Repsol to keep Gas Natural stake

Options open: Repsol chief executive Antonio Brufau

Spain's Repsol has no immediate plans to sell off its 30% stake in Gas Natural Fenosa although the door is not permanently closed on a divestment.

"Today we have plenty of cash and [a sale] is not on our agenda,” said Repsol chief executive Antonio Brufau.

“For us, Gas Natural is an option... we are ready to keep or, in the case of finding something more attractive to be bought, then we could consider selling all or part,” Brufau told reporters on the sidelines of a plenary session at the 21st World Petroleum Congress in Moscow.

However, he said Repsol's liquidity position means that it can acquire assets “that fit with our strategy” without having to sell off its Gas Natural stake.

Brufau revealed the company's net debt position is “almost non existent for the first time in many years”, as Repsol's 9 billion euros ($12.2 billion) cash on hand would just about cover its debts.

“We are not thinking of selling [Gas Natural] these days but in the long run, who knows?”, he added.

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