Repsol buys Sinopec’s share in their British joint venture

Repsol is buying out Sinopec's 49% share in their British joint venture for $2.1 billion. Repsol will thus become 100% owner of RSRUK and will put an end to an extensive arbitration procedure.

Share:

The Spanish energy group Repsol will buy the 49% stake held by China’s Sinopec in their British joint venture for $2.1 billion, ending their dispute, the Spanish group told the market watchdog.

“Repsol and SinopecRepsol, currently shareholders of Repsol Sinopec Resources UK (RSRUK), a company specializing in oil and gas exploration in the North Sea, have reached an agreement whereby, after the fulfillment of certain conditions, Repsol will purchase from Sinopec its 49% stake in RSRUK”, Repsol informed the National Securities Market Commission (CNMV) in Madrid.

“The total deal amount is for $2.1 billion,” the company added, which expects to complete the deal during 2023. Repsol will then become “100% owner of RSRUK”, he stressed. The Spanish group said that this operation would put an end to “extensive arbitration proceedings” related to “the acquisition by Sinopec of its stake in RSRUK from the Canadian group Talisman (later acquired by Repsol)”.

Repsol and Sinopec nevertheless intend to continue their “important strategic collaboration”, including through their joint venture in Brazil, he assured. The Chinese oil giant was claiming $5.5 billion from its Spanish partner in their dispute.

  • Populaires ​
Shell forced to amend two annual reports following EY’s compliance breach
Shell ships first LNG cargo from its LNG Canada facility
GE Vernova and Fortum launch major nuclear project in Scandinavia
Ignitis begins construction of three energy storage parks in Lithuania
TotalEnergies acquires 1.5 GW of AES renewable assets in the Caribbean
Octopus Energy prepares $14 billion spin-off of Kraken
British firm Octopus Energy is considering a £10 billion spin-off of Kraken Technologies, involving an upcoming minority stake sale, and has initiated preliminary discussions with banks to oversee the strategic operation within the next year.
Ardian completes Akuo takeover and installs Bruno Bensasson at the helm
Investment fund Ardian finalises its takeover of Akuo and appoints former Électricité de France executive Bruno Bensasson to steer the renewable-energy developer’s growth towards five gigawatts of installed capacity by 2030.
TotalEnergies sells 50% of its renewable assets in Portugal for €178.5mn
TotalEnergies is selling half of a 604 MW Portuguese energy portfolio to the Japanese consortium MM Capital, Daiwa Energy and Mizuho Leasing for €178.5mn, retaining operation and future commercialisation of the assets concerned.
Q ENERGY raises €109 million from BPCE Energeco for renewable projects
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Ecopetrol obtains authorization to expand its sustainable bond issuance program
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy sells its Greek subsidiary to HELLENiQ ENERGY Holdings
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola increases supplementary dividend by 16.5% to €0.409 per share
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP signs with COSCO to charter two ammonia-powered bulk carriers
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy invests $357 million in Malaysia with Anker Innovations
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.
Badenova invests $4.64 billion to transform its energy infrastructure by 2050
German energy group Badenova plans to invest $4.64 billion in its energy networks and capacity by 2050, including $232 million committed from 2025, according to the company's recently published annual financial results.
ORIX sells 17.5% of Greenko for USD 1.28bn and invests in AM Green
ORIX announces the sale of the majority of its stake in Greenko to AM Green Power and commits a new USD 731mn investment in the Luxembourg-based AMG holding, confirming its strategic repositioning in next-generation energy.
Invenergy and Meta expand US portfolio with an additional 791 MW
Invenergy seals four further contracts with Meta to supply nearly eight hundred megawatts of solar and wind power to the group’s data centres, lifting total cooperation between the two companies to one point eight gigawatts.
Pedro Azagra takes helm at Iberdrola, Avangrid renews its leadership team
Pedro Azagra leaves his role as CEO of Avangrid to become CEO of Iberdrola, while Jose Antonio Miranda and Kimberly Harriman succeed him as CEO and Deputy CEO respectively of the American subsidiary.
Ares Management acquires 20% of Plenitude’s capital for 2 billion euros
The US investment fund Ares Management enters Plenitude's capital by acquiring a 20% stake from Eni, valuing the Italian company at 10 billion euros and reinforcing its integrated energy strategy.
Airbus selects ENGIE to decarbonise 22 industrial sites across Europe
ENGIE secures a contract to reduce Airbus' industrial emissions in France, Germany, and Spain, targeting an 85% decrease by 2030 through various local energy infrastructures.
Alain Rhéaume steps down as Chairman of Boralex’s Board of Directors
Alain Rhéaume, Chairman of Boralex’s Board of Directors for eight years, will leave his position by December, following the appointment of his successor by the governance committee of the Canadian energy group.
Statkraft announces $292 million cuts amid European financial pressures
Norwegian group Statkraft plans an annual cost reduction of NOK2.9bn ($292 million) by 2027, citing possible job cuts amid rising financial burdens and volatility in the European energy market.
EDF establishes EDF power solutions to consolidate international low-carbon activities
EDF merges EDF Renouvelables and its International Division into EDF power solutions, led by Béatrice Buffon, to optimise its global 31 GW low-carbon energy portfolio and strengthen its international positioning.
TotalEnergies and Mistral AI Launch AI Laboratory Focused on Industrial Optimization
TotalEnergies announces a strategic partnership with Mistral AI to establish a dedicated innovation laboratory integrating artificial intelligence tools aimed at enhancing industrial efficiency, research, and customer relations.
ETC warns of trade tensions linked to clean energy supply chains
The Energy Transitions Commission warns of economic risks tied to growing protectionism around clean technologies, while calling for global consensus on carbon pricing.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS