Repsol sells its Brazilian LPG business for 20 million euros

abarrelfullabarrelfull wrote on 24 Oct 2011 06:37
Tags: brazil deals downstream repsol

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Repsol has agreed to the sale of 100% of its liquefied petroleum gas (LPG) distribution subsidiary, Repsol Gas Brasil, to the Brazilian company Ultragaz, a leading player in the Brazilian market.

The sale was completed for a total of 20 million euros, resulting in an estimated net capital gain of 10 million euros for Repsol. In 2010, Repsol Gas Brasil sold 22,000 tonnes of product to 2,400, mostly industrial, customers in Sao Paulo and Rio de Janeiro. Ultragaz is part of the Brazilian group Ultrapar, which also has businesses involved in the distribution of fuel and derivative petrochemical products and is quoted on the Sao Paulo and New York stock exchanges.

With this sale, Repsol completes the divestment in non-strategic downstream assets in Brazil to focus its activity on the development of exploration and production projects through Repsol Sinopec Brasil.
Since 2007, Repsol has made $1.2 billion worth of divestments in Latin America as part of its assets’ portfolio management strategy.

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