Repsol has agreed to sell its 30% stake in the refinery Alberto Pasqualini (REFAP) in the State of Rio Grande do Sul Petrobras. Result of the transaction, Petrobras became the sole shareholder of the refinery, which has a nominal capacity of 190 000 bbld.
Under the terms of the agreement, Repsol will receive $ 350 million and will further reduce its consolidated net debt associated with its participation in the refinery REFAP by $ 500 million. The sale is exempt from Repsol investment commitments corresponding to his involvement in REFAP $ 355 million. The difference between the book value of REFAP and its sale price, that the appreciation of the local currency is taken into account, is about-60 million.
Completion of the sale of non-strategic assets programme
The agreement is part of assignment of non-strategic assets described in the strategic plan Repsol group horizon 2014. More specifically, this Agreement terminates the process yield issues non-integrated downstream in Latin American assets that Repsol started in 2007.
The process included the sale of gas stations in the Chile (2007) Ecuador (2008) and Brazil (2008) and issues in the Brazilian Manguinhos refineries (2008) and REFAP (2010). In total, Repsol gets $ 700 million by this process and reduces the debt by about $ 500 million.
The Brazil Repsol
Repsol is one of the largest operators upstream oil producer and independent to the Brazil third of the country in 2009. It is the largest foreign owner of exploratory blocks, with the presence of Santos, Campos and Espiritu Santo basins. Repsol has a strategic presence in the areas of pre-salt Brazil with more potential and with Petrobras led exploration in the prolific Santos basin.
Portfolio diversified the company to the Brazil has a field of production (Albacares Leste), a development block (BM-S-7: Piracuca BA), two planned pilot projects (BM-S-9: Guara and Carioca) and fourteen exploration blocks with potential.
In October 2010, Repsol has signed an agreement with Sinopec to jointly develop exploration and production projects to the Brazil and create one of the most important Latin American energy companies 17.7 billion $. The agreement is still pending approval by the competent authorities.
Off Brazil is one of the fastest growing worldwide oil regions. Agreement between Repsol and Sinopec highlights the significant international interest in the historic moment that Brazil knows, especially in the subsalt parts.
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