Abu Dhabi: Cepsa, a Spanish oil and gas company, the company has a multinational presence across Europe, Algeria, Canada, Colombia, Morocco, Brazil, and Panama. With a daily production of 260,000 barrels (41,000 m3/d), the company operates three refineries with a total refining capacity of 21 million tonnes/year. The company is contemplating the sale of a chemical plant located in Shanghai as part of its efforts to shift towards a more environmentally friendly strategy across its various business lines. The sale, if it goes through, would result in Cepsa's departure from China. This move comes after the company scrapped plans to sell its complete chemical business due to unsatisfactory offers, according to sources.

Cepsa, a company owned by Abu Dhabi state investor Mubadala and private equity firm Carlyle, has announced an ambitious investment plan that involves investing up to 8 billion euros ($8.8 billion) to shift most of its core earnings towards sustainable businesses by 2030. To finance and expedite the implementation of this strategy, the company has divested its fossil fuel assets. In March, it sold offshore fields in the United Arab Emirates to French oil company TotalEnergies.

Cepsa, holds a 75% stake in a chemical plant located in Shanghai that manufactures Phenol, Acetone, and Cumene. The remaining 25% is owned by Sumitomo Corporation. However, Cepsa has enlisted the help of advisors for a potential sale of their stake in the plant. In 2015, the facility was inaugurated by the former Spanish Industry Minister, Jose Manuel Soria, following a 300-million-euro investment made by Cepsa between 2012 and 2014.

Phenol, Acetone, and Cumene have long been essential ingredients in the production of consumer plastics, as well as solvents for paints and coatings. However, Cepsa, a leading energy company, has recently taken steps toward a more sustainable future. In partnership with the Bio-Oils unit of vegetable oil processor Apical Group, Cepsa is set to construct a biofuels plant in southern Spain. Additionally, the company is working on the "Andalusian Green Hydrogen Valley" initiative, which aims to produce green hydrogen within the country. These efforts are all part of Cepsa's larger goal of building a renewable asset portfolio that reaches 7,000 megawatts (MW) by the year 2030.

In the month of March, Cepsa made a significant milestone by crossing 2,000 MW of solar projects under development (2.1 GW). The primary aim of these projects is to cater to the energy needs of their EV service stations as well as industrial centers. Furthermore, this energy will also be utilized in the production of green hydrogen and second-generation biofuels.