Spain-based energy company Repsol will invest EUR80 million to build two new low-emission refineries in Spain as part of its goal to reduce its carbon emissions, said the company.
Repsol said the first project involves building one of the world’s largest refineries to manufacture net zero emissions fuels, using CO2 and green hydrogen generated with renewable energy.
It said the second project would involve the generation of gas from urban waste, which will replace part of the traditional fuels used in the production process.
'Both initiatives - innovative, sustainable, and generating high added-value - anticipate the refinery of the future and represent an important impetus to technological and industrial development that is essential in the current context of economic recovery,' Repsol said.
The company's CEO Josu Jon Imaz San Miguel said that Spain must base its decarbonization strategy on its technological and industrial capabilities.
'The production of green hydrogen and its combination with the capture and use of CO2 to produce net zero emissions fuels is part of Repsol’s industrial decarbonization strategy. With this project, Spanish industry positions itself to be a relevant European player in reducing emissions,' he said.
Repsol lifted the force majeure for the supply of butadiene in Tarragona (Tarragona, Spain), announced earlier in February. On February 10, the company stopped two lines for the production of butadiene with a total capacity of 130 tons per year in Tarragona. According to a company source, butadiene production was resumed on 23 March.
Earlier it was reported that against the backdrop of a change in global strategy, the Spanish Repsol, formerly a major investor in the Russian fuel and energy complex, announced its withdrawal from Russia in December last year. The company will sell its shares in the oil assets of Evrotek-Yugra and ASB Geo to a Russian partner, Gazprom Neft.
Repsol is the largest oil and gas company in Spain and Latin America, one of the ten largest oil and gas corporations in the world.
mrchub.com