Temasek and Sinopec Possible Buyers of Gas Natural
Singapore sovereign wealth fund Temasek Holdings and Chinese oil company Sinopec expressed interest in Repsol’s stake in Gas Natural SDG, S.A. The Spanish oil company has a 30% total interest worth €4.7 billion in Gas Natural. Repsol wants to sell a 24% interest – the other 6% is held as an indirect stake.
Fortunately for Temasek Holdings, they are a strategic investor in Repsol, currently holding a 6.3% stake. Temasek Holdings is a major investor in liquefied natural gas companies – going so far as to create a specialized entity called Pavilion Energy. Pavilion energy focuses on the LNG value chain in order to ensure long term supply.
In October 2010, Repsol and Sinopec inked a milestone agreement to develop the projects of Repsol Brasil, a Brazilian subsidiary of Repsol. The increase in capital was allocated to boost capital investment in Brazil’s offshore oil fields.
Gas Natural’s two major investors are Repsol and La Caixa, a Spanish bank. La Caixa has a 34% stake in the utility. The domestic gas distributor has operations in Spain and parts of Latin America. According to Gas Natural’s investor presentation, 43% of their first half 2013 EBITDA comes from international operations.
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