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The Abu Dhabi government’s Mubadala investment fund announced an agreement on 8 April under which the Carlyle International Energy Partners (CIEP) affiliate of US investment firm Carlyle Group will acquire a stake of 30-40% of its wholly-owned Spanish affiliate Cepsa by the end of 2019.
Former Abu Dhabi investment fund IPIC first bought into Cepsa in 1988. It then paid €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 ( MEES, 24 February 2017 ). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum.
Holding two wholly-owned energy entities with separate management teams was never the most efficient practice. Cepsa will now sit alongside Austria’s OMV as a partly-owned investment, although Mubadala’s stake in the latter is just 24.9%. (CONTINUED - 1572 WORDS)
DATA INSIDE THIS ARTICLE
|table||Carlyle International Energy Partners (Ciep) Energy Sector Investments|
|chart||1: Cepsa 'Adjusted Net Profit' (€Mn): Refining Is The Biggest Contributor But E&P Is Catching Up|
|chart||2: Cepsa Upstream Output (‘000 B/D*): Algeria Key, But Output Sliding After 2014 Boost From Se Asia Entry|
|chart||3: Cepsa: Refined Products & Petchems Sales Hit Record 31.4mn Tons In 2018, Crude Runs At Highest Since 2012|
|table||Cepsa Refining Capacity*|
|table||Cepsa Petrochemicals End-2018|