Spain’s Cepsa Sells Iberian Gas Unit for $302 Million to Empresas Copec
(Reuters) — Spain's second-largest oil company Cepsa has agreed to sell its liquefied gas division Gasib in Spain and Portugal to a unit of Chile's Empresas Copec for $302.42 million, the companies said on Friday.
The sale is part of the Spanish company's shift towards low-carbon businesses, for which it plans to invest up 8 billion euros by the end of the decade.
The sale of the unit, which offers products such as butane and propane, follows other recent divestments including those of upstream assets in Peru, Colombia and Abu Dhabi.
As part of the deal, Gasib will keep selling the products in Iberia under the Cepsa brand.
Banco Santander was sole M&A financial advisor to the buyer, while BNP Paribas advised Cepsa, a source said.
($1 = 0.9093 euros)
Related News
Related News
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments