09/15/97
Capital gains on the transaction will be 7.63 million dollars
 
REPSOL: THE ARGENTINIAN COMPANY, ASTRA, SELLS ITS SHIPPING COMPANY
 

The oil company Astra, controlled by Repsol, has accepted an offer from the Panamanian company Ultragas International S.A. on 100% of Antares Naviera, S.A. capital equity, for a total price of 45.54 million dollars.

Negotiations on this operation are nearing conclusion, and Astra is expected to obtain capital gains of approximately 7.63 million dollars.

This transaction means that all of Astra�s shipping assets will be divested, as part of the company�s strategy to concentrate activities in its main business areas of exploration and production, refining and marketing, LPG, natural gas and electricity.