Compañía Española de Petróleos or CEPSA (translated: Spanish Petroleum Company) is one of Spain’s leading oil producers. The company’s primary operational focus is on the extraction and fining of crude oil from a variety of resources. As an international concern, those resources are located in countries such as Algeria, Canada, Portugal, Colombia, Morocco, Brazil, and Panama.
CEPSA is a privately held company that was founded in 1929 by Francisco Recasens. The company’s first foray into the oil industry came with the opening of its first refinery operations in Tenerife, part of the Canary Islands. During its first 20 years of operation, the company focused on producing fuel, which was sold for distribution to Compañía Arrendataria del Monopolio del Petróleo, a state-owned fuel distribution company.
In 1950, the company began manufacturing petroleum products such as lubricants, later adding the production of petrochemical products. In subsequent years, the company began drilling for its own crude through leased oil fields. To date, the company has the capacity to produce around 260,000 barrels per day (41,000 m3/d). They also maintain three refineries (Tenerife, Portugal and Huelva) with a combined refining capacity of up to 21 million tons/year.
Additional business ventures include the ownership of a small group of gas stations and the November 2013 acquisition of Coastal Energy Co for around $2.21 billion. The company currently sponsors a major Spanish soccer club and the Toro Rosso Formula One racing team.
CEPSA is headquartered in Madrid, Spain. The company is headed up by Khadem Al Qubaisi, as President and Pedro Miró Roig as CEO. As of the end of 2012, the company had approximately 11,700 employees located in operations maintained all over the world. For the fiscal year ended in 2015, the company posted revenues of €26.90 billions with most of the revenues generated from the sale of fuel.