Abu Dhabi’s Cepsa Pays $2.2 Billion for Coastal Energy - Bloomberg:
"Cia. Espanola de Petroleos SA, the Abu Dhabi-owned oil refiner, agreed to buy Coastal Energy Co. (CEO) for C$2.3 billion ($2.2 billion) as the Middle East sheikhdom adds to crude and natural-gas assets in Southeast Asia.
Cepsa, as the Madrid-based company is known, and partner Strategic Resources (Global) Ltd. agreed to pay C$19 a share, 28 percent more than Coastal Energy’s closing price yesterday, the Houston-based company said in a statement. The venture will take on Coastal Energy’s C$51 million of net debt as part of the deal, due to close in the first quarter.
Abu Dhabi, the capital of the United Arab Emirates and holder of about 6 percent of global oil reserves, is boosting access to energy assets abroad through government-owned companies like International Petroleum Investment Co., Cepsa’s owner. Buying Coastal gives IPIC indirect stakes in production and exploration in the Gulf of Thailand, where a unit of Abu Dhabi’s Mubadala Development Co. also holds concessions."
'via Blog this'
No comments:
Post a Comment