Mubadala Investment Co. (Abu Dhabi), owner of Compania Espanola de Petroleos (Cepsa; Madrid), an energy and chemicals producer, is considering a public listing or sale of a stake in Cepsa, a spokesman for Mubadala has confirmed.
“Mubadala Investment Company can confirm it is working in collaboration with the management of Cepsa to assess a range of strategic options to diversify Cepsa’s shareholder base. Options under consideration will include a potential listing, strategic partnerships and the involvement of other investors. Cepsa has demonstrated excellent performance from its integrated operations,” Mubadala tells CW, adding that Cepsa represents a successful ongoing investment for Mubadala. “We believe it would prove an attractive investment in the market,” Mubadala says.
Cepsa’s revenue in 2017 rose 16% to €20.8 billion ($25.6 billion). The company processed 154.7 million bbl of oil and produced 21.4 million tons of oil derivatives. Cepsa’s chemical operations are grouped into three main business lines: linear alkyl benzene (LAB), in which Cepsa is the world leader; phenol/acetone; and solvents. In 2017, Cepsa launched a new business line following the start-up of a plant at Dumai, Indonesia, for the production of alcohol and fatty acids from natural sources, which are used to manufacture personal care products and household cleaning goods.
The company has also developed a project to expand its plant in Brazil, strengthening its position in LAB, and it has signed an agreement with the Abu Dhabi National Oil Co. to study the construction of a new LAB plant at Ruwais, Abu Dhabi.
In 2011, Mubadala’s predecessor, the International Petroleum Investment Co., acquired Total’s 48.83% interest in Cepsa for €3.7 billion, making it a wholly owned subsidiary.
By Natasha Alperowicz
Source: Chemical Week
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.