"Cepsa" Considers Selling Its Chemical Plant in China

Three sources close to the negotiations indicated that the Spanish company "Cepsa" is considering selling its chemical plant in Shanghai as part of the oil and gas company's efforts to transition to an environmentally friendly strategy across all its sectors. They added that the sale process will lead Cepsa to exit China and comes after the company abandoned its plan to sell its entire chemicals business due to low offers. Cepsa, owned by Mubadala, one of the sovereign wealth funds in Abu Dhabi, in partnership with the private equity firm "Carlyle," revealed a plan to invest up to eight billion euros (8.8 billion dollars) that will make most of the company's core revenues come from sustainable operations by 2030. To accelerate funding for this strategy, it sold assets in the fossil fuel sector, including offshore fields in the UAE to the French oil company "TotalEnergies." Cepsa owns 75 percent of the chemical plant in Shanghai, while Sumitomo holds the remaining stake.