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Repsol SA completes the sale of LNG assets

Wednesday, 1 Jan 2014 07:00pm EST 

Repsol SA:Says it has completed the sale of liquefied natural gas (LNG) assets with the handover to Shell of assets in Peru and Trinidad & Tobago after the relevant authorisations have been obtained.Says in Oct. 2013, Repsol sold its stake in Bahia Bizkaia Electricidad (BBE) to BP, which exercised a purchase option over the asset.Says the combined transactions represent total proceeds for Repsol of $4.3 billion (of $4.1 billion from the sale of assets to Shell and $0.2 billion from the sale of BBE to BP).Says the sale, which includes the minority stakes in Atlantic LNG (Trinidad & Tobago,) Peru LNG and BBE as well as the LNG sale contracts and time charters with their associated loans and debt, has generated about $2.9 billion for Repsol in profit and capital gains after tax.Says Repsol and Shell have additionally signed an LNG supply agreement by the latter to the Canaport regasification terminal in Canada of about one million tons over a 10-year period.Says following the completion of the sale, with an economic date set at Sept. 30, 2012, Repsol reduces net debt by $3.3 billion.Says with this transaction, Repsol has divested assets for more than 5 billion euros.