Sempra
Energy, Royal Bank Of Scotland Receive Final Regulatory Approval For
Commodities Joint Venture
Transaction Expected To Close April 1
SAN DIEGO, March 27, 2008 - The Royal Bank of Scotland (LSE: RBS) and Sempra
Energy (NYSE: SRE) today announced that they have received the final regulatory
approval required to complete their transaction to form the
commodities-marketing joint venture, RBS Sempra Commodities.
The companies today received notice that RBS has received approval from the
U.S. Federal Reserve Bank to engage in physical trading of commodities, the
last remaining regulatory approval required to close the joint venture
transaction. The joint venture, which is expected to close April 1, received
approvals in 2007 from the U.K. Financial Services Authority and the U.S.
Federal Energy Regulatory Commission.
Under the joint venture, which was announced July 9, 2007, RBS Sempra
Commodities LLP will purchase Sempra Commodities. RBS Sempra Commodities will
become part of RBS's Global Banking and Markets division.
RBS is the leading project finance bank in the world and the leading lender to
the renewable energy sector worldwide.
Sempra Commodities is an international marketing and trading company that
combines financial risk management with physical expertise to provide
innovative solutions for customers in natural gas, power, petroleum and base
metals, as well as natural gas liquids, coal, emissions credits and ethanol.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding
company with 2007 revenues of more than $11 billion. The Sempra Energy
companies' 14,000 employees serve more than 29 million consumers worldwide.
This press release contains statements that are not historical fact and
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. When the company uses words like
"believes," "expects," "anticipates,"
"intends," "plans," "estimates," "may,"
"would," "could," "should," or similar expressions,
or when the company discusses its strategy or plans, the company is making
forward-looking statements. Forward-looking statements are not
guarantees of performance. They involve risks, uncertainties and assumptions.
Future results may differ materially from those expressed in the
forward-looking statements. Forward-looking statements are necessarily based
upon various assumptions involving judgments with respect to the future and
other risks, including, among others: local, regional, national and
international economic, competitive, political, legislative and regulatory
conditions and developments; actions by the California Public
Utilities Commission, California State Legislature, California Department of
Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board,
U.K. Financial Services Authority and other environmental and regulatory bodies
in the United States and other countries; capital market conditions, inflation
rates, interest rates and exchange rates; energy and trading markets, including
the timing and extent of changes in commodity prices; the availability of
natural gas and liquefied natural gas; weather conditions and conservation
efforts; war and terrorist attacks; business, regulatory, environmental, and
legal decisions and requirements; the status of deregulation of retail natural
gas and electricity delivery; the timing and success of business development
efforts; the resolution of litigation; and other uncertainties, all of which
are difficult to predict and many of which are beyond the control of the
company. These risks and uncertainties are further discussed in the
company's reports filed with the Securities and Exchange Commission that are
available through the EDGAR system without charge at its Web site, www.sec.gov
and on the company's Web site, www.sempra.com.
Sempra Energy Trading, doing business as Sempra Commodities, and Sempra
Generation are not the same companies as the utilities, SDG&E or SoCalGas,
and the California Public Utilities Commission does not regulate the terms of their
products and services.
Media Contacts:
Doug Kline/Art Larson
Sempra Energy
(877) 866-2066 (toll-free U.S.)
(619) 696-4303
www.sempra.com
Carolyn McAdam
RBS
(44) 207 672 1758
(44) 7909 873681
Financial Contacts:
Glen Donovan
Sempra Energy
(877) 736-7727 (toll-free U.S.)
(619) 696-2901
investor@sempra.com
Richard O'Connor
RBS
(44) 131 523 2055
(44) 7796 274968
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