CEPSA merges chem subsidiaries into single firm

12 June 2008 12:31  [Source: ICIS news]

MUMBAI (ICIS news)--Spain’s CEPSA has approved the merger of its three chemical subsidiaries Ertisa, Interquisa and Petresa into a single company called CEPSA Quimica,, the petrochemical major said on Thursday.

"This streamlined organisational model will enhance the competitiveness and capabilities of CEPSA’s petrochemicals businesses, in response to changing marketplace dynamics," the firm said.

CEPSA will now handle the commercial operations for the chemical products manufactured at its refineries, which was earlier undertaken by PetroCepsa, it said.

Fernando Iturrieta, CEPSA’s vice president of petrochemicals, will assume the position of CEO of CEPSA Quimica. It will have a workforce of around 1,500 with manufacturing plants in Spain, Brazil and Canada.

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By: Aaron Rodrigues
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