Nov 13 (Reuters) - Spain's second-largest oil refiner

Moeve, formerly known as Cepsa, reported a steep 89% rise in

quarterly net income on Thursday as stronger refining margins

and cash generation helped offset weakness in its chemicals and

upstream units.

Its net income jumped to 148 million euros ($172.6 million)

in the third quarter, while earnings before interest, taxes,

amortisation and depreciation rose 20% to 459 million euros.

Moeve said refining margins nearly doubled from a year

earlier, supported by steady demand for transport fuels and

lifting cash flow from operations by 52% to 479 million euros.

Its chemicals business, however, continued to face low

margins, and upstream results were hit by softer oil prices.

Owned by Abu Dhabi fund Mubadala and U.S.-based private

equity firm the Carlyle Group ( CG ), Moeve rebranded last year

to reflect its shift towards low-carbon businesses.

It has sold 70% of its oil production assets since 2022,

including operations in Abu Dhabi and South America.

($1 = 0.8575 euros)