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Repsol YPF, S.A.

Repsol YPF, S.A.

Industry: 
Energy
Value of USG Contracts: 
450
Symbol: 
NYSE:REP
States: 
TX
Country: 
Spain
Contact Information: 
Sources: 

"The drop has been caused by several European companies, including Royal Dutch Shell and Spain's Repsol deciding to halt imports from Iran even before the sanctions took effect." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)
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"Western companies, once eager to get in on Iranian energy development, have pulled back sharply amid Tehran's recent standoff with the West over its nuclear program. Repsol YPF SA and Royal Dutch Shell PLC had been in talks to enter the Persian LNG project as foreign investors. In June, Repsol dropped out of the discussions. At the time, Iran said it had contracted the gas development work to domestic companies." (Wall Street Journal, "Iran Curbs LNG-Export Ambitions" 8/12/2010)

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"Iran ended talks with Royal Dutch Shell Plc and Repsol YPF SA about developing two phases of its South Pars natural-gas field and will award the rights instead to an Iranian group, the state-run Mehr news agency reported. European energy companies including Shell and Repsol have postponed gas accords in Iran amid U.S. pressure over its nuclear program." (Business Week, 6/6/2010)

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"A spokesman for Repsol, an oil giant based in Spain, said that the company has a joint liquefied natural gas project with Shell in Iran that is in the early planning stages. But, as Western pressure has mounted, the project has not moved forward. The spokesman did not comment on the State Department's investigation into Repsol's possible violations of the Iran Sanctions Act."  From 2000-2009, the company was the recipient of $375.4 million US federal funds.  Their investments in Iran are currently on hold.  They have been listed as a potential violator of the Iran Sanctions Act.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"Repsol holds the mineral rights to two exploration blocks: Merh and Forooz....These blocks have a total combined area of 14,638 km2...In 2004, Repsol and Shell signed an agreement with the (state) National Iranian Oil Company (NIOC), in order to develop the integrated LNG project designated 'Persian LNG'." (Company website, 7/13/09)

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"New York State Comptroller Thomas P. DiNapoli also announced Tuesday the $110 billion fund would freeze an additional $300 million in seven other companies...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries. 'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli...The fund also plans to monitor and prohibit further investment in ENI (E), Repsol YPF (REP), Royal Dutch Shell PLC (RDSA), Total SA (TOT), ABB Ltd. (ABB), Alstom (ALO.FR) and Snam Rete Gas (SNMRY). Additionally, it plans to focus on other industries including telecommunications. (Wall Street Journal, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09 and The Office of New York State Comptroller Thomas P. DiNapoli)

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"William Burns, U.S. Under Secretary of State for political affairs, pointed out that several big energy companies, including Total, Shell, ENI and Repsol, have scaled back their business in Iran over the past few years." (Reuters, "US to review if Statoil violates Iran sanctions law," 7/9/08)

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"Total, Shell and Repsol of Spain are hanging back from signing contracts, which the Iranians are desperate for them to sign, said Simon Henderson, an oil expert at the Washington Institute for Near East Policy." (Associated Press, "Iran looks to tap key oil field with homegrown crews," 5/11/08)

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"In January [2007], Shell and Spains Repsol signed a preliminary deal with Teheran jointly to develop two phases of South Pars. At the time, Shell said it might be a year away from knowing whether to proceed, a timescale that Shell chief executive Jeroen van de Veer repeated six months later." (The Daily Telegraph, "Shell delays decision on Iran project again," 12/29/07)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)

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In June 2010, Repsol pulled out of a joint deal with Shell to develop phases 13 and 14 of the South Pars gas field (WSJ).

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