Spanish company Cepsa has agreed to sell its liquefied gas subsidiary, Gasib, in Spain and Portugal to a unit of Chile's Empresas Copec.

The deal is valued at €275m ($302.42m), reported Reuters. It includes Cepsa's operations in butane, propane, and autogas across Spain and Portugal.

The sale forms part of Cepsa’s efforts to shift towards low-carbon businesses, for which the company plans up €8bn investment by the end of the decade, reported the news agency.

The sale of the unit, which offers products such as butane and propane, follows other recent divestments including those of upstream assets in Peru, Colombia, and Abu Dhabi.

Under the terms of the agreement, Gasib will continue to operate in its current markets under the Cepsa brand, preserving synergies in production and distribution at service stations.

The acquisition marks Abastible's first foray into the European market.

Gasib has 3.5 million bottled liquified petroleum gas customers and 17,000 bulk customers, supported by nearly 200 employees.

Its infrastructure includes six storage and filling plants, two additional storage facilities, and more than 200 third-party warehouses, enabling comprehensive supply across the Iberian Peninsula, the Canary Islands, Ceuta, and Melilla.

Cepsa CEO Maarten Wetselaar said: “This transaction is another step in our strategy to become a benchmark in the energy transition, driving investments in sustainable energy such as green hydrogen and biofuels, businesses that we expect to represent more than half of our activity by 2030.

“Gasib’s integration into Abastible will allow it to continue growing within a leading company in the Liquefied Gas business, with investment and market development capacity on the Iberian Peninsula.”