Spanish energy company Repsol said on Thursday it has agreed to sell a 24 per cent stake in Indonesia’s Corridor Block gas operation to Jakarta-listed Medco Energi for $425 million.
The deal is part of Repsol’s strategy to dispose assets to raise cash to fund investments in renewable energy.
According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said.
The company expects the transaction to be closed in the third quarter of 2025.
