Repsol to sell up to 45 percent in Argentinian unit: report

Antonio Brufau, seen here in May 2007, Chairman of the Spanish petroleum giant Repsol YPF, speaks during a press conference. Repsol YPF, Spain's biggest oil firm, plans to sell up to 45 percent of its Argentinian unit, a deal that could earn it more than four billion euros (5.4 billion dollars).

Repsol YPF, Spain's biggest oil firm, plans to sell up to 45 percent of its Argentinian unit, a deal that could earn it more than four billion euros (5.4 billion dollars).

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Spanish daily Expansion said on Saturday Repsol intends to sell to a "large Argentinian investor" a stake of between 15 and 25 percent of Yacimientos Petroliferos Fiscales (YPF), which Repsol bought in 1999 for 15 billion dollars, the paper said.

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The group is in talks with three groups about the sale: Jorge Brito, Enrique Eunekian et Enrique Eskenazi. The latter is favourite and all three "have good relations with Argentinian President Nestor Kirchner," the paper cited unnamed sources as saying.

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Repsol will then begin preparations for selling a further 20 percent stake via a stock market listing at the end of 2007 or the start of 2008, Expansion added.

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The desire to find a partner in Argentina is part of chairman Antonio Brufau's desire to improve relations in the south American country, the paper said.

Source : www.todayonline.com