NO. 12/13

26-DEC-1988/2 JAN1989


IPIC Doubles Stake in Spain's CEPSA

Spain has given the green light for Abu Dhabi's International PetroleumInvestment Company (IPIC) to raise its stake in the Spanish refining group CEPSAto 20% from the present 10%. IPIC acquired its first 10% shareholding in CEPSAat the beginning of 1988 in a deal which reportedly included a long-termcontract for the supply of 60,000 b/d of Abu Dhabi crude to CEPSA. Theacquisition was worth 13.9bn Pesetas ($122mn)...