Abu Dhabi’s broad, some would say unwieldy, portfolio of state oil firms includes Spain-based downstream-focussed Cepsa. State investment firm Mubadala currently owns 100%, but is looking to sell 25% by end-2018. MEES profiles the asset.

Abu Dhabi state investment house Mubadala plans to float 25% of its wholly-owned Spanish integrated petroleum firm Cepsa on the Madrid, Barcelona, Bilbao and Valencia stock exchange during the fourth quarter of 2018.

The initial public offering (IPO)...