Repsol announced Friday that it has reached an agreement to sell its 10 percent stake in Compania Logistica de Hidrocarburos to Ardian, for $362 million, as part of a program that is designed to streamline its non-strategic asset portfolio.

The program was launched after the acquisition of Talisman Energy, which “significantly increased production and the quality and quantity of Repsol’s asset base”, according to Repsol. The sale of CLH will generate a capital gain for Repsol of 300 million euros.

Before selecting the winning bid, Repsol “carried out an extensive process involving almost 150 potential investors, generating significant interest and competition”.

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