UAE

 

Cepsa Boosts Asia Portfolio

 

Cepsa, the Madrid-based oil and gas firm part-owned by Abu Dhabi’s International Petroleum Investment Company (IPIC), is set to buy Cayman Islands-registered, but Asia Pacific-focused, upstream firm Coastal Energy for $2.2bn.

As Abu Dhabi adjusts its oil and gas strategy, the move may signal a decision to use Cepsa as an international investment vehicle.

In a recent attempt to streamline the country’s strategy for the sector,...