The operation positions Cepsa to accelerate its strategic objective of migrating its business into new sustainable areas, such as green hydrogen or biofuels.
Cepsa has signed an agreement with TotalEnergies for the sale of its exploration and production activities in the United Arab Emirates, including the transfer of Cepsa’s 20% stake in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel (‘SARB and Umm Lulu Operation’) and the subsequent transfer of its indirect 12.88% interest in the Mubarraz concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (“Mubarraz Operation »).
This operation is subject to compliance with customary conditions precedent in this type of transaction, including the formalization of documentation and obtaining final approvals, and has an effective date of January 1, 2023.
The transaction makes it possible to support the objectives of Cepsa’s 2030 strategy, to make progress in the group’s transformation to become a leader in sustainable mobility, the production of biofuels and green hydrogen in Spain and Portugal, and to to be a benchmark in the energy transition. To achieve this goal, Cepsa has committed to invest up to EUR 8,000 million in this decade.
“This transaction enables Cepsa to accelerate its strategic objective of migrating its business to new sustainable areas, such as green hydrogen or biofuels, as well as the development of the first ultra-fast charging network for electric vehicles in Spain and Portugal,” he stated. Cepsa CEO Maarten Wetselaar. “We value the close collaborative relationships we have developed over the years with the Government of Abu Dhabi and ADNOC,” said the executive.
Source: La Verdad
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