Abu Dhabi-based International Petroleum Investment Company (Ipic) has bought France’s Total’s stake in the Spanish refiner Cepsa, bringing the company under its control.

Total on 2 August confirmed the sale of its 48.8 per cent stake in the company for €3.7bn ($5.25bn), or €28 per share. Ipic, which already held a 47 per cent stake in Cepsa, had signed the deal with Total on 15 February, and made the payment on 29 July.

Cepsa has a refining capacity of 538,000 barrels a day (b/d), an oil and gas production of around 55,000 b/d of oil equivalent, and a retail network of around 1,750 petrol stations on the Iberian peninsula.

The French oil major has cut its European refining capacity by almost 25 per cent since 2007, the company said in a statement.

Total is still active in Spain with lubricant, specialty product and chemical operations, and will in future cooperate with Ipic in oil exploration and production.