MADRID, 8 May. (EUROPA PRESS) -

Cepsa has signed an agreement with the Canadian PetroTal Corp. for the sale of its exploration and production ('upstream') business in Peru, with which the company continues its divestments in its traditional oil and crude oil business within the strategy of energy transformation.

According to the company, this sale includes the transfer to the Canadian firm of the company Cepsa Peruana S.A.C., which manages the Los Angeles asset. The closing of the sale is subject to compliance with certain conditions common in this type of operations, including the approval of the competent authorities.

The CEO of Cepsa, Maarten Wetselaar, highlighted that this operation supports the company's transformation and the strategy to turn the group at the end of this decade "into a benchmark for the energy transition, allowing more than half of its business to comes on that date from sustainable energies, such as green hydrogen or biofuels".

Recently, the company controlled by the Abu Dhabi sovereign fund Mubadala and The Carlyle Group also announced the sale of its assets in Colombia, mainly oil well exploration and production.

Almost a year ago, Cepsa also reached an agreement with the French company TotalEnergies to divest its upstream business in the United Arab Emirates, getting rid of its 20% stake in the Satah Al Razboot (SARB) field, Umm Lulu, Bin Nasher and Al Bateel, in an operation valued at around 1.5 billion euros and which represented selling practically 50% of their exploration and production activity.

Cepsa launched its 'Positive Motion' strategy, which foresees investments of between 7,000-8,000 million - more than 60% sustainable -, to become a European leader in the production of second generation biofuels and green hydrogen, and the deployment of a network of ultra-fast electric chargers.