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Royal Dutch Shell buys Repsol stake

Europe's largest oil company Royal Dutch Shell once more has a significant stake in Trinidad and Tobago's energy sector.

The company said yesterday it has struck a deal with Spain's Repsol SA to buy Repsol's liquefied natural gas assets in Trinidad and Tobago and Peru in a deal worth US$6.2 billion.

Shell said it would pay $4.4 billion in cash and assume $1.8 billion in Repsol debt and other obligations.

Energy Minister Kevin Ramnarine confirmed in the Senate in Port of Spain yesterday that Repsol had finalised the sale of its assets in LNG producer Atlantic to Shell.

Repsol was a shareholder in Point Fortin-based Atlantic's four LNG trains.

Atlantic, which started production in 1999, is one of the world's largest LNG producers and exporters.

Ramnarine said he had received an e-mail from Repsol about the transaction.

He described the sale as a "significant development" for the local energy sector.

Ramnarine noted that Shell was "no stranger" to this country with a long history here before it left in 1974. About 39 years ago Shell operated a refinery in Trinidad.

—Julien Neaves

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