Repsol sale of Ecuadorian unit approved

Repsol has received approval from the government of Ecuador to sell Amodaimi Oil Co., a wholly owned subsidiary with interests in two producing Ecuadorian service contracts, to a wholly owned subsidiary of Sinopec of China.

Repsol has received approval from the government of Ecuador to sell Amodaimi Oil Co., a wholly owned subsidiary with interests in two producing Ecuadorian service contracts, to a wholly owned subsidiary of Sinopec of China.

The Sinopec unit, Tiptop Energy Ltd., will acquire 20% interests in the Block 16 and Tivacuno service contracts.

Repsol will keep a 35% share in a consortium operating the contracts and remain operator. Its partners are OPIC of Taiwan, 31%, and Sinochem of China, 14%.

Amodaimi holds interests that Repsol acquired from Murphy Oil in 2009.

More in General Interest