The Diplomat. 05/05/2018
Repsol reduced its equity exposure in Venezuela in the first quarter of the year to 1,100 million euros, according to the documentation submitted by the company to the National Securities Market Commission (CNMV). In the aforementioned period, the group recorded a negative impact of 433 million euros, mainly due to financial assets linked to Venezuela.
The oil company continues with its policy of reducing its risk in Venezuela, one of the three countries with the largest oil reserves on the planet and where Repsol has a solid position and foresees future opportunities. However, the political and social instability in this country, together with a high inflation, led the company last year to make an adjustment of more than 600 million euros in the value of its assets there, lowering its exposure to some 1,480 million euros at the end of last year.
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