Repsol, which this week unveiled a revamped strategy following the nationalisation of Argentine subsidiary YPF, is playing down the growth potential of its LNG portfolio.
Chief executive Antonio Brufau told analysts that LNG represents a very profitable, stable business for the Spanish energy major.
Maximising profits in the portfolio is among the core pillars of Repsol’s business plan. However, he ruled out expansion in the sector.
Given the choice between an upstream investment and a capital intensive liquefaction plant or regasification terminal, Repsol will put its money on upstream.
“We don’t think that LNG will be a growth story in Repsol today,” Brufau said as he presented the company’s five-year plan.
The company is a shareholder and sole off-taker at Peru LNG, where most volumes...
