Press Release

CEPSA signs agreement to buy Chevron España and acquires its business activities

The agreement includes the acquisition of the fuels, automotive lubricants and aviation activities in Spain

CEPSA is to incorporate 64 service stations into its network, at sites on the Canary Islands, thus consolidating its presence and investment in the archipelago where it has operated since 1930

CEPSA has completed its acquisition of 100% of the share capital of Chevron España. With this operation, the Company takes over Chevron's fuels business in the Canary Islands, as well as its lubricants division in Spain and its aviation activities on Spain, Portugal and Gibraltar, and Balearic Islands. Having had a presence in the Canary Islands for over 80 years, CEPSA is now a major player in fuel distribution and with this operation it demonstrates its commitment to securing supply by safeguarding energy provision on the islands. The Company also strengthens its competitiveness by incorporating this new distribution business into its value chain, which includes everything from crude oil transformation to the sale of petroleum-based products on the archipelago.
The Company will respect all the employment rights of Chevron staff, who will be integrated into CEPSA Group's structure.
With this operation, the company acquires: 64 service stations currently operating under the Texaco brand on the Canary Islands; a storage plant for petroleum products in the Port of Las Palmas de Gran Canaria; the aviation fuels supply business on the Peninsula and Balearic Islands; the lubricants business in Spain Portugal and Gibraltar, and a lube blending and bottling plant in the Valencia area.
With regard to the automotive fuel distribution business, the Company has become the second largest operator in the Canary Islands, with 73 service stations accounting for 17,4% of the market share. CEPSA will honour all commercial agreements signed by Chevron, including those relating to loyalty cards and payment methods. The service stations will gradually adopt the CEPSA logo and join the current network of over 1700 petrol stations across Spain and Portugal.

CEPSA is a 100% IPIC energy group, with a workforce of nearly 12,000 employees, engaged in activities that span the entire oil value chain: exploration and production of oil and gas; refining, transportation and marketing of petroleum products and natural gas; biofuels; and electric power cogeneration and sales. CEPSA has a world-class petrochemicals division that is tightly integrated into its oil refining segment, manufacturing and selling raw materials for the production of high value-added components chiefly used in making new-generation plastics and biodegradable detergents. Not only is CEPSA a major player in Spain, but it is also broadening its global portfolio of operations in countries such as Algeria, Brazil, Canada, Colombia, Egypt, Panama, Peru and Portugal, selling its products around the world.

Madrid, 2 April 2012

CEPSA - Communication and Institutional Relations Division

relaciones.institucionales@cepsa.comTel: (34) 91 337 62 02 www.cepsa.com

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This press release was issued by CEPSA - Compañía Española de Petróleos SA and was initially posted at http://www.cepsa.com/stfls/CepsaCom/Coorp_Comp/Ficheros_corporativo/Chesa Closing.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-02 17:55:41 PM. The issuer is solely responsible for the accuracy of the information contained therein.