Repsol to Sell REFAP Stakes to Petrobras

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.

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.