Canadian Manufacturing

Canaport LNG among assets Repsol looking to sell to shore up finances

Reports at least six companies bidding, including firms from China, Spain, Britain, Russia and France



CALGARY—Spanish energy company Repsol isn’t denying a report it has received multiple offers for its liquefied natural gas business, which includes a 75 per cent stake in a New Brunswick plant.

Reuters, citing unidentified sources, says at least six player companies are in the bidding, including firms from China, Spain, Britain, Russia and France.

Separately, an executive with Indian company GAIL confirmed to the news agency it is interested in the business.

Repsol spokesman Kristian Rix says the company is looking to sell its LNG business in its entirety, which includes interests in the Canaport LNG facility in Saint John as well as assets in Trinidad and Tobago and Peru.

He says Repsol had to shore up its finances after the Argentine government seized control of its assets in the South American country earlier this year.

Rix says the LNG business is strong and viable, and Repsol would have opted to keep it if it didn’t need the proceeds from the sale.

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