Repsol Agrees to Sell Peru Pipeline Interest to Enagás

By Ryan Dube 

LIMA, Peru---Spanish oil company Repsol SA said Friday it has reached an agreement with energy company Enagás SA to sell its stake in a consortium that operates a major Peruvian gas pipeline.

Repsol said it agreed to sell its 10% stake in the Transportadora de Gas del Perú consortium to Enagás for about $219 million.

Transportadora de Gas del Perú, known as TgP, operates a pipeline that transports gas from the Camisea fields in Peru's southeastern Amazon region to the country's Pacific coast.

About 50% of the feedstock for Peru's electricity generation depends on the pipeline.

Other companies recently have sold interests in the TgP consortium. In November, Peruvian construction firm Graña y Montero SAA disclosed that it entered into a deal to acquire a 12.38% stake in the TgP consortium from Pluspetrol Resource Corp.

Colombia's Grupo Energía de Bogotá said earlier this month that its subsidiary, Transportadora de Gas Internacional SA, entered into a deal to acquire a 23.61% stake in TgP from Tecpetrol International SA. Tecpetrol is a unit of Argentina's Techint Group.

Other companies that have a stake in the consortium include Hunt Oil of the U.S., Sonatrach of Algeria, South Korea's SK Corp. and Franco-Belgian GDF Suez-Tractebel SA.

Repsol recently has sold off other assets in Peru as part of a broader divestment plan. Last year, it sold a minority holding in Perú LNG, which produces liquefied natural gas.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires