings are reflected in the composition of the Board of Directors and company management.
  • The Board of Directors will be chaired by Nemesio Fernandez-Cuesta and, Graciano Rodriguez Mateos will continue as Chief Executive Officer (CEO).
  • This transaction generates for Repsol an accounting capital gain of $3.8 billion.
  • The funds generated by this transaction ensure the necessary investments for the development of the Brazilian offshore assets, which include some of the world’s largest exploratory discoveries such as Guara and Carioca.
  • “This agreement becomes a milestone in the development of Repsol’s exploratory strategy and is a good value reflection of our commitment in Brazil, with a great industrial partner as is Sinopec”, said Repsol Chairman, Antonio Brufau. .    

28 December 2010 - 00:00 CET | PDF | 282.92 KB