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Spain's Cepsa rebrands as Moeve in low-carbon shift

After almost a century, Spain's secondlargest oil company Cepsa is altering its name to Moeve to reflect its shift towards lowcarbon services, Chief Executive Maarten Wetselaar informed workers on Wednesday.

Owned by Abu Dhabi fund Mubadala and U.S.-based personal equity firm the Carlyle Group, Cepsa is investing as much as 8 billion euros ($ 8.65 billion) to shift to low carbon energy and sustainable movement, concentrating on green hydrogen, biofuels and electrical mobility.

I'm enjoyed reveal that an excellent brand, Cepsa, which has actually been with us for over 90 years, is changing, and to inform the world that we're ending up being a different kind of organisation, Moeve, in which most of earnings will originate from sustainable activities by the end of this decade, the CEO stated.

Under its method, the company has sold upstream properties in Abu Dhabi and South America, divesting almost 70% of its oil production properties compared to 2022.

At the same time, it has introduced tasks such as a 2 gigawatt green hydrogen facility and what it states will be Southern Europe's largest biofuels plant in the southern Spanish region of Andalusia.

Established in 1929 as Compania Espanola de Petroleos SA, the group currently has some 11,000 workers.

The brand-new brand name will be presented progressively across its network of more than 1,800 service stations in Spain and Portugal, the company stated.

(source: Reuters)