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MADRID, 7 Jun. (EUROPA PRESS) -
Repsol has recognized that, in the context of "the dynamic and permanent management" of its business portfolio, it has been analyzing "various opportunities and proposals" related to its Exploration and Production (E
In a relevant fact to the National Securities Market Commission (CNMV), the multi-energy company indicated that it considers its Exploration and Production business "as strategic, which includes long-term maintenance and consolidation."
In this way, the group led by Josu Jon Imaz responded to the information advanced by Reuters about the existence of preliminary talks for the possible sale of 25% of its oil and gas subsidiary to the US fund EIG Global Energy Partners.
Repsol shares rose 2.56% at 2:33 p.m. to 15.81 euros, after it became known that Repsol and EIG had begun negotiations as a result of an "unsolicited" offer presented by the fund to the company chaired by Antonio Brufau.
Repsol's Exploration and Production ('Upstream') business is valued at between 14,000 and 18,000 million euros including debt, according to analysts' assessment.
In 2021, this division, driven by the high price of oil, recorded adjusted net profits of 1,687 million euros.
In addition, last year it sold all its productive assets in Malaysia and Vietnam, as well as its participation in the Arog joint venture in Russia, and reduced the number of countries in which this area has a presence from 25 to 15, within its strategy of concentrating activity in regions where the company has competitive advantages.
Likewise, the energy company is negotiating the sale of a minority stake in its green subsidiary. The board of the oil company is expected to decide this month on the operation.
In this operation on its renewables business, the company is looking for a partner that adds value and is fully aligned with Repsol's growth strategy in green energies, which aspires to an installed capacity of 20 gigawatts (GW) in 2030 and 6 GW in 2025.
