LONDON, Dec 5 (Reuters) - British oil company BP hasacquired Spanish group Repsol's 3.06 percent stake inthe Tangguh liquefied natural gas (LNG) project in Indonesia for$313 million dollars, a BP spokesman said on Monday.
The purchase lifts operator BP's stake in the plant to alittle more than 40 percent. The Tangguh plant processes 7.6million tonnes of LNG a year.
In June BP gave the go-ahead for the $8 billion expansion ofTangguh's third LNG train, one of only a handful of majorinvestment decisions in the sector this year as companies trimspending in response to a protracted slump in oilprices.
Repsol, which announced the deal on Friday evening, said thetransaction will generate $26 million in pre-tax capitalgains.
(Reporting by Ron Bousso; Editing by David Goodman)
BP (BP.)
