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Spain's oil, gas company Repsol S.A. makes $121 million by selling stake in Bilbao plant to BP

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(Globalpost/GlobalPost)

MADRID - Spanish oil and gas company Repsol says it has made 89 million euros ($121 million) by selling its 25 per cent stake in a power plant in Bilbao city to UK oil company BP.

The sale price for the combined-cycle power plant of Bahia de Bizkaia Electricidad was close to 135 million euros, Repsol S.A. said in a statement Friday.

Earlier this year Repsol agreed to sell its liquefied natural gas assets to Shell for $6.65 billion as part of its divestment strategy.

The Bahia plant was initially included in Repsol's LNG sale agreement with Shell. Reposal says its deal with Shell will go ahead, despite the sale of the plant to BP.

Repsol shares were down 0.13 per cent on the IBEX-35 stock market in late trading Friday.

http://www.globalpost.com/dispatch/news/the-canadian-press/131011/spains-oil-gas-company-repsol-sa-makes-121-million-selling-s