September 27, 2015 [Market Watch] - Spanish oil major Repsol SA Friday said it has agreed to sell its 10% stake in Compania Logistica de Hidrocarburos SA, an oil storage firm, to investment company Ardian for 325 million euros ($364 million).
Repsol said the sale was part of a new strategic plan after its takeover of Canadian oil company Talisman Energy Inc., completed earlier this year. After the purchase, Ardian will have a 25% stake in CLH.
Repsol in July posted a 44% annual decrease in second-quarter net profit, as strong refining results failed to offset the effect of falling crude prices and earlier one-time gains.
Figures from Calgary-based Talisman, acquired by Repsol for $8.3 billion, were incorporated in Repsol’s results as of May 8.
