Premium article: One of the “Asian Tigers” to seek oil in the Carpathians via Spain’s Repsol
Repsol, the largest oil company in Spain, which has recently concluded an agreement with OMV Petrom for the exploration of fields in Romania, has assigned a stake of over 5% to Temasek Holdings, the state-owned investment company in Singapore. [cleeng_content id=”568888878″ description=”Buy a translation today. This article has 1454 characters with spaces. ” price=”2.49″ t=”article”]According to Bloomberg, taken over by Agerpres, the transaction amounts to EUR 1.04bn (USD 1.3bn), being the largest investment from Singapore in Spain. Temasek Holdings paid EUR 16.01/share and increased the stake owned in the Spanish company to 6.3%. Repsol plans to reduce its debts and avoid downgrade through this transaction. Last week, rating agency Moody’s Investors Service improved the outlook of Repsol rating from negative to stable, after the Spanish company had announced the sale of assets to Royal Dutch Shell Plc for USD 4.4bn in cash. Temasek Holdings held assets of over EUR 115bn on March 31st 2012 and, through this investment, the Singapore company increases its exposure on the European energy industry. OMV Petrom signed last month with Respol a farm-out agreement under which Repsol acquired an interest of 49% for the deep area of onshore exploration blocks located in the south of Curvature Carpathians and respectively of the Southern Carpathians. Estimates show that over the next two years the partnership between OVM Petrom and Repsol will invest approximately EUR 50mln for exploratory drilling. Repsol is an integrated oil and gas company, present in over 30 countries, with more than 23,000 employees. The company has a daily output of 330,000 boe and a refining system that can process 998,000 boe per day. Repsol specializes in deep offshore exploration, generating some of the biggest recent discoveries in the world.[/cleeng_content]
Original Source in Romanian –
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