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Regions :: Middle East :: U.A.E.

IPIC Secures Cepsa's International Expansion; Al Qubaisi Becomes CEO

8:35 AM MDT | August 5, 2011 | Natasha Alperowicz

International Petroleum Investment Co. (IPIC; Abu Dhabi) says it plans to boost the growth and international expansion of Compañía Española de Petróleos (Cepsa; Madrid), following IPIC’s acquisition of Total’s 48.83% stake in Cepsa for €3.7 billion ($5 billion). The board of Cepsa, has following the acquisition, appointed IPIC’s managing director Khadem Al Qubaisi as Cepsa’s CEO. Santiago Bergareche will continue as chairman of the board of Cepsa. “We are in the final process of a change in the...

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