Friday, 8 June 2012

Cepsa buys out Chevron España

SPAIN / GIBRALTAR The Cepsa Group, which is wholly owned by the Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC), has in turn bought out 100% of the shares of Chevron España. The operation means that Cepsa takes over the distribution of Chevron's petroleum products in the Canary Islands, Gibraltar and Portugal, as well as that ofaviation fuel on the Iberian Peninsula and the Balearic Islands. Cepsa thus completes its  activities that ranges from production to distribution/retail, with a total of 64 service stations under the Texaco brand in the Canaries, a storage terminal at the port in Las Palmas de Gran Canaria; the distribuition of lubricants throughout Spain, Portugal and Gibraltar, as well as other such businesses.

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