Sempra Energy to partner with Royal Bank of Scotland
Sempra Energy today announced that it will form a joint venture with the Royal Bank of Scotland (RBS) to significantly expand Sempra Energy’s commodity-marketing business.
The joint venture, called RBS Sempra Commodities LLP, will absorb the operations of Sempra Commodities. RBS will provide the joint venture with all growth capital, working-capital requirements and credit support. As a result of this transaction, Sempra Energy estimates it will free up more than $1 billion previously dedicated to the company’s commodities business. Sempra Energy will keep $1.3 billion invested in the joint venture.
“Over the past nine years, we have grown Sempra Commodities to
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