IPIC, a wholly owned entity of the Government of the Emirate of Abu Dhabi, already holds a 47.06% stake in Cepsa.
The sovereign wealth fund will buy Total’s interest in Cepsa for EUR28 per share plus a dividend of EUR0.50 per share.
Total and IPIC have also signed a memorandum of understanding to develop projects of common interest in the upstream oil and gas sectors.
Cepsa is mainly engaged in the refining and fuel distribution activities in Spain and Portugal.
The company has a refining capacity of 528,000 barrels per day, a network of about 1,750 service stations in Spain and Portugal, and a hydrocarbons production capacity of about 55,000 barrels per day.
