REPYY - Spain's Repsol sells production to Russian JV partner

Repsol (OTCQX:REPYY) announced the sale of the Company's 49% stake in a Russian JV with ~20kd/d of production. No terms were disclosed; however, this follows Repsol's strategic initiatives shared earlier in the year, whereby the Company intends to reduce its footprint from 25 to 14 countries, and move towards net zero emissions. Though price is a necessary metric for judging any transaction (price was not disclosed), the long-term benefits of energy transition are realizing short-term political costs, as European energy prices shatter records, while Russia reduces supply to the Continent.

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Spain's Repsol sells production to Russian JV partner