viernes, 3 de julio de 2009

Y un dia cruzaron el Atlantico

Estuvieron en Asia, luego en Africa, y siguiendo la ruta del Almirante Eunuco desde Africa, cruzaron el Atlantico

Chinese talk to Repsol about Argentine arm

Two of China’s biggest oil groups have approached Repsol YPF, the Spanish oil company, over possible asset purchases and joint ventures worth billions of dollars, according to people familiar with the matter.

The Chinese proposals could lead to the largest outward investment deals undertaken by Chinese companies, which are eager to gain access to natural resources to fuel the country’s economic growth.

Repsol is discussing a possible sale of its 75 per cent stake in YPF, the Argentine company that accounts for two-thirds of the Spanish group’s oil production, to CNPC, parent of listed PetroChina, in a deal that could value YPF at $17bn (£10.4bn).

CNOOC, meanwhile, has discussed with Repsol a proposal that could lead the Chinese group to invest at least $15bn in a joint venture that would house some of Repsol’s main exploration and production assets outside Argentina. CNOOC is also interested in a minority stake in YPF .

“The Chinese groups have been talking to Repsol for months about acquiring assets,” said one person with knowledge of the negotiations. “The discussions and due diligence are advanced.”

Repsol confirmed it had received approaches to buy part of YPF and reiterated its desire to sell part of its stake, possibly through a public offering. “Repsol wants to make it known that it has received various proposals from different companies, although none of them is firm,” it said via the market regulator in Spain.

Repsol declined to comment on CNOOC, but said of the other approach: “We’re not in any formal discussions with CNPC.”

The Chinese groups have stepped up discussions with the National Development and Reform Commission, which can block outbound investment it deems to be not in the national interest.

“The reaction at the NDRC has been positive,” said a person familiar with the discussions. “These potential deals fit the Chinese strategy to secure energy supplies.”

Repsol shares rose on Thursday but closed up just 0.1 per cent at €16.22 in a falling market.

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