Sacyr has announced the sale of its remaining 2.9% stake in Repsol, including its stock options for an undisclosed amount.
The sale allowed for the reduction of the debt associated with the shares by EUR563 million (US$602.92 million) and a positive accounting result of EUR58 million (US$62.11 million). Sacyr plans to use the profit to reduce net recourse debt and focus on its PPP investment plan.
Repsol S.A. is a Spanish energy and petrochemical company based in Madrid. Repsol is a petrochemical company that operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. Its business strategy also includes a renewable energy division.