Justin Jacobs, LONDON: Spain’s Repsol has
struck a $6.7 billion agreement to sell its liquefied natural
gas (LNG) export assets in Latin America and a gas-fired power
plant in Spain to Anglo-Dutch supermajor Shell. The deal marks
a breakthrough in Repsol’s recovery after its
Argentine business was nationalised last year and adds to
Shell’s growing global gas portfolio.
Repsol’s will sell stakes in Trinidad and
Tobago’s flagship Atlantic LNG export plant, the
Peru LNG export facility, as well as the projects’
associated marketing and shipping operations, and an 800
megawatt gas-fired power plant in Spain. Shell has also agreed
to supply gas to the Canaport LNG import terminal in Canada.
Repsol had sought to sell the plant, but struggled to find a
buyer amid low North American gas prices. Shell will pay $4.4
billion in cash...