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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distributed by | 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. |