Gail and EDF bid for Repsol’s LNG assets in Trinidad and Tobago

Gas utility Gail India Ltd (BOM:532155) has made a non-binding offer together with French EDF SA (EPA:EDF) to buy Spanish Repsol SA’s (MCE:REP) liquefied natural gas (LNG) operations in Trinidad and Tobago, Gail said in a statement.

Oil and gas group Repsol, looking to cut its heavy debt, started the sale of LNG interests in July 2012, including 75% stake in a regasification facility in Canada, 20% in a liquefaction plant in Peru and a 23% in the Atlantic liquefaction plant in Trinidad and Tobago.

It did not say how much it wants for the LNG assets, which it would prefer to sell as a package, rather than separately, news agency Reuters reported.

In a presentation in August 2012, Repsol said these assets had a EUR3.6bn (USD4.8bn) off-balance sheet debt and net debt of EUR1bn.

In September last year, Reuters cited sources as saying that Repsol had received six offers for the LNG operations.