Repsol gets approval sell Ecuador unit Sinopec

Repsol gets approval to sell Ecuador unit to Sinopec

12:18 PM, 2nd August 2012
Repsol gets approval to sell Ecuador unit to Sinopec

MADRID, SPAIN: The Government of Ecuador to Repsol has approved the sale of its subsidiary Amodaimi Oil Company in Ecuador to Tiptop Energy Ltd, a subsidiary of Sinopec. Amodaimi holds a 20 per cent service contracts and Tivacuno Block 16 in Ecuador, both currently in production assets. On finalisation of the transaction, Repsol would hold a 35 per cent stake in the consortium that operates the blocks and would remain the operator. The other members of the consortium are OPIC Taiwan (31 per cent) and Sinochem of China (14 per cent).

Repsol thus return to its historical participation in blocks 16 and Tivacuno. In 2009, Repsol acquired 20 per cent of these concessions to Murphy Oil, which went to form Amodaimi Oil Company. This operation would be part of the programme of disposal of assets included in Repsol’s strategic plan 2012-2016, which aims to achieve a divestiture of €4,500 million in the period.

These divestitures that, excluding this transaction, amounting to date to €1,850 million, are intended to improve the financial structure of the group. As part of this process in July, Repsol sold its LPG unit in Chile for approximately $540 million. In May, the Group Repsol presented an ambitious investment plan over €19,000 million, focused to the activity of exploration and production, motor of growth of the company.

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