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IPIC unit eyes new projects with partners

ABU DHABI, November 8, 2016

Cepsa, the Spanish integrated energy major 100 per cent owned by IPIC, is considering a number of projects with its partners in Abu Dhabi and the Middle East, its CEO Pedro Miró said at the Abu Dhabi International Petroleum Exhibition & Conference (Adipec).

In a keynote address to delegates, 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.

Kuwaiti 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.”

“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,” Miro said.

“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. – TradeArabia News Service

Tags: IPIC | adipec | Cepsa |

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