Who is repsol

The government would determine each refinery's contribution to the national supply. Each refinery had to offer its product to CAMPSA, which then sold to consumers through its monopoly distribution network. To protect the balance of payments, refineries had to purchase a set percentage of their crude requirements from the Spanish government. This was known as the "Government Quote" and reached a height of 50 percent in , then declined until it was removed in After wildcat failures, an association of Caltex and CAMPSA made the first discovery of oil in the "la Lora" concession and produced small amounts of low-grade crude oil in In offshore drilling began, and ten years later joint ventures discovered substantial quantities off the Mediterranean coast.

By the early s five offshore producing fields were in operation. The rapid expansion of the Spanish economy created a 15 percent increase in annual oil consumption. When the share of imported crude reached 73 percent of the country's total supply share in , the government initiated a policy of encouraging more foreign participation to build refineries.

It hoped to offset the costs of imported crude with exports of refined products. Shortly afterward, it attempted to cushion the shock of the first Arab oil boycott and OPEC-induced price rises by lowering taxes on products, with the result that only some of the costs were passed on to consumers. The state retained 72 percent of the shares. An attempt to develop the First National Energy Plan was soon abandoned in and the country was without a coordinated energy plan until Authority for the use and production of energy was dispersed among different agencies, departments, and public companies.

Francisco Franco died in and Spain passed into a new democratic era. In October , the Spanish government and political leaders signed the Pacts of Moncloa, which attempted to establish a consensus for political and economic change. Included were provisions for the reorganization of the energy sector. According to the plan, a reorganization of public entities was required because exploration had failed to develop. The structure of the industry was fragmented and lacked vertical integration.

On December 18, , all public participations in the oil sector were brought together in one holding company: INH. Minority foreign shareholders in Spanish public oil companies were gradually bought out.

During the negotiations for Spain's entry to the EC, it became increasingly clear that Spain would have to dismantle its formal government monopoly in marketing. Negotiators hoped to avoid a situation in which the EC would require CAMPSA to offer its distribution network and services to every interested foreign company.

Shortly afterward, INH was reorganized into a divisional structure: Hispanoil exploration, Enpetrol refining, Alcudia petrochemicals, Butano liquefied petroleum gas, and Enagas natural gas distribution. In September , all these divisions, except Enagas, were incorporated into the new Repsol S. The name Repsol, formerly a trademark for lubrication products, was chosen after extensive marketing research because it was short, widely recognized in Spain, and easy to pronounce in other languages.

It was envisaged that Enagas would be added to Repsol at some future point. The time was not yet appropriate because it had an ambitious investment program, which would generate insufficient immediate returns.

In Spain joined the EC under a phased plan to enable the country's protected industries, including the oil industry, to adapt to EC regulations. With the creation of Repsol, the government hoped to create an integrated national oil company that would be able to compete successfully in the post single European market.

By changing the structure from that of a government agency to a company in which the government retained a majority stake through INH, an arm's-length relationship was established that might satisfy critics of the Spanish government's close involvement with its oil industry.

The INH also wanted to have a strong domestic oil company able to develop an overall strategy including exploration, production, refining, and distribution.

The EC Commission was reluctant to accept Repsol's dominant role in CAMPSA because Article 37 of the Treaty of Rome declared that member states should adjust commercial monopolies to the extent that all discrimination in trade between citizens of member states disappeared. Also, Article 48 of Spain's treaty of adhesion to the EC required Spain to open up its frontiers to the importation of oil products originating from the EC. In December , the EC Commission warned Spain that it would be taken to the European Court if it did not take further steps to liberalize the market.

A decision had already been made to sell 26 percent of Repsol to the public, both in Spain and abroad. Repsol and the government were impressed with similar privatizations in the United Kingdom. It was believed that a partial flotation would not only raise money and make it easier for the company to secure private sector finance, but also introduce a private sector discipline and increase the international stature of the company.

INH would continue to hold a two-thirds share to ensure government control. The May share issue, on the Madrid and New York stock markets simultaneously, was successful beyond expectations. The initial offering of 40 million shares was heavily oversubscribed and a further issue equivalent to ten percent of the original had to be made. The issues were so attractive that at least three brokerage firms were later successfully prosecuted for irregularities in the flotation by the Comision Nacional de Valores CNV , the Spanish stock market supervisory body.

At the beginning of , Repsol acquired the Naviera Vizcaina shipping company to increase its own marine fleet and avoid rising charter rates. The deal included a five-year supply contract by Pemex and envisaged cooperative ventures in Mexico. Repsol intended to develop a market for its products in the United Kingdom through the Carless chain of service stations. By , Spain still had only 5, service stations. The United Kingdom, by comparison, had 20, Foreign companies had only opened seven in Spain, and Repsol's Spanish competitors had opened only With 13 million customers, the subsidiary Repsol Butano had percent of Europe's largest market for butane.

But prices for liquefied petroleum gas were soon to liberalized. Brittan warned that the commission would keep a close watch on Spanish interpretations of regulations, the dominant position of Repsol in CAMPSA, and the slow development of independent outlets. He said the commission would reexamine a possible court action against Spain if the Spanish market were not fully opened up to foreign competitors.

In Repsol refined more than 60 percent of all the crude processed in Spain, distributed all liquefied petroleum gas, and produced half the petrochemical and oil products. In the division took place, with Repsol gaining about two-thirds of the stations as well as the use of the service station brand name Campsa the company continued to also use the Repsol and Repshop brands. Market liberalization continued in Spain into the mids, resulting in increased competition for Repsol and the loss of some of its clout, such as from the dissolution of CAMPSA.

Competitors entering the Spanish market included British Petroleum which took over Petromed, a small refiner, and the French oil powerhouse Elf which bought a stake in CEPSA, the largest private refiner in the country.

The Upstream segment carries out oil and natural gas exploration and production activities, and manages its project portfolio. The Downstream segment includes covers the supply and trading of crude oil and other products; oil refining and marketing of oil products, and the production and marketing of chemicals. It owns and operates five refineries in Spain Cartagena, A Coruna, Bilbao, Puertollano and Tarragona with a combined distillation capacity of approximately thousand barrels of oil per day.

The Company operates La Pampilla refinery in Peru, which has an installed capacity of approximately thousand barrels of oil per day. Its Chemicals division produces and commercializes a range of products, and its activities range from basic petrochemicals to derivatives. Contact Info. Mendez Alvaro, Executive Leadership. Antonio Brufau Niubo. Chairman of the Board. Josu Jon Imaz San Miguel. Chief Executive Officer, Executive Director. Manuel Manrique Cecilia. Non-Executive Deputy Chairman of the Board.

Antonio Lorenzo Sierra. Chief Financial Officer. Miguel Klingenberg Calvo. Corporate Director of Legal Affairs. New Stories. Six-times MotoGP world champion Marc Marquez will miss the season finale at the Valencia Grand Prix this weekend after being ruled unfit following an off-road training accident last week, race organisers said on Tuesday. Spanish energy company Repsol on Thursday said it would raise its dividend and buy back shares after strong oil and gas prices helped to lift third-quarter profit above pre-pandemic levels.

Spain's Repsol said on Thursday it would raise its dividend and buy back shares after strong oil and gas prices helped its third-quarter profit rebound above pre-pandemic levels.

Spanish energy firm Repsol started oil production at Norway's Yme field on Monday, the company said in a statement, applying new technology to bring the North Sea petroleum reservoir back on stream 20 years after it was first abandoned. Spanish energy group Repsol said on Thursday it plans to invest 2. Six-times world champion Marc Marquez led from start to finish to secure a seventh win at the Grand Prix of the Americas on Sunday as Fabio Quartararo finished in second to strengthen his grip on the MotoGP world championship race.

Pol Espargaro claimed his first pole position as a Repsol Honda rider after setting the fastest time in qualifying at the British Grand Prix at Silverstone on Saturday. Spain's Repsol hiked its target for building new renewable energy capacity on Thursday after rebounding oil and gas prices pushed its second-quarter earnings close to levels seen before the COVID pandemic strangled demand for fuel. Spain's Repsol posted an adjusted net profit of mln euros for the second quarter on Thursday, bouncing back from a loss in the same period a year ago thanks to higher oil and gas prices and a pick-up in travel after widespread lockdowns to contain the coronavirus pandemic Hugo Millan, a year-old Spanish rider, died on Sunday after he was involved in a serious collision in a junior championship race at the MotorLand Aragon in Spain.

Mexico's tax authority has suspended 82 companies from its list of approved importers, including Spanish energy giant Repsol and a Kansas City Southern KCS rail unit, the agency said late on Monday, citing unspecified compliance failures. Spanish energy company Repsol has hired Santander to help find partners for its low-carbon business ahead of a potential public listing, Expansion newspaper reported on Thursday, citing unnamed sources.

Spain's High Court placed energy company Repsol and Caixabank under formal investigation on Thursday in the latest stage of a decade-old inquiry into alleged industrial espionage. Spanish oil company Repsol is set to raise 1.

Spanish oil and gas firm Repsol has hired banks to present a new transition financing framework to investors that will allow the company to issue sustainability-linked bonds, according to a lead manager on Monday. Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.