Strengthening the company’s balance sheet and reducing net debt by half

Repsol sells LNG assets to Shell for $6.7 billion

Press Release 26/02/2013 00:00
  • Shell will acquire the assets for $4.4 billion in cash and will assume $2.3 billion in financial leases ($1.8 billion) and debt ($0.5 billion in non-consolidated investments.)
  • The agreement, which generates a $3.5 billion pre-tax capital gain for Repsol, includes the assets in Trinidad & Tobago (Atlantic LNG), Peru LNG and Bahia de Bizkaia Electricidad (BBE) as well as the LNG sale contracts and time charters.
  • With the agreement, the company surpasses the divestment commitments outlined in the 2012-2016 Strategic Plan.  
  • The deal significantly strengthens the company’s balance sheet and its liquidity, and reduces net debt by more than half (excluding Gas Natural Fenosa) to 2.2 billion euros.
  • Repsol and Shell have also agreed a 10 year LNG supply contract to the Canaport regasification terminal, which remains within the Repsol Group.
  • Repsol will continue to boost its upstream organic growth strategy with the funds obtained from the transaction, building on the exploratory success of recent years.   

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