Pemex divests stake in Repsol

Mexican state-owned petroleum firm Pemex has sold its 7.86% stake in Spanish energy company Repsol for approximately €2.2bn.

The sale will allow a better allocation of financial resources in projects and investments with higher expected return and generating economic value for Mexico.

Pemex, which has been a shareholder in Repsol for over 25 years, said the low returns generated by the Spanish oil firm’s shares played a role in its decision to sell the stake.

Pemex CEO Emilio Lozoya said that neither Mexico nor Pemex played a role in preparing the Repsol business plan presented by its current management in March, demonstrating their lack of interest in the points on which the alliance had been formed.

Lozoya also said that after 35 years in Petronor and Repsol, Pemex reports a gain of over $900m. Pemex acquired a stake in Repsol in 2011 at a price of €19.95, compared to €20.10 per share obtained in operation today.

Pemex had been the third-largest shareholder in Repsol with a 9.49% interest, while La Caixa and Sacyr own 12.97% and 9.53% stakes respectively.

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Image: Pemex has been a shareholder in Repsol for over 25 years. Photo: courtesy of Petróleos Mexicanos.