Financial Wire

Market Chatter: Spain's Repsol Nears Deal to Regain Control Over Venezuelan Oil Assets

-- Repsol (REP.MC) is set to regain operational control of its oil assets in Venezuela under a new agreement with the South American country's government, with an announcement expected as soon as Thursday, London's Financial Times reported the same day.

Under the deal, the Spanish energy group plans to triple output from its Venezuelan operations within a span of three years, a person familiar with the matter told the newspaper.

Repsol will also include the creation of a "guaranteed" payment mechanism aimed at avoiding past issues concerning the Venezuelan government's failure to meet payment obligations, the report added.

Repsol did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Market Chatter: Spain's Repsol Nears Deal to Regain Control Over Venezuelan Oil Assets | Financial Wire