Aberdeen-headquartered Repsol Sinopec gets new name after $2.1billion deal satisfied

03/11/2023
The newly rebranded Repsol Resources Aberdeen HQ

REPSOL Sinopec Resources UK has been renamed as Repsol Resources UK following the conclusion of an eight-year dispute.

Repsol Sinopec, the UK business of Spain’s Repsol, and China’s Sinopec agreed a $2.1billion (£1.7b) to settle the long-standing dispute in May.

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Conditions were satisfied last month, meaning a rebranding of the UK business.

Repsol is now the 100% owner of Repsol Resources UK, after acquiring the 49% stake previously held by Sinopec.

A Repsol Resources UK spokesperson said: “The company will be called Repsol Resources UK Limited and will begin a transition into the Repsol organisation.

“We remain focused on the delivery of our corporate strategy and business plan. 

“As always, we prioritise the safety of our operations and the health, safety and well-being of our people.”

Producing an average of 550,000 barrels of oil equivalent per day, Repsol operates 38 North Sea fields.

It’s North Sea business reporting profits in excess of $600million (£493m) last year.

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