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Mubadala-owned Spanish oil refiner Cepsa sold its upstream operations in Peru to Canada’s PetroTal Corp, according to a Cepsa 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%.
OTHER M&A NEWS-
Naturgy gas supplies won’t be affected by Taqa’s potential takeover: Abu Dhabi National Energy Company’s (Taqa) potential acquisition of Madrid-based gas producer and renewable energy player Naturgy will not impact its gas supply contracts with Algeria, Reuters reported, citing a company statement. The statement came in response to reports that Algeria will cease its gas exports to Naturgy if the gas producer’s shareholder structure changes.
What they said: “There have never been any clauses in the supply contracts (the current contracts expire in 2030/31) that were affected by possible changes in the shareholding of either party,” Reuters quoted a spokesperson as saying. “In fact, such shareholder changes have occurred in the past and have had no impact on the contracts' performance,” he added.
BACKGROUND- Taqa is in talks with Naturgy’s two largest shareholders — CVC Capital Partners and Global Infrastructure Partners — to potentially acquire their stakes in the Spanish company, a transaction that the Spanish and Algerian governments are reportedly considering blocking.
Shareholder ownership: Caixabank owner Criteria owns a 26.7% stake in Naturgy, while GIP and CVC each own around 20%, according to Reuters. Algerian state-owned oil company Sonatrach holds a 4.1% stake in Naturgy and is a major international partner of the Spanish energy company.
