Repsol YPF Could Bring in US$12bn for 45% of YPF
Spanish oil major Repsol YPF (NYSE: REP) estimates it could raise US$10bn-12bn from selling 45% of its Argentine subsidiary YPF, Argentine press quoted general director of operations Miguel Martinez as saying at an analysts meeting in Spain.
Repsol YPF plans to divest 25% of YPF to a private Argentine partner and place 20% on the local stock exchange.
The former divestment could be concluded in a matter of 6-7 weeks, while the latter could require some six months.
Repsol YPF acquired nearly 100% of YPF from Argentina's government for more than US$15bn in 1999.
YPF posted January-March net profits of 1.20bn pesos (US$390mn), down 13.6% from 1.39bn pesos in January-March 2006, BNamericas reported previously.
Repsol YPF's main strategic objectives for upstream development in Argentina include maintaining production levels and performing offshore exploration.
In addition, the company is focused on its Plada plan, which involves developing higher-risk projects such as tight gas, heavy crude, tertiary recovery methods and deepwater, beginning in about 2009.
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