The list of tax havens developed by the OECD and the Spanish government serves as a reference for this purpose. In recent years, we have significantly reduced our involvement in these territories, minimizing our presence as outlined below:
Description of activity
Total income (in M€)
|Pre-tax results (in M€)||Nominal tax rate||Tax on profits (in M€)|
Greenstone Assurance Ltd.
|Inactive(*)||An insurance company that currently plays no role whatsoever in insuring the Group’s business risks.||0.6||0.5||0%||0|
Sucursal en Libreria de Repsol Exploración Librería, B.V.
|Inactive (**)|| |
A permanent establishment that used to carry out hydrocarbon exploration activities in Liberia. It has since ceased its activities and is currently inactive.
Oleoducto de Crudos Pesados (OCP), Ltd.
|Cayman Islands||29.66%||Active||A company that includes an international association agreement (joint venture) that channels the investment in an Ecuadoran operating company that manages infrastructures for oil company activities (Oleoducto de Crudos Pesados).||0||-0.7||0%||0|
Oil Casual Insurance Ltd. (***)
|Mutual insurance companies for the Oil & Gas sector.||3.1||0||0%||0|
Oil Insurance Ltd.
|Active||Mutual insurance companies for the Oil & Gas sector.||30.1||11.7|| |
Transasia Pipeline, Co.
|Active||An international joint venture that channels the investment in an Indonesian operating company that manages infrastructures for oil company activities (PT Perusahaan Transportasi Gas Indonesia).||0.4||-3.3||15%||-0.7|
Understanding the symbols: a plus sign indicates income/profit; a minus sign indicates expenses/loss.
(*) In run-off: An insurance company that limits its activities exclusively to liquidating insurance risks taken on in the past, and takes on no new business.
(**) In the process of de-registration.
(***) The Repsol Group sold off its entire holding in the entity Oil Casual Insurance Ltd effective December 2017, no longer being a part of the group as of said date.
As of December 31st, 2016, no active Repsol-controlled company has a registered address or tax residency in any tax haven, in accordance with Spanish/EU/OCDE regulations.
The recent acquisition of the Talisman Group represented a significant challenge in this light, as we needed to integrate an intrinsically complex structure that encompassed more than 200 companies in 25 different jurisdictions.
Over the course of 2016, real progress was made in streamlining the Group’s structure. Several significant milestones were achieved, such as the dissolution of 61 companies (primarily redundant holding companies in asset ownership structures and inactive companies) and five company migrations (relocating companies that were located in territories with questionable tax policies).
All of the above contributed to achieving our objective of maintaining a simple company structure that is easy to manage while also allowing us to project a unified and uniform image that reinforces our position in the market.