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  • Galp Energia announces a partnership with Sinopec to jointly develop its Brazilian upstream portfolio, valued at USD12.5 billion
    édité le 14/11/2011 - Plus de news de "GALP" - Voir la fiche entreprise de "GALP"

Galp Energia announces a partnership with Sinopec to jointly develop its Brazilian upstream portfolio, valued at USD12.5 billion
Galp Energia and Sinopec have reached an agreement for the capital increase in Galp Energia’s Brazilian subsidiary, Petrogal Brasil. This agreement confirms Galp Energia as one of the most relevant upstream players in Brazil and ensures the development of the Company’s assets in this country, while establishing a partnership with Sinopec, a world class energy group.

Under the terms of the agreement, Sinopec will subscribe a $4.8 billion capital increase in Petrogal Brasil, and other related operational subsidiaries, valuing the existing Galp Energia’s Brazilian assets at an enterprise value of $12.5 billion at closing.
Upon completion of the transaction, Galp Energia will retain 70% ownership, remaining the controlling shareholder of that company, and thus continuing to full consolidate those assets, while Sinopec will hold the remaining 30% interest and, through board representation, will have an adequate involvement in Petrogal Brasil.

In addition, Sinopec will make a shareholder loan to Petrogal Brasil in the estimated amount of $390 million, which will be used to reimburse 30% of the loans to Galp Energia of $1.3 billion.

This partnership with Sinopec, one of the largest energy groups worldwide, sets a reference to the oil and gas industry, as offshore Brazil comprises some of the few world class oil and gas basins. This transaction also confirms the high quality of Galp Energia’s assets in Brazil and reaffirms the great importance of the exploration activities in this country, carried out by the Company since 1999, when Petrogal Brasil was incorporated.

This capital increase significantly strengthens Galp Energia’s capital structure, fully securing its funding needs for the future expansion and development of its upstream activities in Brazil.

This agreement will focus on the joint development of Galp Energia’s existing assets in Brazil, although there is the possibility for both parties to pursue, jointly or separately, further expansion in that region.

The transaction is subject to the approval of the competent authorities.

Origine : Communiqué GALP

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