Spanish energy company Repsol said on Thursday it has agreed to sell a 24% stake in Indonesia’s Corridor Block gas operation to Jakarta-listed Medco Energi for $425 million.
The deal is part of Repsol’s strategy in upstream to focus on more profitable assets that generate cash.
According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said.
The company expects the transaction to be closed in the third quarter of 2025.
Source: Reuters.com