Repsol is to sell its 30% stake in the Alberto Pasqualini Refinery (REFAP) in the state of Rio Grande do Sul, Brazil, to Petrobras.
Under the terms of the agreement, Repsol will receive $350m and reduce its consolidated net debt associated to its stake in the REFAP refinery by a further $500m.
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The deal forms part of Repsol Group’s strategy to divest non-strategic assets and completes the process of divesting stakes in non-integrated downstream assets in Latin-America.
The process included the sale of service stations in Chile, Ecuador and Brazil, and the stakes in the Brazilian Manguinhos refinery.
