The Spanish Repsol leaves Russia with the sale of assets to Gazprom Neft

MOSCOW, January 12 (Reuters)Repsol from Spain REP.MC agreed to sell its stake in two remaining Russian assets to Gazprom Neft SIBN.MMthe oil branch of the state gas company Gazprom GAZP.MMthe two companies announced on Wednesday.

The sale of stakes in the upstream companies Evrotek-Yugra and ASB GEO would mark the end of Repsol’s operations in Russia, where it had been present since 2010 with rights to more than ten blocks.

“This transaction is aligned with the company’s strategic plan presented in 2020 to streamline and focus its exploration and production portfolio,” Repsol said in a statement.

Gazprom Neft expects to complete the deal in the first quarter of this year and may consider another partner to jointly develop the assets, it said separately on Wednesday. Neither company disclosed the value of the deal.

This month, Repsol bought shale oil and gas assets from US company Rockdale Marcellus for $222 million. The assets are located near an area of ​​Pennsylvania where Repsol already operates a shale field.

(Reporting by Olesya Astakhova in Moscow and Inti Landauro in Madrid, Writing by Katya Golubkova; Editing by Emelia Sithole-Matarise)

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