MOSCOW (MRC) -- Spanish oil company Cepsa will invest up to EUR5 billion in Andalucia to produce green energy, said Petrolplaza.
It represents 60% of the total amount (EUR8 billion) that the company will invest to lead the generation of sustainable energy in Spain and Portugal and to be a benchmark in the energy transition. The investment will place Andalusia at the forefront of Europe in the latest technologies for the generation of green hydrogen and biofuels.
Cepsa will generate 17,000 jobs, including direct, indirect and induced jobs, during the construction and useful life of the projects. Of these, 13,000 will be direct or indirect jobs and 4,000 will be induced jobs. Cepsa will install plants for the production of green hydrogen in its industrial centres in Andalusia, which will allow it to lead the production of this energy in Spain and Portugal by 2030, with a capacity of 2 GW.
By 2030, 70% of the green hydrogen produced by the company will be used to decarbonize its customers: adjacent industries, road transport and maritime transport. At the same time, Cepsa aspires to lead second-generation biofuels production with a production of 2.5 million tons per year by 2030, thus helping to advance the circular economy.
The company will develop, both in Andalusia and in the rest of Spain, the largest electric mobility ecosystem, together with Endesa, developing the most extensive ultra-fast road charging network, which will reach a minimum ratio of one 150 kW charger every 200 kilometres on the main highways and interurban roads.
Cepsa service stations, with 280 outlets in Andalusia, will be transformed into digitized spaces offering a wide variety of ultra-convenience and catering services, including fresh food, cosmetics and beauty, e-commerce, parcel collection points and sustainable vehicle washing services, as well as multi-energy solutions for roadside refueling.
As per MRC, Cepsa reported a net income at current cost of supply of EUR58 MM (USD61.97 MM) in the first quarter, up by 9.4% year on year, pushed by high crude prices and stronger refining margins. Along with sharply higher crude prices, the value of refined products like gasoline and petrochemicals have been soaring globally, fueled by a strong post-pandemic recovery and most recently by the conflict in Ukraine.
Cepsa is a Spanish petrochemical company. Full name Compania Espanola de Petroleos S.A. The company is headquartered in Madrid. Refining is one of the main activities of CEPSA. The production of asphalt and other road surfaces is another of the company's core activities; nine CEPSA factories are engaged in the production of these products.