{"id":91823,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-backed-cepsa-sells-upstream-assets-in-peru\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"mubadala-backed-cepsa-sells-upstream-assets-in-peru","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/mubadala-backed-cepsa-sells-upstream-assets-in-peru\/","title":{"rendered":"Mubadala-backed Cepsa sells upstream assets in Peru"},"content":{"rendered":"

Mubadala-owned Spanish oil refiner <\/strong>Cepsa<\/a><\/strong> sold its upstream operations in Peru to <\/strong>Canada\u2019s <\/strong>PetroTal Corp<\/a><\/strong>, according to a Cepsa press release<\/a>. The transaction also includes the transfer of one of Cepsa\u2019s subsidiaries that manages a Los Angeles oil field to the Canadian oil company. The value of the transaction was not disclosed.<\/p>\n

The transaction is part of Cepsa\u2019s 2030 green strategy<\/strong>, 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<\/a> reported in March.<\/p>\n

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

OTHER M&A NEWS-<\/p>\n

Naturgy gas supplies won\u2019t be affected by Taqa\u2019s potential takeover: <\/strong>Abu Dhabi National Energy Company\u2019s (Taqa) potential acquisition of Madrid-based gas producer and renewable energy player Naturgy will not impact its gas supply contracts with Algeria, Reuters<\/a> reported, citing a company statement. The statement came in response to reports that Algeria will cease its gas exports<\/a> to Naturgy if the gas producer\u2019s shareholder structure changes.<\/p>\n

What they said:<\/strong> \u201cThere 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,\u201d Reuters quoted a spokesperson as saying. \u201cIn fact, such shareholder changes have occurred in the past and have had no impact on the contracts' performance,\u201d he added.<\/p>\n

BACKGROUND- <\/strong>Taqa is in talks with Naturgy\u2019s two largest shareholders \u2014 CVC Capital Partners<\/a> and Global Infrastructure Partners<\/a> \u2014 to potentially acquire their stakes in the Spanish company, a transaction that the Spanish and Algerian governments are reportedly considering blocking<\/a>.<\/p>\n

Shareholder ownership: <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is part of Cepsa\u2019s 2030 green strategy<\/p>\n","protected":false},"author":1,"featured_media":91824,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[143,60,1343,152],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-energy","tag-ma-watch","tag-mubadala","tag-taqa","wpautop","entry"],"acf":{"mongo_id":"3bae7345-92f7-4234-84fc-8239192985fc","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/543.jpg","photo_position":"above","homepage_title":"Cepsa sells assets in Peru to PetroTal","full_issue_title":"Mubadala-backed Cepsa sells upstream assets in Peru to Canada\u2019s PetroTal","related_issue":[91817],"teaser":"The transaction is part of Cepsa\u2019s 2030 green strategy","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.a5a35278-6492-4e38-9a0d-0c5afde772ba.mp3"},"yoast_head":"\nMubadala-backed Cepsa sells upstream assets in Peru - 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