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Pemex sells majority of its Repsol stake

8:45 AM MDT | June 5, 2014 | Natasha Alperowicz

Pemex, Mexico’s state energy group, said on Wednesday that it has sold most of its stake in Repsol (Madrid) for €2.09 billion ($2.84 billion) and plans to sell the rest shortly, ending a 25-year partnership with the Spanish concern. Pemex says it will use the proceeds in its own energy sector. “The decision to end the Repsol investment is due to the low profitability of the shares obtained by the current administration compared with other oil firms and our differences on its corporate governance,” Pemex says. The Mexican company has also...

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