Cepsa to sell liquefied gas subsidiary to Abastible
Published on: Aug 20, 2024
The agreement includes maintaining the sale of butane, propane, and autogas under the Cepsa brand in Spain and Portugal.
Cepsa is selling its subsidiaries for butane, propane, and autogas (Gasib) to Abastible S.A., a subsidiary of the Chilean Empresas Copec group and a leader in the liquefied gas 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, maintaining synergies with the company for the production and distribution of these products at service stations.
“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,” said Maarten Wetselaar, Cepsa's CEO.
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.
