The move comes due to over management disagreements and low returns, Reuters reported.
For more than 25 years, Pemex has been as Repsol’s third-biggest shareholder, holding 9.3% stake in Repsol.
Revealed in a regulatory filing by Repsol, Pemex sold 104 million shares, or 7.9% of Repsol’s total market share.
Wall Street Journal ? cited IPD Latin America energy consultancy managing director John Padilla as saying, "Pemex could either keep the proceeds abroad and invest in projects that give it badly needed experience–such as partnering in the U.S. in shale gas or deep water oil projects–or use the money for its operations inside Mexico."
Since 2011, the partnership has been under pressure when Pemex backed a failed bid to take control of Repsol by Spanish construction group Sacyr.
Pemex chief financial officer Mario Beauregard said the remaining shares in Repsol would be sold in due course.
"Once this financing is complete, we’ll look for the best market conditions to get rid of the remaining position," Beauregard added.
