President of Repsol, Antonio Brufauwarned If there is no “legal and financial stability” in SpainInvestments worth €1,500 million that the energy company plans to make in the country to promote renewable hydrogen They will go to “Portugal or France”.
At a meeting organized by the Repsol Foundation and the University of Navarra Engineering School Tecnun, Brufau assured that this €1,500 million Repsol investment is “subject to the following: stability; Legal stability and financial stability”.
Brufau thus spoke out, as did the CEO at the end of October, against the threat of the new PSOE and the Sumar Government’s agreement to expand the special tax for energy companies and banking (currently in force for this year and 2024). Repsol noted that the company Josu Jon Imaz, “Before making any investment decision in Spain“, if Conditions must be “stable and attractive enough to guarantee the profitability of the projects” and assured that if this was not the case there were “other alternatives”.
In the case of energy companies, this rate currently taxes 1.2% of turnover in companies with revenues exceeding €1,000 million, excluding regulated businesses and activities outside Spain and non-peninsular areas.
So Brufau, if in Spain A tax “where the French or Portuguese do not have to produce hydrogen”because the company’s decision will definitely be “to go to Portugal or France”.
The Repsol chairman therefore called on the authorities to consider that these investments, which are necessary to achieve decarbonisation targets, should not be considered in the short term, but instead are a “medium and long-term issue”.
He also predicts that these projects are “which.” requires a lot of maturity“, these need to be done “within a framework of stability” and an “attractive” financial framework. “It is not better or worse. “Attractive means competitive in terms of nearby regions,” he said.
Brufau also underlined Repsol’s commitment to a fair energy transition that guarantees Europe’s autonomy; but warned that this commitment to security of supply, universal access to energy and, of course, decarbonization must be supported by incentives rather than bans from Europe; To simplify regulation and thus prevent national rules from fragmenting the single market.
“Without clear rules of the game, it is impossible to expect companies to make the investments necessary to address the energy transition,” he reiterated.
Source: Informacion
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