Gazprom Tipped as Bidder

Jan. 30, 2013

MADRID — Spain's Repsol is negotiating the sale of a block of liquefied natural gas assets with several bidders, possibly including Gazprom, and expects to finalize a deal in the coming weeks, a source with knowledge of the matter said.

The Spanish oil major is selling LNG assets based in Canada, Trinidad and Tobago, and Peru in a drive to remove debt from its balance sheet and improve its chances of keeping an investment grade rating.

Earlier, newspaper Cinco Dias said Repsol would likely announce the sale of the assets to Royal Dutch Shell after a board meeting on Wednesday.

Gazprom, China's Sinopec, GAIL Ltd of India and GDF Suez of France — in consortium with China's sovereign wealth fund CIC — have been tipped as other potential bidders.

(Reuters)

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