Spain: Repsol To Sell Stake in CLH
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Wednesday, 17 February 2010 |
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Repsol said this week it was considering the partial sale of its stake
in fuel logistics company CLH and had hired an investment bank to
handle the deal.
 Analysts
have said Repsol needs to dispose of assets to help finance its
ambitious and expensive exploration plans. Repsol gave no more details
in a brief regulatory filing. Without reporting a source, local media
have stated that Repsol was to sell 10 percent of CLH for €350
million. Repsol holds 15 percent of CLH, after selling 10 percent
to Deutsche Bank in 2007.
CLH’s main activity is the storage, transportation and distribution of
oil products in mainland Spanish and the Balearic Islands, under a
system that guarantees free access by third parties to its logistics
system. CLH currently holds logistics service contracts for the
use of its facilities with the majority of the operators that operate
in Spain, and competes with almost a dozen logistics companies that
provide storage and transport services on the Spanish market.
The company has one of the largest and most efficient integrated oil
product transport and storage networks in the world, with more of 3,800
kilometres of oil pipelines and a storage capacity of 6.7 million cubic
metres, which are at the disposal of all oil operators that function in
Spain.
PetrolWorld 160210
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