Mubadala's Cepsa mulls sale of chemical plant in China -sources | Reuters
Spanish company Cepsa is considering the sale of a chemical plant in Shanghai as the oil and gas company pivots to a greener strategy across its various business lines, according to three sources familiar with the situation.
A sale would see Cepsa's exit from China and comes afterthe company abandoned a plan to sell its entire chemical business due to disappointing offers, according to sources close to the negotiations.
A spokesperson for Cepsa declined to comment.
Cepsa, owned by Abu Dhabi state investor Mubadala and private equity Carlyle, has unveiled an up to 8-billion euro ($8.8 billion) investment plan that will see the company generate the majority of its core earnings from sustainable businesses by 2030.
To accelerate and finance the strategy, the company has sold fossil fuel assets, including the March divestment of offshore fields in the United Arab Emirates to French oil company TotalEnergies (TTEF.PA).
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