Repsol YPF

PDF Version (39 Kb) 11 December 2007, 14:47 CET

Today, Repsol YPF signed an agreement with Deutsche Bank for the sale of a 5% stake in Compañía Logística de Hidrocarburos (CLH), reducing its holding in CLH to 20%. The sum of this transaction, which falls within the Company’s strategy for a gradual divestment from non-strategic assets, reached 176.5 million euros.

This stock purchase will give Deutsche Bank the right to nominate one member of the Board of Directors of CLH, where Repsol YPF, Cepsa, Enbrigde, Oman Oil, BP, Galp, Disa and Caixanova are currently represented. 

Following this transaction, Repsol reasserts its absolute support of the management and strategy of CLH and its intent on remaining as one of the shareholders of reference and the first industrial client of the logistics company. 

CLH is Spanish company leader in transportation and storage of petroleum products, providing service to the majority of the petroleum operators in Spain.  It has one of the largest and most efficient hydrocarbon logistical networks with close to 3500 kilometres oil transport pipeline, 38 storage centres, with a capacity of 6 million cubic metres and 28 airport storage centres with a capacity of 144,000 cubic metres.  The company’s 2006 total revenues were 550.6 million euros with a net income of 352.7 million euros.

Last updated: 11 Dec 2007