Repsol to Sell Ecuador Unit

Repsol plans to unload an Ecuador subsidiary as part of its broader asset disposal plans, it says. The Spanish oil company has received approval to negotiate the sale of the Amodaimi Oil Company to Tiptop Energy, a subsidiary of China’s Sinopec. The terms of the deal are yet to be negotiated, and it is expected to be completed in the short-term. Amodaimi holds a 20% share of block 16 and Tivacuno service contracts. Repsol sold its Chilean LPG unit for about $540m last month.