Spanish energy group Repsol has sold its piped gas business in the north of Spain and the Extremadura region to the Portuguese group EDP and to local energy company Gas Extremadura, for a total of €136m; the transactions will generate €76m in capital gains after tax. The sales agreements with EDP Group and Gas Extremadura are subject to regulatory approvals. Following these two sales, Repsol maintains a portfolio of piped gas assets with the capacity to supply 42,000 customers in the Community of Madrid.
This transaction follows the sale completed by Repsol in September 2015 of piped gas assets to Gas Natural Distribución and Redexis for €652m. With these transactions completed, Repsol’s divestment of this non-strategic business amounts to a total of €788m, yielding accumulated capital gains of €431m after tax. In addition to the partial divestment of the piped gas business announced in September, Repsol that month sold its 10% stake in logistics company CLH for €325m. The company also reached an agreement in December 2015 to sell 13% of its stake in Eagle Ford in the United States to its partner Statoil. Furthermore, Repsol divested rights in a project in Alaska, and three offshore exploration blocks in Canada.
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