Repsol sells its LPG business in Peru and Ecuador

Spanish energy giant Repsol said on Wednesday it had entered into a deal with the Chilean company Abastible to sell its LPG business in Peru and Ecuador.

The deal is worth about US$335 million, and is expected to close in the upcoming months, Repsol said in its statement.

Repsol also sold its stake in Peru’s only LNG export plant in Pampa Melchorita to LNG giant Shell back in 2014. The stake sale was part of the $4.3 billion deal whereas Repsol sold its minority stakes in Trinidad’s Atlantic LNG and Peru LNG to Shell, and its stake in Spain’s Bahía Bizkaia Electricidad (BBE) to BP.

According to Repsol, diversity of its asset portfolio, especially following the integration of Talisman, has allowed the company to find more “portfolio management opportunities, including in the sale of assets considered non strategic”.

In recent months the company has made divestments worth close to 3.1 billion euros ($3.5 billion) as outlined for the first two years of its 2016‐2020 strategic plan, Repsol said.

After this divestment, Repsol maintains its hydrocarbon exploration and production activities in Peru and Ecuador. The company also continues to operate a refinery and 410 service stations in Peru, it added.

 

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