In Madrid Tuesday, Repsol Chairman Antonio Brufau and Sinopec Chairman Su Shulin presided over the first joint meeting at the top corporate level between both companies following the agreements reached in Brazil.
In October 2010, Repsol and Sinopec entered into an agreement to jointly develop the projects of Repsol Brasil, the upstream subsidiary of Repsol in Brazil, creating one of Latin America’s largest energy companies, valued at $17.773 billion.
“There are significant synergies between Repsol and Sinopec, and the relationship between both companies is ideal to continue reinforcing our alliance worldwide in new business areas,” said Repsol’s Brufau.
With this investment, Repsol Brasil is fully capitalized to develop all of its current projects in Brazil, including world class discoveries in the Guara and Carioca pre-salt basins.
At the meeting, both chairmen agreed to create working groups to analyze new business opportunities worldwide.
Both Brufau and Shulin expressed their desire that the Repsol-Sinopec alliance goes beyond the agreement in Brazil.
“The successful cooperation between Sinopec and Repsol reflects the shared desire of both companies to start a long-term and extensive partnership,” commented Su Shulin of Sinopec. “We are committed to making every effort to consolidate and develop this relationship with Repsol in the future.”