Code:
sed -n '/\/repo\//s#\[/url]##;s#.*/##p' packagelist >packages
grep -f packagenames bigpackagelist
Having to escape forward slashes make the regex expression look more complicated.
Lines with '/repo/' are selected. The ending '[/url]' is stripped. Then everything up to the last slash is removed.
The output is saved to the the file packages, which grep uses for the matching pattern list (-f option).