Repsol has sold its distribution subsidiary of liquefied petroleum gas (LPG) to the Brazilian company Ultragaz for 20 million euro.
Repsol Gas Brazil will fall into the hands of Brazil's LPG industry leader, a subsidiary of Brazilian company Ultrapar, in an operation that is part of its "strategy of divesting non-integrated downstream assets in Latin America."
Repsol's subsidiary sold 22.000 tons of product to 2.400 customers during 2010. Most are industrial customers in the regions of Sao Paulo and Rio de Janeiro.
The oil company explained that the divestment of non-strategic downstream assets in Brazil "ends" with this sale. Repsol "will designate all its investment efforts in the country" in exploration and production activities of Repsol Sinopec Brazil.
