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Raúl Masa
Madrid
Friday, 23 August 2024, 18:02
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The Spanish business giant Cepsa has taken a new step in its energy transition strategy. The oil company has announced completion of the sale of a major asset. To be precise, the company headed by Maarten Wetselaar has sold its butane, propane and autogas subsidiaries in Spain and Portugal (Gasib) to Abastible, a subsidiary of Chile's Empresas Copec, and a market leader in Latin America for liquified petroleum gas (LPG).
The price paid for this purchase is 275 million euros. Under the agreement Gasib will continue to offer its butane, propane and autogas products on a regular basis in the markets in which it operates (Spain and Portugal) under the Cepsa brand, with which it will maintain synergies for the production and distribution of products at service stations.
Cepsa's CEO explained that " this operation is a further step in our strategy to become a benchmark in the energy transition business, promoting investments in sustainable energies such as green hydrogen and biofuels, businesses that we expect to represent more than half of our activity by 2030".
Wetselaar also highlighted that "the merger of Gasib with Abastible allows it to continue growing within a benchmark company in the liquefied petroleum gas trade, with investment and market development capacity in the Iberian peninsula".
This acquisition is the first investment in Europe in the LPG sector by Copec (Abastible), which has counted on Banco Santander as their exclusive financial advisor for M&A (mergers and acquisitions), according to Europa Press.
The transaction is subject to the fulfilment of a number of pre-conditions , which include approval being granted by the Spanish authorities in relation to direct investment by a foreign company and agreement with the European Commission in relation to free competition, in addition to other conditions typically required for this type of acquisition to go ahead.
With this agreement Cepsa is taking a new step in its strategy to divest itself of assets related to its traditional business in oil. Already this year it has completed the sale of its upstream businesses in Peru and Colombia.
Last year Cepsa also reached an agreement with France's TotalEnergies (a multi-energy company) to divest itself of its upstream business in the United Arab Emirates. It sold off its 20% stake in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel oil fields in a deal valued at around 1.5 billion euros. This represented the sale of almost 50% of its exploration and production activity.
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