Repsol sells LPG business in Peru and Ecuador
Spain’s Repsol has agreed to sell its LPG business in Peru and Ecuador to Chile’s Abastible for a total of USD 335 million at the current exchange rate, subject to the usual adjustments for this type of transaction. Both transactions will be closed in the coming months, once the necessary conditions and regulatory approvals have been obtained.
The richness and diversity of the portfolio of assets of Repsol, especially after the integration of Talisman Energy, has allowed the company to deepen the management of its portfolio and the sale of assets considered non-strategic. In recent months, the company has already divested about EUR 3.1 billion (USD 3.48 billion) in assets, which was in line with the objectives set out in its Strategic Plan 2016-2020.
Repsol continues to play a key role as an energy operator in Latin America.
It has a 10% stake in the consortium that operates Peru’s Camisea natural gas fields. It also operates Block 57 in the southern Peruvian region of Cuzco, the location of the Kinteroni field, which entered into production in March 2014. Repsol also owns a 51% stake in the La Pampilla refinery in Peru and has invested USD 740 million to modernize that facility and improve the fuel quality it produces there. The company also has a network of more than 410 service stations in Peru.
In Ecuador, Repsol has service provision contracts for Blocks 16 and 67 that run until 2022 and also holds a stake in Ecuador’s privately owned OCP heavy crude oil pipeline.
Repsol, which is headquartered in Madrid, Spain, operates in more than 40 countries, with 25,000 employees worldwide.