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Monstrobolaxa
Monstrobolaxa
1
Joined: 28 Dec 2002, 23:36
Location: Covilhã, Portugal (and sometimes in Évora)
MADRID, June 25 (Reuters) - Royal Dutch/Shell (SHEL.L: Quote, Profile, Research) said on Friday it had agreed to sell its service station and distribution network in Portugal to Spanish oil firm Repsol YPF (REP.MC: Quote, Profile, Research) as it pares back its Iberian operations.
The purchase of the 303 services stations for an undisclosed sum leaves Repsol as the number three player in the Portuguese market, with a 19 percent share, the Spanish company said.
Shell, meanwhile, said it was in talks with a number of companies to sell its Spanish retail and distribution business and an announcement would be made in the coming months.
Shell will keeps its lubricants and liquid petroleum gas business in Portugal. Repsol Chairman Alfonso Cortina said the Portuguese deal "corresponds to the company's expansion policy in southern European countries and fully completes our desired presence in the country, where Repsol YPF has operated for 20 years".
Repsol saw off competition from Spain's second-largest oil group, Cepsa (CEP.MC: Quote, Profile, Research) , and Italian energy giant ENI (ENI.MI: Quote, Profile, Research) .
The announcement appeared to come as a surprise for ENI CEO Vittorio Mincato, who said on Friday he believed talks between his company and Shell over the Anglo-Dutch group's assets in both Spain and Portugal were still going ahead.
"If Shell has already sold it, it means that we are not buying it. But for us the operation is still going on," he told reporters in Milan.
A Shell spokesman said that all unsuccessful bidders had been advised of the conclusion of the deal.
The acquisition of all of Shell's service stations in Portugal brings Repsol's presence in the country to 417 outlets and raises its sales by 1.85 million cubic metres of petroleum products.
As part of the deal, Repsol also acquired 15 percent of fuel distributor CLC as well as Shell's storage facilities and marine fuel services. The deal still requires the approval of regulators.
Repsol shares had slipped 0.70 percent to 18.35 euros per share by 1213 GMT.
Repsol is one of the world's 10 largest privately run oil companies, with operations in around 28 countries producing 1.1 million barrels of oil equivalent per day.
