Spanish energy company Repsol has consulted Citigroup and Deutsche Bank on the possible sale of its $6 billion stake in utility Gas Natural , the Financial Times reported.
Repsol has asked the banks to explore options for its 30 percent stake in Gas Natural, the FT said on its website citing people familiar with the situation. (http://link.reuters.com/fyb92v)
Repsol Chief Financial Officer Miguel Martinez in July hinted at the eventual sale of its share in Gas Natural, saying the need to hold the stake would diminish after Repsol closes a $6.7 billion deal to sell a large part of its liquefied natural gas (LNG) assets to Royal Dutch Shell. The deal is expected to close by the end of the year.
The Gas Natural stake allows Repsol to sell LNG from its liquefaction plants in Trinidad and Tobago and in Peru, and its regasification plant in Canada, to the gas company. But once it has sold its largest plants - in Trinidad and Tobago and Peru - to Shell, it will have less need for the sale agreement with Gas Natural.
Repsol could not be reached immediately for comment.