Repsol

In line with the non-integrated assets divestment policy outlined in the 2008-2012 Strategic Plan

Repsol sells its Brazilian service station network

Press Release

19 December 2008 18:10 CET

Repsol agreed to sell its fuels business in Brazil to AleSat Combustíveis, including Repsol’s network of 327 service stations, the commercial infrastructure and other complementary businesses such as convenience shops, direct sales and asphalts. Repsol will keep its LPG and lubricant businesses. 

The $55 million sale agreement is part of the non-integrated downstream assets disinvestments policy outlined in the 2008-2012 Strategic. The sale in the last few months of service stations in Chile and Ecuador Brazil are worth a combined $310 million.

Following the sale agreement, in which KPMG acted as Repsol’s advisor, the company can now focus in Brazil on hydrocarbon exploration and production, a business in which it has a 10% stake in the Albacora Leste field worth 14.000 boe/day. 

Brazil, a key exploratory area in Repsol’s Future

Repsol is the second largest company in Brazil in terms of offshore exploration mining rights, participating in the Santos, Campos and Espiritu Santos Basins. Repsol owns stakes in 24 oil and gas blocks distributed in shallow, pre-salt and deep waters, and is the operator of 11 of them. Repsol and Petrobras are jointly leading the ongoing exploratory activities in the Santos Basin, in which 19 of these blocks are located.
 
The exploratory potential of the deep water area in the Santos Basin is one of the most prolific in the world, making Brazil one of the company’s main growth areas. This is due to the discovery of the Carioca and Guara fields, which according to initial estimates contain high grade oil reserves. Repsol is working with its partners, including Petrobras, on the fields’ development.