• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes CoV-19: China, WHO, myth vs fact
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 8 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 20 mins Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 9 hours Energy from thin air?
  • 20 mins Blowout videos
  • 14 hours OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 1 day Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 3 hours Can LNG Kill Oil?
  • 1 day Fast-charging, long-running, bendy energy storage breakthrough
  • 1 day Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 16 hours Coronovairus, Phase One Agreement, Lower for Longer
  • 2 days Cheap natural gas is making it very hard to go green
A Middle East Financial Crisis Is In The Making

A Middle East Financial Crisis Is In The Making

A Dubai-based operator of ports…

Repsol to Sell LNG Assets to Shell in Attempt to Reduce Debt

Repsol to Sell LNG Assets to Shell in Attempt to Reduce Debt

Ever since Cristina Kirchner and her Argentine government illegally seized Repsol’s majority share of the energy company YPF last April, the Spanish company has been under a lot of pressure to reduce its debt and retain an investment grade credit rating.

Part of this plan includes the sale of liquefied natural gas (LNG) assets in Canada, Trinidad and Tobago, and Peru.

The LNG sale attracted interest from several companies around the world, including Sinopec of China, Gazprom from Russia, GAIL Ltd. of India, and France’s GDF Suez.

Reuters has been told by inside sources that the winning bid was made by Royal Dutch Shell, and that Repsol will confirm the sale late on Tuesday.

Related article: Panama Canal to become Major LNG Thoroughfare?

No specific details of the offer were given, however it was noted that the sale to Shell did not include the Canadian assets, which have actually been valued negatively due to the shale gas boom just south of the border in the US.

The completion of the sale will massively reduce Repsol’s debt, which was listed at €5 billion ($6.61 billion) at the end of September 2012.

Repsol is also still trying to sue the Argentine government for compensation over the seizure of its YPF shares.  Repsol is looking for at least $10 billion, but the court case could drag on for many years before a decision is made.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News