19 July 2012 19:44 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Spanish oil firm Repsol has agreed to a sell butane subsidiary Repsol Butano Chile to a consortium of Chilean investors for $540m(€437m), Repsol said on Thursday.
The company said in a statement that it registered a $170m profit on the deal.
The transaction is part of the company’s strategic plan to sell €4.5bn of assets between 2012 and 2016, of which €1.85bn has already been completed, including the sale of Repsol Butano Chile, the company said.
“These divestments aim to improve the financial structure of the group and to fund planned investments in exploration and production, the company's growth engine,” Repsol said.
Since 2007, Repsol has acquired nearly $1.75bn from the divestment of non-integrated downstream assets in Latin America, including the sale of Repsol Butano Chile, the company said.
“Other divestments are under assessment,” Repsol said.
The company expects the sale of Repsol Butano Chile to be completed on 27 July.
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