Cepsa’s rich history in the Spanish energy market

Caitlin Morrison
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Salamander Energy’s chief executive James Menzies at one of the firm’s Asian operations
ENERGY company Cepsa was Spain’s first private oil firm when it was founded in 1929, with its first refinery in Tenerife.

It is involved with petroleum and natural gas exploration and production; refining; transporting and selling crude oil derivatives; petrochemicals, gas and electricity.

It currently employs more than 11,000 people worldwide, and has business interests in Algeria, Brazil, Canada, Colombia, Panama, Peru and Portugal.

In 1988, Abu Dhabi’s International Petroleum Investment Company (IPIC) bought a 10 per cent stake in the company. Cepsa became a publicly traded company in 1989. In 2011 it de-listed when IPIC acquired 100 per cent of the company for €267m (£210m).

Meanwhile, Jynwel Capital is an international private equity investment and advisory firm which focuses on “high-value investments” in a variety of target sectors including media and entertainment; consumer and retail; energy and resources; real estate and hospitality; precious metals, commodities and infrastructure.

It is controlled by the Low family, who are also behind Strategic Resources (Global), the company Cepsa chose to partner with when it purchased Asian firm Coastal energy for $2.2bn in 2013.