• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 6 hours End of EV Subsidies?
  • 12 hours Citi cuts Apple's price target
  • 6 hours Maersk's COO statment.
  • 8 hours Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 1 hour Asian stocks down
  • 2 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 8 hours Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 10 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 9 hours Regular Gas dropped to $2.21 per gallon today
  • 4 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 7 mins IT IS FINISHED. OPEC Victorious
  • 2 hours Price Decline in Chinese Solar Panels

Spain Concerned it Might Lose Control of its Largest Oil Company

Spain’s government is concerned that Repsol-YPF, Spain’s largest oil company could revert to foreign ownership.

Madrid’s concerns have been heightened by recent international market trades that have resulted in 30 percent of Repsol’s voting bloc being acquired by Mexico’s Petroleos Mexicanos state oil monopoly Pemex and construction company Sacyr Vallehermoso.

Spanish Industry Minister Miguel Sebastian said in an interview with Cadena Ser radio that the way to ensure Repsol’s “Spanishness” is for the majority of shareholders to be Spanish, as the case now with Sacyr holding 20 percent and savings bank La Caixa 12.8 percent.

Sebastian added that Pemex officials told him in a meeting to discuss the voting deal with Sacyr that Mexico reputedly  had no interest in taking control of Repsol-YPF, stating, “They gave me assurances that this operation would in no way put the company’s at risk,” adding that Repsol-YPF  had arrangements with other companies, including Brazil’s Petrobras – “also state-run and foreign” – and that is fine “as long as the company’s Spanishness is not at risk.” Pemex reported that a key element of its agreement with Sacyr is to expand its operations globally.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->