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Spain Cepsa considers divesting chemical business to raise funds for green transformation

 Last Update: 2021-12-04
 Source: Internet
 Author: User

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Sinochem News, according to news from AXIS Madrid on November 8th, according to people familiar with the matter, Spanish energy and petrochemical giant Cepsa may divest its profitable chemical business or introduce investors to establish chemical joint ventures for the purpose of green energy.

According to sources quoted by Reuters, if the chemical business is sold, Cepsa will raise approximately 3 billion euros

Cepsa said the company has initiated a process to provide "greater autonomy" to its core business, which includes the chemical business

In 2019, the Carlyle Group acquired a 37% stake in the company from the Abu Dhabi investment fund Mubadala.

Compared with its peers such as Repsol, Cepsa's investment in the field of green energy has fallen behind

Cepsa said in a statement: "We will focus on improving the growth and leadership of business units, including Cepsa Quimica, by formulating new green programs

Reuters quoted sources as saying that Cepsa will test the interest of private equity funds and major European chemical producers such as Evonik Industries and Ineos

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