Spain’s Repsol sells stake in its oil and gas division for $5 billion
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Spanish energy company Repsol announced on the sale of 25% of the oil and gas division to the American investment fund EIG. The amount of the transaction will be $4.8 billion. Repsol intends to invest the funds received from the transaction in the development of the renewable energy business. The deal values the entire Repsol oil and gas exploration and production division at $19 billion, including debt. The Spanish company noted that the terms of the deal provide for the possibility of an IPO of this business in the United States in 2026 under favorable market conditions.
Repsol has pledged to direct at least a third of its investments to low-carbon projects by 2025 and to achieve carbon neutrality by 2050. In particular, it plans to create wind farms and develop the production of hydrogen fuel. In recent years obligations Many oil and gas companies, including Shell, Total and BP, are giving advice on combating climate change and switching to cleaner energy sources.
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