IPIC-owned Cepsa unveils Middle East vision at ADIPEC 2016
Abu Dhabi, November 08, 2016: Cepsa, the Spanish integrated energy major 100 percent owned by IPIC, is considering a number of projects with its partners in Abu Dhabi and the Middle East as it seeks to enhance its business presence in the region, its CEO Pedro Miró said on Wednesday at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC).
In a keynote address to delegates, Pedro Miró and Alyazia Kuwaiti, Director of Midstream & Upstream at IPIC, said that Cepsa’s integrated business approach, which comprises divisions across the entire oil value chain from exploration and production, to refining and petrochemicals, has helped the company navigate one of most turbulent periods for the sector.
Alyazia Kuwaiti, Director of Midstream & Upstream at IPIC, said: “In line with the UAE’s vision and IPIC’s strategy to create value by leveraging synergies across the Group, we are committed to supporting Cepsa develop its business in the Middle East. Cepsa’s integrated business model has helped it to mitigate against the downturn in the price of oil. Underpinned by a focus on technology and innovation, Cepsa is well-positioned to build on its strong heritage by developing its presence in the Middle East and in other high-growth markets.”
Pedro Miró, CEO of Cepsa, said: “Having an integrated business model is fundamental to our ongoing value proposition and a guarantee for future growth and sustainability. After a period of retrenchment, it is essential for Cepsa and the wider sector to invest smartly, focusing on innovation and technology to drive future growth.”
“Following the fall in oil price, the industry is expected to cut $1 trillion from investment in new projects from 2015 until 2020. However, this is not sustainable and at Cepsa we aim to be pragmatic and tactically astute by establishing collaborations with partners across the entire oil value chain. We are working on several projects in the Middle East that will help us ensure Cepsa is well placed coming out of a sustained downturn,” he added.
Founded in 1929, Cepsa has close to 10,000 employees across it global operations. In 1988, IPIC acquired a stake in the integrated energy business and has fostered Cepsa’s growth and development in the Middle East, increasing its ownership in the company to 100 percent in 2011. Today, Cepsa is working on upstream projects in the Middle East with Japanese refiner Cosmo; has bunker operations in Fujairah; commercial offices in Dubai and Abu Dhabi; as well as partnering with IPIC on projects across its refining, chemicals, gas and power, and E&P businesses.