Repsol has exercised its pre-emption right to buy some of exiting Edison’s stake in Algeria’s Reggane Nord natural gas project, as European oil and gas players look for opportunities to increase their holdings in supplies headed to Europe. Edison said it has amended its original agreement to sell Wintershall Dea its 11.25% interest in Reggane Nord. Wintershall will now take 4.5%, increasing its overall interest to 24%, while Repsol gets 6.75%, taking its total holding in Reggane Nord up to 36%. Algeria’s state Sonatrach holds the remaining 40%. The transaction is still valued at an estimated $100 million and all other terms and conditions remain unchanged, Edison conOrmed.
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