OREANDA-NEWS. December 18, 2013. CEPSA has agreed to sell 5% of its stake in Compania Logistica de Hidrocarburos (CLH) to the independent private investment company ARDIAN. After the sale, CEPSA will still hold a 9.15% stake in CLH and will keep two representatives on the Board of Directors, who will be appointed once the transaction has been concluded.

According to Pedro Miro, CEO of CEPSA, “CLH has always been an important investment for CEPSA. We are satisfied with our involvement and believe our holdings will be sufficient to fulfil our objectives. CEPSA is focusing its efforts on the Exploration and Production area, and the company's interests are adequately represented in the Spanish fuel storage and distribution company.”

The deal is set to be closed at the end of 2013.

Banco Bilbao Vizcaya Argentaria (BBVA) Bank was advisor in the transaction.

CLH is the leading company in Spain for the transportation and storage of oil products and one of the largest private international companies in its sector. It has one the biggest, most efficient integrated oil product storage and transportation networks in the world, with more than 4,000 km of oil pipelines and a storage capacity of 7.9 million cubic metres, available to all oil companies operating in Spain.

CEPSA is an energy group which is wholly owned by IPIC, employing more than 11,000 people and operating at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas exploration and production activities; refining, transport and sale of crude oil and natural gas derivatives; biofuels, cogeneration and electricity sales. CEPSA has an important petrochemicals division which is closely integrated with its oil refining activities. The company manufactures and markets raw materials for producing high added-value products used mainly to produce new generation plastics and biodegradable detergents. CEPSA has a significant share of the Spanish market. It is gradually internationalising its activities and is now operating in Algeria, Brazil, Canada, China, Colombia, Panama, Peru and Portugal, selling its products worldwide.