Spanish oil company Repsol SA (REP.MC) said Wednesday it would sell an affiliated oil company in Ecuador to Chinese state-owned oil giant China Petroleum & Chemical Corp. (0386.HK), better known as Sinopec.

Repsol did not disclose the sale price but said the Ecuadorian government had signed off on the deal.

As part of its effort to maintain its investment-grade credit rating, Repsol has embarked on a plan to sell about EUR4.5 billion worth of assets through 2016. In July, Repsol sold its Chilean liquefied natural gas unit for about $540 million.

In January, Repsol raised EUR1.36 billion by selling 5% of its own shares it had recently acquired. The company has said it may sell a remaining 5% stake it continues to hold. It also has said 10 companies have already expressed interest in buying Repsol's liquefied natural gas assets.

Excluding the Ecuadorian transaction, Repsol said it has raised to date EUR1.85 billion from disinvesting assets.