• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry

Breaking News:

ADNOC Considered Buying Oil Giant BP

Repsol to Sell LNG Assets for €2 billion in Order to Salvage Debt Rating

In an attempt to reduce its debt and keep its investment grade debt rating Repsol SA (REPYY), Spain’s largest energy company, aims to sell €4.5 billion worth of assets before 2016. A current deal will see it sell its liquefied natural gas (LNG) assets for an estimated €2 billion, with the exchange expected to be completed by the beginning of February.

After the Argentine government seized its YPF business in April 2012 Repsol lost almost half of its oil reserves, causing Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s to cut its credit rating to just one level above junk, giving it a negative outlook.

Related Article: Colorado Enacts Tough New Fracking Measures

As Spain’s sovereign debt has improved, and helped by the €1.9 billion sale of other assets, Repsol has managed to improve its own debt situation. The deal to shift its LNG assets, including a 4.4 million metric ton capacity plant in Pampa Melchorita, Peru, the Atlantic LNG plant in Trinidad and Tobago, the Bahia de Bizkaia regasification plant in Bilbao, Spain, and the Canaport facility in Canada, will all work to further strengthen its debt position.

The deal is still very secret and no details have been given as to who the buyer is, however GDF Suez SA, the Paris based company, is the largest buyer of natural gas in Europe, and last October the company’s CEO, Gerard Mestrallet, said that they were looking at the possible purchase of Repsol’s LNG assets, with a source close to the deal revealing to Bloomberg that the French company is indeed in talks to buy at least some of the assets.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News