Spain Repsol sells 10% stake in Peru pipeline to Enagas

31 January 2014 21:55 Source:ICIS News

MEDELLIN, Colombia (ICIS)--Spain’s Repsol has reached an agreement with Spanish energy company Enagas to sell its 10% stake in the Transportadora de Gas del Peru (TGP) pipeline consortium for $219m, Repsol said on Friday.

TGP operates a pipeline that supplies natural gas and liquids from the Camisea fields in Peru’s southeastern Amazon region to the 4.45m tonnes/year Peru liquefied natural gas (LNG) liquefaction plant in Pampa Melchorita, as well as to the nation’s capital, Lima.

Repsol sold its stake in the liquefaction plant as part of a handover of LNG assets in Peru and Trinidad & Tobago to Anglo-Dutch energy giant Shell earlier this month.

The latest deal, which will be completed in the coming months pending approval and shareholders’ pre-emption rights, will generate an estimated $75m in net capital gains, the company said.

Repsol announced in 2012 proposals to sell up to €4.5bn of assets between 2012 and 2016 in order to fund planned investments in exploration and production.

By Simon West