Report: Mexico's Pemex prepares to sell 9% Repsol stake

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

Mexico's state-run oil company Pemex is preparing to sell its 9.3% stake in Spain's Repsol (REPYY, REPYF), Reuters reports, after the appointment of a new CEO further soured relations between the two firms.

Pemex has had an increasingly fractious relationship with Repsol in recent years, marred by disagreements over the loss of the unit in Argentina and the degree of influence it has allowed its Mexican partner; Pemex apparently voted against last week's appointment of Josu Jon Imaz in the newly created CEO position.

Pemex is Repsol's third-biggest stakeholder, and its stake is worth ~$3.2B.