Chinese firm taking over Repsol asset

Business

A CHINESE firm will fully take over Repsol’s upstream assets in Western by the final quarter of this year.
In a statement yesterday, Spanish firm (Repsol) said it “has agreed to sell its shares in the Repsol entities holding its PNG assets to Balang International Pte. Ltd (Balang), subject to customary conditions precedent for a transaction of this nature”.
“Provided that such conditions are satisfied or waived, completion is expected by Q4 this year,” Repsol said,
“Balang is a part of the China Changcheng Natural Gas Power Co Ltd Group, which has investments in the natural gas and power sectors in the Asia Pacific Region, including in the People’s Republic of China.
“The business will continue to be operated by Repsol until the completion of the transaction, prioritising the well-being of staff and safe and reliable operations.”
Dai Ying Xiang, chairman of Balang, said: “Balang is committed to develop the discovered resources in these assets.

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