Repsol to sell RI unit

Repsol to sell RI unit

MADRID (Dow Jones): Grupo Repsol-YPF, the Spanish-Argentine oil and energy group, said Monday that it will sell its assets in the UK and Indonesia.

A Repsol-YPF spokeswoman declined to say how much the asset sales would generate, but said the sales are part of the company's refinancing program since it purchased 83 percent its Argentine associate YPF SA's stock through a syndicated loan of US$16 billion.

The company recently raised around $5.80 billion through a capital increase and share placement. It aims to pay off more of the loan through $2.5 billion in asset sales and corporate bonds as well as cost cuts.

Repsol-YPF said it plans to sell its exploration, production, refining and marketing units in the UK and Indonesia.

Grupo Repsol-YPF is the group organization of Repsol-YPF SA (REP) of Spain.