Spanish energy giant Repsol has completed the sale of its Argentina assets for a total US$6.3 billion.
In a release yesterday, Repsol said it had finalised the sale of the BODEN 2015 securities that it still held to JP Morgan Securities as part of the means of payments in the compensation obtained for the expropriation of 51 per cent of YPF and YPF Gas; the nominal value of those shares was US$117.36 million.
From the sale of the entire holding of Argentinean bonds, Repsol has obtained close to US$5 billion in compensation for the expropriation. This extinguishes the US$5 billion debt recognised by Argentina, the compnay said.
Additionally, Repsol has sold its 12.34 per cent stake in YPF for US$1.3 billion.
The combined effect of these transactions, including interest payments (accrued interest) represents total revenue of $6.3085 billion, Repsol said.
The company added that the proceeds from these sales reinforce the companyís financial capacity.
In January this year Repsol completed another US$6 billion transaction, officially handing over its assets in Point Fortin based LNG producer Atlantic, as well as its Peru holdings to Royal Dutch Shell.