Mubadala-owned Spanish oil refiner Cepsa has divested its upstream operations in Peru to Canada’s PetroTal Corp to shift investments towards green energy, according to a press release. The transaction also includes the transfer of one of Cepsa’s subsidiaries that manages a Los Angeles oil field to the Canadian oil company. The value of the transaction was not disclosed.

The transaction is part of Cepsa’s 2030 green strategy, which will see the company shift towards sustainable energy by investing around EUR 8 bn in green hydrogen and biofuel for heavy transportation and industries such as trucking, shipping, and airlines, Bloomberg reported in March.

More on Cepsa: Abu Dhabi wealth fund Mubadala holds a majority stake in Cepsa, the second largest oil company in Spain, while the global investment firm The Carlyle Group owns 37%.

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