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

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.