The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Corporate finance: Brufau steers Repsol away from risk

In the first of a series of interviews for 2009 with some of the world’s leading corporate chief executives, boss Antonio Brufau talks to Laurence Neville about his strategy for keeping a top-10 energy company on track in challenging times.

An independent mind

Antonio Brufau: Biography


Antonio Brufau, Repsol

"Even before the crisis, Repsol didn’t anticipate a need for financing from the markets – and I certainly couldn’t contemplate turning to the markets now"

Antonio Brufau, Repsol

SPAIN’S ECONOMY HAS been transformed in the past decade as a result of liberalization, globalization, a surging real estate sector and a massive credit boom. Inevitably, the good times – as elsewhere in Europe – have come to an end. Debt defaults rose 203% in Spain in the third quarter of 2008 compared with a year earlier, according to Spain’s Official State Bulletin, and the European Commission said that it expected Spain to enter its first recession in 15 years by the year-end. The recent history of oil company Repsol YPF, one of the world’s 10 largest privately owned energy firms, mirrors many of the developments in the Spanish economy. The government began privatizing Repsol in 1989 and sold its final stake in 1997. The company, eager to expand its international reach, bought Argentina’s YPF in 1999 – just before the Argentine economic crisis.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree