LNG sale brightens Repsol outlook and boosts Shell’s gas business

27 February 2013

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...

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