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BP acquires Repsol's stake in Tangguh LNG project

Reuters

LONDON (Reuters) - British oil company BP (BP.L) has acquired Spanish group Repsol's (REP.MC) 3.06 percent stake in the Tangguh liquefied natural gas (LNG) project in Indonesia for $313 million (246.12 pound), a BP spokesman said on Monday.

The purchase lifts operator BP's stake in the plant to a little more than 40 percent. The Tangguh plant processes 7.6 million tonnes of LNG a year.

In June BP gave the go-ahead for the $8 billion expansion of Tangguh's third LNG train, one of only a handful of major investment decisions in the sector this year as companies trim spending in response to a protracted slump in oil prices.

Repsol, which announced the deal on Friday evening, said the transaction will generate $26 million in pre-tax capital gains.

(Reporting by Ron Bousso; Editing by David Goodman)