Repsol received 45% owed in first half under Venezuela oil-for-debt deal: CEO

FILE PHOTO: A Repsol logo can be seen on top of a petrol station in Madrid, Spain, April 8, 2016. REUTERS/Andrea Comas

MADRID (Reuters) - Spanish oil and gas firm Repsol received 45% of the amount it was owed by Venezuela in the first half of 2019 under an oil-for-debt deal, its chief executive said on Wednesday.

Repsol received four cargoes relating to its Cardon joint venture with Italy’s Eni in the first six months of the year and one further cargo in July, Josu Jon Imaz told analysts on a conference call.

These figures are an improvement on the pace of deliveries received last year, Imaz said, adding that the company has reduced its financial exposure to Venezuela to $447 million at the end of June, from $522 million at the end of 2018.

Reporting by Isla Binnie; Editing by Paul Day