Repsol appoints Nicolas Foucart as the new CEO of its business in the United Kingdom
Nicolas Foucart has been appointed as the new CEO of Repsol Sinopec Resources UKthe joint venture in the United Kingdom between the Spanish oil company and Addax Petroleum UK, a subsidiary of the Chinese Sinopec.
The executive replaces José Luis Muñoz in the positionwho has held the position since April 2020, and who moved to Spain after being appointed director of Mergers and Acquisitions (M&A) of the group, as published Europe Press.
For its part, Foucart joined Repsol Sinopec in August 2018although he has spent practically his entire career at Repsol, and recently became Director of Operations at the subsidiary.
The new head of Repsol Sinopec UK, who speaks French, English, Spanish and Dutch, pointed out that it is “a interesting time to be part of the energy sector» and was «excited to have the opportunity to lead Repsol Sinopec through the challenges and opportunities that lie ahead».
“Our goal is to deliver consistent results in relation to our corporate strategy, which is focused on safe and sustainable oil and gas production, efficient decommissioning and the energy transition. For us, the energy transition means reducing emissions and achieving ‘Net Zero’, while contributing to the UK’s domestic energy supply,” he said.
Also, Foucart highlighted that Muñoz joined the company as CEO at the beginning of the Covid-19 pandemic. and “successfully led the organization through a time of uncertainty, while laying the groundwork for its strategy.”
Changes in the Executive Committee
At the end of last July, Repsol approved changes in its Executive Committee to face the new stage growth and transformation of the company, in line with its 2021-2025 strategic plan.
Among them was the appointment of Francisco Gea, until then director of M&A (Mergers and Acquisitions), as the new general director of Exploration and Production (Upstream). Thus, Muñoz takes over from Gea as director of M&A.
Repsol and Sinopec have this alliance in the United Kingdom and another joint venture in Brazil. This company in the United Kingdom emerged with the acquisition, in 2015, by Repsol, of the global assets of the former Talisman Energy, including its 51% stake in the capital of the joint venture, previously called Talisman Sinopec Energy UK .