MOSCOW (MRC) -- Spain's Repsol and Portugal's EDP have signed an agreement to jointly develop renewable hydrogen projects in the two countries, reported S&P Global.
The companies plan to develop projects in Asturias and the Basque Country in Spain, and Sines in Portugal, they said in a statement Oct. 14.
"This agreement will bring together the complementary capabilities of two major companies to accelerate the decarbonization of the Spanish and Portuguese economies," Repsol CEO Josu Jon Imaz said in the statement.
"The synergies and the will to create value in the production and commercialization of renewable hydrogen will help to develop an emerging market that still has technological and regulatory challenges."
EDP is heading the Abono project in Spain to create a hydrogen valley in Asturias, while Repsol is leading a project in the Basque Country to develop a hydrogen corridor there.
In Portugal, the two companies plan to partner on renewable hydrogen production taking advantage of Repsol's existing operations in Sines as a potential user of the renewable gas, with EDP an energy supplier.
As MRC informed previously, Repsol has raised its renewable energy target to 6 gigawatts by 2025 and 20GW by 2030 as part of a wider strategy update on its path to become a zero emissions energy company by mid-century.
We remind that the “Cracker of the Future” consortium has announced two new member companies: Repsol and Versalis (Eni) have recently joined the consortium.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.
Repsol is headquartered in Madrid, Spain. In the 2020 Forbes Global 2000, Repsol was ranked as the 645th-largest public company in the world. It has more than 24,000 employees worldwide. Its products are distributed in nearly 100 countries to around 24 million customers. Repsol Industrial Complex in Sines is the largest chemical site in Portugal.