Spain's Repsol To Announce New Strategic Plan Near Year-End

Reuters

MADRID, June 24 (Reuters) – Spanish oil major Repsol will release a new strategic plan around the end of the year once it has decided how to invest cash made from selling assets in former Argentine unit YPF, the firm's chairman said on Tuesday.

Repsol said last month it had obtained $6.3 billion from selling shares in YPF and bonds given by Argentina in compensation for the nationalisation of its majority stake in the unit.

"The strategic plan will come when we have properly decided the future of the liquidity of this company," Chairman Antonio Brufau said at a conference in Madrid.

The company's financial director, Miguel Martinez, has said Repsol could have 9 billion euros ($12.23 billion) to invest. ($1 = 0.7357 Euros)

(Reporting By Jose Elias Rodriguez, writing by Sarah Morris, editing by Louise Heavens)

 

Copyright 2017 Thomson Reuters. Click for Restrictions.

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