Abu Dhabi purchases Cepsa
State-owned Abu-Dhabi holding company, International Petroleum Investment Co., has bought Total SA's stake in Spanish oil refiner Cepsa.
A share purchase is part of a €3.9bn ($5.4bn) offer which will take the Middle East organisation's stake in Cia. Espanola de Pertroleos SA (Cepsa) to 100%, based on a share price of €28.
The move gives Abu Dhabi increased refining capacity with Cepsa's three operations in Spain producing some 408,000b/d with plans to furhter upgrade its La Rabida facility already underway. The plants will provide an outlet for more of the United Arab Emirate's 2.4m b/d crude production.
The purchase, from French-based Total, adds to IPICs already considerable $14bn global oil and gas portfolio. From Total's perspective the sale continues the company's drive to reduce its European refining capacity.
Published 25th February, 2011
