THE HAGUE, Netherlands, Feb. 27 (UPI) -- Spanish energy company Repsol said it was easing its debt burden with the sale of LNG assets to Shell in a multibillion-dollar deal.
Repsol said it reached a $6.7 billion agreement with Shell for minority stakes in liquefied natural gas assets in Trinidad and Tobago, as well as Peru.
The Spanish energy company said the revenue would help relieve its debt burden as well as fund its upstream growth strategy.
Repsol said Peru would give Shell access to a block said to contain as much as 2 trillion cubic feet of natural gas. Including other assets included in the deal, Shell added that the acquisition adds more than 7 million tons of LNG volumes to its portfolio.
Shell Chief Executive Officer Peter Voser said the deal strengthens its supply position in the LNG market.
"By optimizing the combined portfolios we will increase our ability to bring LNG to areas that need it the most, adding value for Shell, our partners and our customers," he said in a statement.
Shell said the deal, subject to regulatory approval, is expected to close in late 2013 or early 2014.