Repsol says goodbye to LPG business

Inversis | Spanish oil giant Repsol SA will sell its 42,000 supply points of LPG (Liquefied petroleum gas) at 63 million euros. It plans to divest €6.2 billion in nonstrategic assets and cut spending by 38% “without altering its company profile” as part of its 2016-20 strategic plan.

The firm sold its 10% stake at Compañía Logística de Hidrocarburos (CHL) in January, one month after agreeing to divest a 13% stake in its Eagle Ford project in the United States to its partner Statoil. It has also divested rights in a project in Alaska, and three offshore exploration blocks in Canada.

*Image: Flickr/ Repsol