Spain's Cepsa sells upstream assets in Peru
08/05/2024 08:39
MADRID, May 8 (Reuters) - Spain's second-largest oil
company Cepsa said on Wednesday it reached an agreement with
Canada's PetroTal Corp to sell its upstream assets in Peru for
an undisclosed amount.
The sale is in line with the company's strategic shift
toward low carbon businesses and follows recent divestments of
upstream assets in Colombia and Abu Dhabi.
Owned by Abu Dhabi fund Mubadala and the Carlyle Group,
Cepsa is investing up to 8 billion euros ($8.58 billion) through
2030 in green hydrogen and biofuels.
"This transaction supports our transformation as a company
and our strategy to make Cepsa a benchmark in the energy
transition by the end of this decade, when we expect more than
half of our business to come from sustainable energies such as
green hydrogen and biofuels," Chief Executive Maarten Wetselaar
said.
The deal is subject to regulatory approvals.
(Reporting by Pietro Lombardi; editing by Charlie Devereux)
((Pietro.Lombardi@thomsonreuters.com;))