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Tuesday, February 26, 2013

Repsol Closes Sale - Canaport Not Included

Repsol won't be selling it's stake in the Canaport L-N-G terminal - at least not for the time being - the Spanish based company says it's completed a 6.7-billion dollar deal with Shell to buy a number of its Liquefied Natural Gas holdings.
But - it says the low natural gas prices in the U-S thanks to a glut of American produced shale gas makes it difficult to put a long term value on the facility.
Instead Shell has signed a ten year deal with Repsol to supply liquefied natural gas to the terminal.
Repsol owns a 75-percent share of the Canaport terminal while Irving Oil has a 25-percent stake in the facility.