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Responsible tax policy Tax transparency

We work proactively to reduce our already limited involvement in jurisdictions classified as tax havens or uncooperative with tax authorities.

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:

  • We have zero presence in the jurisdictions included on the list of uncooperative tax havens drawn up by the OCDE in 2012 with a focus on the “lack of informational transparency”.
  • In compliance with the Spanish list of tax havens, as of December 31st, 2016 no Repsol-controlled company is active or has a registered address and tax residency in said jurisdictions.

Below is a table detailing the Repsol Group’s companies with tax residency in tax havens, together with their most relevant figures at year-end 2016.





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.

0 0.2 25% 0

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.

Historical evolution

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.

Streamlining the company

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.

Reporting channel

Repsol's Ethics and Compliance Channel provides a totally confidential way to ask questions or report potential instances of non-compliance with the Repsol Code of Ethics and Business Conduct.

Tax contribution by country

See the chart showing how much tax the Group pays in each country.