Repsol SA has agreed to promote about 95,000 web acres of oil and fuel producing land in Alberta to Canada Pension Plan Investments Board-backed One other Powerthree sources accustomed to the plan advised Reuters on Tuesday.
The Spanish oil main will fetch as much as C$400 million from the sale, one of many sources mentioned.
Repsol and Teine have utilized for regulatory approvals for the deal, and anticipate receiving these by the tip of September, the sources mentioned. They cautioned that there isn’t any certainty that the Alberta regulators will enable the proposed transaction, and the deal might nonetheless disintegrate.
CPPIB declined to remark whereas Repsol and Teine Power didn’t reply to requests for remark.
(Reporting by Shariq Khan Enhancing by Denny Thomas and Marguerita Choy)
