Cepsa Agrees to Sell Liquefied Gas Division to Abastible

Cepsa is advancing its 'Positive Motion' strategy aimed at leading the energy transition by agreeing to sell its subsidiaries Gasib, which deals in butane, propane, and autogas, to Abastible S.A. This subsidiary of Chilean Empresas Copec, a prominent player in the Latin American liquefied gas sector, will acquire Gasib. Under the terms of the deal, Gasib will continue to provide its butane, propane, and autogas products in Spain and Portugal under the Cepsa brand, maintaining its operational synergies with Cepsa for production and distribution at service stations.

Maarten Wetselaar, Cepsa's CEO, stated, "This transaction is a key milestone in our strategy to lead the energy transition. We are focusing on investments in sustainable energy sources like green hydrogen and biofuels, which we anticipate will constitute more than half of our activities by 2030. Integrating Gasib into Abastible will enable the company to continue its growth trajectory within a leading global liquefied gas business, with robust investment and market development capabilities on the Iberian Peninsula."

For Abastible, this acquisition marks its first major investment in Europe, propelling it into the top 10 globally in the liquefied gas industry and bolstering its presence in Chile, Colombia, Ecuador, and Peru. The deal also establishes a strategic long-term relationship with Cepsa, providing Abastible with opportunities to explore new energies and business models across various regions. Liquefied gas is a core sector for Empresas Copec, which, by the end of last year, had approximately 40,000 direct employees, reported sales exceeding $29 billion, and achieved an EBITDA of $2.3 billion.

Gasib is a leading player in the non-regulated bottled liquefied gas market in Spain and holds the second-largest market share in the Iberian Peninsula. The company serves 3.5 million bottled LPG customers and 17,000 bulk customers. Gasib employs nearly 200 people and manages six storage and filling facilities, two additional storage plants, and more than 200 third-party warehouses. It supplies the entire Iberian market, including the Canary Islands, Ceuta, and Melilla, with annual sales of nearly 240,000 tons. The company will retain its management team post-acquisition, ensuring continuity and leveraging its established market position under the new ownership.

The agreement stipulates that the sale of butane, propane, and autogas will continue under the Cepsa brand, preserving existing synergies for the production and distribution of these products at service stations. This marks Abastible’s first significant investment in Europe. Abastible, a leading player in the liquefied gas market in Chile, Colombia, Ecuador, and Peru, is a subsidiary of Empresas Copec, a multinational conglomerate specializing in natural resources and energy. The transaction will be finalized upon meeting standard conditions, including approval from relevant regulatory authorities.