Power Blackout Halts Operations at Major Spanish Refineries

Spanish oil company Moeve has stopped operations at its refineries following a power blackout. Moeve, which accounts for a significant portion of Spain's refining capacity, is co-owned by Mubadala and Carlyle Group. The incident highlights the vulnerability of energy infrastructure to unexpected disruptions.

Spanish oil company Moeve announced the cessation of operations at its refineries due to a power blackout on Monday, according to a company spokesperson.

Moeve, previously known as Cepsa, operates three major refineries in Spain, representing about 40% of the nation's refining capacity. Moeve is under the ownership of the Abu Dhabi-based fund Mubadala and the U.S.-based firm, the Carlyle Group.

The blackout underscores the fragility of energy infrastructure, prompting concerns over reliability and resilience amidst unforeseen disruptions.

(With inputs from agencies.)