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Spain's Cepsa sells upstream assets in Peru

Reuters
·1-min read

MADRID, May 8 (Reuters) - Spain's second-largest oil company Cepsa said on Wednesday it reached an agreement with Canada's PetroTal Corp to sell its upstream assets in Peru for an undisclosed amount.

The sale is in line with the company's strategic shift toward low carbon businesses and follows recent divestments of upstream assets in Colombia and Abu Dhabi.

Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to 8 billion euros ($8.58 billion) through 2030 in green hydrogen and biofuels.

"This transaction supports our transformation as a company and our strategy to make Cepsa a benchmark in the energy transition by the end of this decade, when we expect more than half of our business to come from sustainable energies such as green hydrogen and biofuels," Chief Executive Maarten Wetselaar said.

The deal is subject to regulatory approvals. (Reporting by Pietro Lombardi; editing by Charlie Devereux)