This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Repsol concluye la venta de activos de GNL

Repsol concludes the sale of active of GNL

02/01/2014

2 January 2014

Repsol has completed the sale of active of GNL with the transmission to Shell of active of Peru and Trinidad and Tobago, once obtained the necessary permissions. The past month of October, Repsol sold to BP his participation in Bay Biscay Electricity (BBE), that exerted an option of preferential purchase on the active.

Both transactions have supposed an income for Repsol in the order of 4.300 million dollars (4.100 million dollars by the sale of active to Shell and 200 million dollars by the sale of BBE to BP) and the release of financial commitments and debt no consolidated on line with the figures advanced the past month of February when it announced the available agreement of the activos.la sale of these active, in which they include the minoritary participations in Atlantic LNG (Trinidad and Tobago), Peru LNG and BBE, together with the agreements of commercialisation of GNL and of fletamento of the fuselages metaneros, with his credits and debt linked, has supposed some profits and plusvalías for Repsol of roughly 2.900 million dollars after taxles, slightly above the figures advanced in the past month of February.

Like consequence of the transmission of the active object of the transaction and in application of criteria of maximum financial prudence, Repsol will adjust the assessment of the active North American in his books, registering a provision after taxles of agreement to the new fiscal rule of 1.500 million dollars. The plusvalías pending of contabilizarse after said adjust will incorporate between the exercises of 2013 and 2014, in accordance with the date of transmission of the active included in the transaction.

Together with the sale of active, Repsol and Shell have formalised an agreement by which this last will supply natural gas liquefied to the plant of regasificación of Repsol in the complex Canaport (Canada) during the next 10 years, by a total volume approximated of 1 million of tonnes.

After the closing of the sale, with economic date of 30 September 2012, Repsol reduces his net debt in 3.300 million dollars and strengthens significantly his balance.

With this operation, Repsol reaches a volume of desinvestments of more than 5.000 million euros, above the aims fixed in his Strategic Plan, that contemplates for the period 2012-2016 some desinvestments from among 4.000 and 4.500 million euros.