Jul 07 2011 |
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Abu Dhabi IPIC Confirms Seeks To Boost Cepsa Upstream Operations
Thursday, Jul 07, 2011
MADRID (Dow Jones)-- International Petroleum Investment Co. confirmed it seeks to boost the exploration and production operations of Spanish oil firm Compania Espanola de Petroleos SA (CEP.MC), which Abu Dhabi's sovereign fund will formally acquire later this month.
In the takeover prospectus published late Wednesday, IPIC said it wants to "increase the presence of Cepsa in the upstream business within the next twelve months."
In February, IPIC launched an offer to buy out Cepsa, Spain's second-largest oil company by market value after Repsol YPF SA (REP) . As a part of the operation, the sovereign fund announced an agreement with French oil major Total SA (TOT) to buy its 48.8% stake in Cepsa for EUR3.7 billion. IPIC currently owns 47% of Cepsa.
Two people close to the situation said in May that IPIC wanted to boost Cepsa's exploration and production activities by increasing investment. It hasn't ruled out acquisitions to speed up its potential expansion.
-By Juan Montes, EFE Dow Jones; +34 91 395 81 36, juan.montes@dowjones.com
(END) Dow Jones Newswires
07-07-11 1231GMT
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