Cepsa

Moeve

Torre Cepsa in Madrid, Spain, the headquarters of Cepsa.
Company type	Sociedad Anónima Unipersonal
Industry	Electrical energy Petroleum
Founded	September 26, 1929; 95 years ago (1929-09-26) in Madrid, Spain
Headquarters	Torre Cepsa Paseo de la Castellana 259, Cuatro Torres Business Area, Madrid , Spain
Area served	Worldwide
Key people	Musabbeh Ali Alkaabi, Chair Maarten Wetselaar, CEO[1]
Products	Hydrogen Petroleum Natural gas Motor fuels Aviation fuels
Services	Service stations
Revenue	€24.71 billion (2018)[2]: 3
Operating income	€1.218 billion (2018)[2]: 3
Net income	€843.07 million (2018)[2]: 3
Total assets	€13.16 billion (2018)[2]: 2
Total equity	€5.54 billion (2018)[2]: 2
Owners	Mubadala Investment Company (82.5%) (Based in United Arab Emirates) Rhiannon de Marichalar (17.5%)
Number of employees	10,119 (2018)[2]: 69
Website	www.moeveglobal.com

Moeve, formerly known as Cepsa, (Compañía Española de Petróleos, Sociedad Anónima, "Spanish petroleum company, S.A.")^[3] is a Spanish multinational energy integrated company headquartered at Torre Cepsa in the Cuatro Torres Business Area in Madrid, Spain and since 2011 the property of Abu Dhabi's IPIC. It operates in several European countries as well as in Algeria, Canada, Colombia, Morocco, Brazil, and Panama. The company currently produces around 260,000 barrels per day (41,000 m³/d) and has a refining capacity in three refineries of 21 million tonnes/year.

History

Former logo as Cepsa.

Cepsa was founded in 1929 as a private company led by Francisco Recasens, with its first refinery located at Tenerife in the Canary Islands. Because of the CAMPSA state monopoly of fuel distribution, Cepsa sold its production to that company.^[4] It expanded to lubricant production in 1950 and petrochemical products in 1955. In 1964 it opened a factory in Portugal, and in 1967 it added a second refinery at San Roque de Cádiz. After relaxations of the state monopoly, Cepsa bought a portion of Campsa petrol stations in 1992.

In 1988, Abu Dhabi's International Petroleum Investment Company (IPIC) bought a 10% stake of Cepsa. Later Elf Aquitaine bought a 20% stake, and Cepsa became a publicly traded company in 1989. Cepsa bought a third refinery in Huelva in 1991, and entered the liquefied petroleum gas market in 1998. The company expanded to the United Kingdom, Netherlands, Canada, Algeria, Brazil, Colombia and Peru. In 2011 IPIC bought the full company for 267 million euros.^[5]

In November 2013, the firm agreed to buy Coastal Energy Co for around $2.21 billion.^[6]

On October 30, 2024, Cepsa oficially changed its name to Moeve, a measure destined to reflect its orientation towards sustainable strategies and low-emitting energy projects.^[7]

Sponsorship

Cepsa has sponsored the Spanish football club Recreativo de Huelva between 1997 and 2007, Spain national football team since 2007 and since 2011 has been one of the major sponsors of the Toro Rosso Formula One racing team until 2015 but not directly supplying fuels and lubricants.^[8]

References

1. Jopson, Barney (23 Dec 2022). "Pipe or cable? Companies split on best way to transport European energy". Financial Times. Retrieved 23 Dec 2022.
2. "CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2018" (PDF). CEPSA. 31 December 2018. Retrieved 27 June 2019.
3. Escolar, Arsenio (6 November 2024). "El petróleo ahora mancha incluso las marcas y la reputación". elDiario.es (in European Spanish). Retrieved 7 November 2024.
4. Etchemendy, Sebastian (2011). Models of Economic Liberalization. New York: Cambridge University Press. doi:10.1017/cbo9780511835223. ISBN 978-0-511-83522-3.
5. Cespa. "Cespa company information". Archived from the original on 2013-06-10. Retrieved 2012-09-18.
6. Sakthi Prasad (19 November 2013). "Spain's Cepsa to buy Coastal Energy in deal worth $2.2 billion". Reuters. Archived from the original on 24 September 2015. Retrieved 30 June 2017.
7. "Cepsa pasa a llamarse Moeve para reflejar su apuesta por el 'verde'". Diario ABC (in European Spanish). 30 October 2024. Retrieved 30 October 2024.
8. CEPSA renews its sponsorship of the Spanish National Football Team (PDF). 2012.

External links

• Official website