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TEMASEK SAYS INVESTMENT IN REPSOL DEEPENS ENERGY EXPOSURE

     (The following press release from Temasek Holdings Pte. was received by 
e-mail. The sender verified the statement.) 
Temasek acquires additional 5% stake in Repsol
4 March 2013
§  Singapore investment company Temasek has purchased an additional 5% of 
treasury shares in Repsol, a Spanish oil and gas company.
§  Together with its existing 1.25% shareholding in Repsol, Temasek now owns 
approximately 6.3% of Repsol's outstanding shares.
§  The 5% of treasury shares amounts to 1.036 billion euros, or S$1.68 billion 
at today's exchange rate.
§  "We are very pleased to have amongst our shareholders an investor as 
significant and prestigious as Temasek with what we believe this represents in 
terms of recognition and support for the company's management and growth 
strategy," said Repsol Chairman Antonio Brufau.
§  "The investment in Repsol deepens our exposure to the energy sector through 
a high quality growth-oriented company. The sector is a good proxy for the 
needs of transforming economies and growing middle income populations, both of 
which are part of Temasek's investment themes. We are pleased to have the 
opportunity to invest in Repsol, and will continue to look for good, long-term 
investments in the energy space," said Tay Sulian, Managing Director, 
Investment, Temasek. 
Singapore, 4 March 2013 - Singapore investment company Temasek has purchased 
5.04% of shares in Repsol.
Together with its existing share holdings in Repsol, Temasek now owns 
approximately 6.3% of Repsol's shares.
The purchase of 64.7 million Repsol shares at 16.01 Euros per share amounts to 
1.036 billion Euros (S$1.68 billion at today's exchange rate).
Temasek, with a portfolio of S$198 billion as at 31 March 2012, is increasing 
its exposure to the energy sector with this investment in Repsol.
Repsol is a well-established Spanish integrated oil & gas company engaged in 
exploration,  production, refining and marketing. The Madrid-listed company has 
an attractive and diverse portfolio of growth assets in oil & gas production, 
development and exploration, around the world. It also has had strong 
performance in exploration and reserves replacement with a 204% reserve 
replacement ratio in 2012. In addition, Repsol has the market leading refining 
and retail business in Spain. The company recently announced the sale of its 
LNG assets to Shell for US$6.7 billion, strengthening the company's balance 
sheet and reducing net debt by half.
"The investment in Repsol deepens our exposure to the energy sector through a 
high quality growth-oriented company. The sector is a good proxy for the needs 
of transforming economies and growing middle income populations, both of which 
are part of Temasek's investment themes. We are pleased to have the opportunity 
to invest in Repsol, and will continue to look for good, long-term investments 
in the energy space," said Tay Sulian, Managing Director, Investment, Temasek.
Repsol Chairman Antonio Brufau said; "We are very pleased to have amongst our 
shareholders an investor as significant and prestigious as Temasek with what we 
believe this represents in terms of recognition and support for the company's 
management and  growth strategy."
About Repsol
Repsol, S.A. is an integrated oil company headquartered in Madrid, Spain. It is 
listed on the Bolsa de Madrid where it is a member of the IBEX 35 market index. 
The company engages in the exploration, development, and production of crude 
oil and natural gas worldwide. It has development and production assets in more 
than 20 countries, including the United States, Brazil, Trinidad and Tobago, 
Venezuela, Peru, and Bolivia; and exploration assets in the United States, 
Brazil, and Angola, as well as in Russia. The company has proven reserves of 
approximately 1.3 billion barrels of oil equivalent and had production of 332 
thousand barrels of oil equivalent per day during 2012. It is also involved in 
the refining and production of a range of oil products. In addition, the 
company engages in the retail of oil products, oil derivatives, petrochemicals, 
LPG, and natural gas through 4,506 service stations and supply units in Spain, 
Portugal, Italy, and Peru.
About Temasek
Incorporated in 1974, Temasek is an investment company based in Singapore, with 
11 affiliates and offices in Asia and Latin America. Temasek owns a S$198 
billion (US$157 billion) portfolio as at 31 March 2012, mainly in Singapore and 
Asia.
Temasek's investment themes centre on:
§  Transforming Economies,
§  Growing Middle Income Populations,
§  Deepening Comparative Advantages, and
§  Emerging Champions.
Temasek's portfolio covers a broad spectrum of industries: energy & resources; 
financial services; transportation, logistics and industrials; 
telecommunications, media & technology; life sciences and consumer & real 
estate.
Total shareholder return since inception in 1974 has been a healthy 17% 
compounded annually. The company has a corporate credit rating of AAA/Aaa by 
rating agencies Standard & Poor's and Moody's respectively.
Editor's Note:
Spain's economy is the 4th largest in the Eurozone.
 
 
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