Spanish Oil Giant Moeve Halts Operations Amid Power Blackout

Spanish oil company Moeve has suspended operations at its refineries in Spain due to a power blackout. Moeve, previously Cepsa, operates two refineries and is owned by Abu Dhabi's Mubadala and the Carlyle Group from the U.S.

In a significant development, Spanish oil company Moeve announced the suspension of operations at its Spanish refineries following a major power blackout on Monday, according to a company spokesperson.

Moeve, which was earlier known as Cepsa, runs two prominent refineries located in Spain. The company faces operational challenges as it navigates this unexpected disruption.

Moeve's ownership structure includes investment by Abu Dhabi's fund Mubadala and the U.S.-based private equity firm, the Carlyle Group. The incident underscores the vulnerabilities in energy supply chains and emphasizes the need for resilience in operational infrastructures.

(With inputs from agencies.)