REUTERS

Repsol sells 25% of its exploration business to American fund EIG

The deal came at the price of 4.8 billion euros as the company had been looking to maximise their return on investment

JOSÉ MARÍA CAMARERO MADRID.

Spanish petrol giant Repsol has sold 25% of its exploration and refining business to American investment fund EIG for 4.8 billion euros. The operation has valued this arm of Repsol's operations at 19 billion euros.

Repsol has been looking for strategic partners or investors in some of its business operations in order to speed up the rate of innovation and maximise the return on investment.