Repsol approves the 2012-2016 Strategic Plan and a new Organisational Structure

Press Release 28/05/2012 00:00
  • Alliance Oil Company has transferred its upstream company Saneco to the joint venture with Repsol. 
  • Repsol contributed $37 million in cash to the joint venture and paid $36 million in cash to Alliance Oil.
  • Alliance Oil holds a 51% stake and Repsol has a 49% stake in the joint venture.

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Repsol's Board of Directors today approved the company's new Strategic Plan for the period 2012-2016, which will be presented to investors tomorrow.

Furthermore, in order to promote the development of this Plan and focusing on the vision for the future, the Board of Directors has also unanimously approved a new organisational structure, as proposed by the President and following a report drawn up by the Appointments and Remuneration Committee, reinforcing both the corporate and business areas of the company.

To facilitate the growth of these two areas, Repsol is concentrating management on the Business Management Division (COO), headed by Nemesio Fernández-Cuesta. 

This area will be comprised of the Exploration and Production Executive Managing Division, the former Downstream Executive Managing Division, which will be split into two major areas: Industrial (Refining and Chemical) and New Energies, plus Commercial (Marketing and LPG), together with Trading and Transport, as well as LNG and Resources (Engineering and Purchasing & Contracts).

In order to promote the active development of the Company Strategy, based on the anticipation of opportunities, management control and promoting technology as a driving force for transformation, the Strategy and Control Management Division has been established, headed by Pedro Fernández Frial.

This Executive Managing Division will incorporate the following areas: Strategy, Technology, Safety and Environment, Studies and Analysis of Surroundings, Management Control, Auditing and Group Reserves Control.

Repsol's new organisational structure reinforces high-level management, with the inclusion of the new Executive Directors from Exploration and Production (Luis Cabra) and the Industrial and New Energies Area (Josu Jon Imaz) in the Executive Committee.

This means that the company's new organisational structure will be as follows:

Executive Committee
  • Antonio Brufau, Chairman and Chief Executive Officer.  
  • Luis Suárez de Lezo, Executive Director Legal Affairs and Secretary of the Board and of the Council.
  • Nemesio Fernández-Cuesta, Executive Managing Director of Businesses.
  • Pedro Fernández Frial, Executive Managing Director of Strategy and Control.
  • Miguel Martínez San Martín, Chief Financial Officer and Executive Managing Director of Development.
  • Cristina Sanz Mendiola, Executive Managing Director of People and Organisation
  • Begoña Elices, Executive Managing Director of Communication and Chairman's Office.
  • Luis Cabra, Executive Managing Director of Exploration and Production.
  • Josu Jon Imaz, Executive Managing Director of the Industrial Area and New Energies.