Spain's Repsol to divest for billions

Repsol has been hit hard by the low oil price and will therefore cut its business to the core. That means selling assets for billions and laying off 1,500 employees.

Photo: Pressefoto, Repsol

Spanish oil company Repsol will sell shares for USD 6.2 billion ahead 2020 in an attempt to adapt to future conditions.

The group will also reduce spending by 38 percent and halve its debt of USD 14 billion - a goal it expects to achieve even if the price of crude oil falls below USD 50 per barrell. As previously stated, the company will also fire 1,500 employees.

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