Gulf Oil and Gas accountACCOUNT

Abu Dhabi State Investor Weighs Sale of Spain's Cepsa

Source: Reuters 3/16/2018, Location: Middle East

Abu Dhabi state investor Mubadala Investment Company is considering a partial or total sale of Spanish oil and gas company Cepsa and would use proceeds for expansion, a Mubadala spokesman told Reuters.

The state-owned fund is working with Cepsa management to look at options including a listing or the sale of a stake to another investor, it confirmed in a statement.

Mubadala wholly owns the Spanish company which refines oil and distributes fuel. Cepsa also has exploration and production interests in Latin America, north Africa and Asia.

After years of stake-building in Cepsa, the Abu Dhabi sovereign wealth fund bought the remaining shares it did not already own from France’s Total in 2011, in a deal valuing the Spanish company at around 7.5 billion euros ($9.3 billion).

“Options under consideration will include a potential listing, strategic partnerships and the involvement of other investors,” Mubadala said in an emailed statement.

A Cepsa spokeswoman in Madrid confirmed its owner was looking at a potential stock listing or sale.

Abu Dhabi produces most of the oil in the United Arab Emirates, which has the world’s seventh largest proved oil and gas reserves. It holds 6 percent of world crude reserves.

Mubadala’s chief executive officer said last year it was lining up new overseas investments and may also sell or reduce some of its existing stakes in companies.

Cepsa on Thursday reported a 60 percent jump in adjusted net profit, helped by an increase in the oil price and greater profitability at its refineries. Core profit jumped 18 percent to 1.87 billion euros.

The Abu Dhabi National Oil Company (ADNOC) in February awarded a 20 percent stake to Cepsa in Abu Dhabi’s offshore Sateh Al Razboot and Umm Lulu oil fields in the Persian Gulf.

Mergers and Acquisitions News in United Arab Emirates >>

Canada >>  1/17/2019 - Husky Energy has announced that its offer for MEG Energy expired on January 16 and that the minimum tender condition was not met. Due to insufficient ...
United States >>  1/7/2019 - QEP Resources has confirmed that it has received a preliminary proposal from Elliott Management Corp to acquire the Company for $8.75 per share in cas...

Norway >>  1/4/2019 - DNO, the Norwegian oil and gas operator, has announced that on 3 January 2019 it acquired a further 2,754,110 Faroe Shares in the market at prices ran...
United States >>  1/2/2019 - Effective Jan. 1, 2019, as foreseen under the joint venture agreements, NOVA Chemicals Inc. (“NOVA Chemicals”), a leading supplier of polyethylene pro...

Indonesia >>  12/31/2018 - Statement regarding the potential acquisition of Ophir Energy plc (Ophir) by PT Medco Energi Global PTE Ltd (“Medco”) (a wholly-owned subsidiary of PT...
Saudi Arabia >>  12/31/2018 - Saudi Aramco, a world-leading integrated energy and chemicals company; and LANXESS AG, a leading German specialty chemicals company, announced the com...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.