The sun shines on Repsol (formerly Repsol YPF), Spain's largest oil company. A fully integrated oil and gas company, it operates in Latin America, the Middle East, and North Africa. Repsol operates five refineries in Spain and one in Peru and produces chemicals, plastics, and polymers. It sells gas under the brands Campsa, Petronor, and Repsol at 4,500 service stations in Europe and Latin America. It is one of Spain's largest sellers of liquefied petroleum gas and liquefied natural gas. Repsol has estimated proved reserves of 2.2 billion barrels of oil equivalent. In 2012 the Argentine government shocked the company when it seized control of YPF as part of a nationalization drive.
Repsol had owned YPF, Argentina's #1 oil company, since 1999. However, the Fernandez government took back a 51% stake in YPF. The bid reflects a growing trend towards nationalization of key industries (airlines, private pension funds) that have drawn warnings from Argentina's trading partners.
Repsol plans to invest more than €21 billion (more than $26 billion) over the next few years in its operations, particularly in exploration and production, including its Spanish refineries, which will receive an investment of about €4 billion (more than $4 billion).
To raise cash and to rebalance it global portfolio, in 2011 Repsol sold about 4% of its stake in YPF to Lazard Asset Management for $639 million. – less