Spanish oil firm Repsol is reportedly considering the sale of a 10% stake in fuel distribution firm Compania Logistica de Hidrocarburos, Thompson Financial has revealed, citing a report from Expansion that obtained the information from unnamed sources.
The sale of the 10% stake, which is reported to be worth around E350 million, would bring Repsol’s interest in Compania Logistica de Hidrocarburos (CLH) to 15%, Thompson Financial said, citing the Expansion report. CLH is engaged in hydrocarbon storage and transportation.
Expansion has reportedly said that Repsol has contracted Santander Investment to source possible buyers for the stake, the sale of which would be part of its current strategy of divesting non-core operations in order to focus on expanding its reserves. Thompson Financial cited Expansion as saying that Repsol has already contacted 30 possible buyers.
According to Reuters, although Repsol has declined to confirm the reports, it has said that it is constantly looking into ways that it can modify its portfolio. Repsol reportedly said that it hopes to continue to be one of CLH’s major shareholders, and an important industrial customer.