(MENAFN) The Spanish National Securities Market Commission (CMNV) reported that Pemex, Mexico's oil national company, sold 7.86 percent of Spain's Repsol for USD2.86 billion to private investors, Xinhua reported.
Pemex attributed its decision to low profits of the shares owned by the current administration compared to other oil firms, planning to sell the remaining 1.44 percent stake by August.
"Once this financing is complete, we'll look for the best market conditions to get rid of the remaining position," Pemex Chief Financial Officer stated.
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