Oil company Cepsa plans $10bn expansion in next five years | The National

Oil company Cepsa plans $10bn expansion in next five years | The National:

"Compania Espanola de Petroleos (Cepsa), the Spanish oil company owned by Abu Dhabi’s International Petroleum Investment Company (Ipic), plans to spend US$10 billion in the next five years to expand its exploration and petrochemical businesses in North Africa, South America and South East Asia, its chief executive said yesterday.

“Since Ipic became the single shareholder of Cepsa in the summer of 2011, the emphasis is on becoming more international through expansion,” said Pedro Miro, who was in Abu Dhabi for yesterday’s Formula One race.

“Expansion into two areas – upstream and concessions, and the second area is petrochemicals.”"

'via Blog this'