Gulf Oil and Gas accountACCOUNT

Repsol & Sinopec Form an Alliance in Brazil

Source: 10/1/2010, Location: South America

Share |
Repsol and China’s Sinopec have entered into an agreement to jointly develop the projects of Repsol Brasil, the upstream subsidiary of Repsol in Brazil, creating one of Latin America’s largest energy companies, valued at $17.773 billion.

Repsol Brasil’s assets are currently valued at US$10.664 billion. Under the terms of the agreement, Repsol Brasil will increase its share capital by issuing new shares to which Sinopec will fully subscribe. On completion of the transaction, Repsol will hold 60% of the shares of Repsol Brasil while Sinopec will hold 40% of the shares.

The injection of funds generated by this transaction will allow Repsol Brasil to fully develop all of its current projects, which include some of the world’s largest exploratory discoveries in recent years.

The agreement between Repsol and Sinopec involves full collaboration in the development of the existing projects in Brazil, and allows for both companies to continue expanding their activity in that country jointly or independently. The agreement is subject to the approval of the competent authorities.

For Repsol Chairman Antonio Brufau “the deal is a good reflection of the value created by the investment of technical, human and material means by Repsol in exploration, particularly in Brazil’s pre-salt offshore in the last few years.”

“We are very pleased to share the development of Repsol’s Brazilian subsidiary with an internationally renowned and experienced partner as is Sinopec. Together we can help expand business relations between our countries,” Brufau added.

Brazil’s offshore boasts one of the world’s fastest-growing oil and gas reserves. The deal highlights the enormous international interest in this historic moment for Brazil, and particularly for the Santos Basin pre-salt activity led by Petrobras.

Mergers and Acquisitions News in Brazil >>

Saudi Arabia >>  8/12/2018 - Saudi Aramco, Air Products, and ACWA Power announced the signing of a Term Sheet to form a Gasification/Power joint venture (JV) located at Jazan Econ...
Poland >>  8/9/2018 - Horizon Petroleum Ltd. has entered into a Letter of Intent (“LOI”) with a private European entity (the “Farmee”) for a farm-in on the Lachowice conven...

United Kingdom >>  8/9/2018 - RockRose Energy, the independent oil and gas company, is pleased to announce that it has signed a Sale and Purchase Agreement to acquire a 20.43% inte...
Azerbaijan >>  8/8/2018 - Keppel Corporation Limited (KCL) refers to its announcement dated 20 September 2013 on the development of a shipbuilding and shiprepair facility in Ba...

United Kingdom >>  8/6/2018 - RDS, a KCA Deutag business, and Kavin Engineering And Services Private Limited ("Kavin") are delighted to announce that they have entered into a strat...
United States >>  8/6/2018 - Kosmos Energy (KOS) announced that the company has entered into an agreement to acquire Deep Gulf Energy (DGE)1, a leading deepwater company operating...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Brazil Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

More News


Oil & Gas Companies in Brazil >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.