Cepsa is making progress on its Positive Motion strategy to become a leader of the energy transition after agreeing to sell its subsidiaries for butane, propane and autogas (Gasib) to Abastible - a subsidiary of the Chilean Empresas Copec group and a leader in the liquefied Ggas business in Latin America.
Under the agreement, Gasib will continue to offer its butane, propane and autogas products in the markets in which it operates (Spain and Portugal) under the Cepsa brand.
Maarten Wetselaar, Cepsa's CEO, said: "This transaction is another step in our strategy to become a benchmark in the energy transition, driving investments in sustainable energy such as green hydrogen and biofuels, businesses that we expect to represent more than half of our activity by 2030. Gasib’s integration into Abastible will allow it to continue growing within a leading company in the Liquefied Gas business, with investment and market development capacity on the Iberian Peninsula.”
This operation represents an important new investment for Abastible, for the first time in Europe, which places it within the top 10 globally in the Liquefied Gas business and strengthens its leadership in Chile, Colombia, Ecuador and Peru.
In addition, creating a long-term relationship with a European energy leader like Cepsa represents a great opportunity to drive new energies and business models in all regions.
Cepsa to sell liquefied gas subsidiary in Spain and Portugal
