Oil major Shell has stepped up its presence in the liquefied natural gas market after completing a £2.5billion to buy Repsol’s non-US operations.
The Anglo-Dutch supermajor will pay $4.1mbllion (£2.47bn) for the Spanish firm’s LNG portfolio outside North America, increasing its LNG volumes by more than 7million tonnes a year.
The portfolio includes operations in Trinidad and Tobago, Peru, and access to a fleet of LNG carriers.
Shell said the deal would contribute immediate cashflow to the company, with limited ongoing expenditure required.
The sale, finalised today after being initially announced last year, will reduce the Spanish operator’s debt by just under £2billion.