Repsol follows through on its threat and takes action ‘stand by’ about 1.5 billion A Euro boost has been provided to ‘green’ investments in Spain as a result of PSOE and Sumar’s announcement to consolidate the tax on banks and energy companies. Less than a month after the opening of the first hydrogen project, it froze the plan to produce large machines that would produce this energy vector in refineries. Bilbao, Cartagena and TarragonaIn addition, an eco-plant for the use of urban waste to produce methanol is also planned. TarragonaAccording to market sources.
Last Thursday, at the results presentation, Repsol CEO said, Josu Jon ImazHe threatened the government “as follows”: lack of stability In the regulatory and financial framework, it can condition future industrial projects in Spain,” the president of the Basque subsidiary Petronor said this Monday. Emilio López Atxurra, He painted the first of these investments white on black: a 100 MW hydrogen production machine (electrolyzer). 2026 An investment of approximately 200 million dollars is planned in Bilbao. 200 million eurosAs stated in the statements made on Radio Euskadi, it has been recognized by the European Commission as a strategic project of common European interest (IPCEI). Moreover industrial plant of the future adjacent to produce synthetic fuelsbut in this case the investment had not yet been announced.
We must add others to the Basque project two large hydrogen machines According to market sources, it is planned by Repsol around its main refineries, which have also been frozen. One of these is the 100 MW electrolyzer. Cartagena, Also included as IPCEI. This is a project developed by a consortium led by Repsol and of which they are a part. Enagás Renewables and Engie. This wonderful machine that produces hydrogen is approximately 215 million euros and a generation around 1,100 jobs at different stages of construction. Some of the renewable hydrogen obtained from these facilities, which are planned to be operational in 2025, will be used to decarbonize different industries around the world. Escombreras ValleyAmong these is the Repsol refinery.
The other is the 150 MW electrolyzer projected in Tarragona; here Repsol leads a consortium formed by . Enagás Renewables, Iqoxe and Messer in a project worth 320 million euros and was selected by the European Commission to receive 62 million euros under the Innovation Fund program. The electrolyzer is part of the Catalonia Hydrogen Valley and Ebro Hydrogen Corridor and is a hydrogen collector to deliver to consumers Petrochemical Mast.
The development of green hydrogen is essential for Repsol because The first hydrogen producer and consumer in SpainWith an annual production of 360,000 tons, it almost represents the world’s largest export. 60% of national demand, but for now it’s gray hydrogen (produced with gas, not renewable energy sources).
The El Morell eco-facility for the recycling of urban waste will also remain on hold with an investment project of approximately 200 million dollars. 750 million euros. This eco plantIt is the first facility to be built in the Iberian Peninsula and is planned to process approximately 400,000 tons of crude oil.non-recyclable municipal solid waste nearby municipalities produce approximately 220,000 tons methanol yearly. This will be used as feedstock to produce methanol. circular materials or advanced biofuels.
This is the oil company one of the most affected Due to the levy imposed by the Coalition Government on energy companies during the energy crisis, which will tax these companies 1.2% of their national sales in 2022 and 2023. The tax paid last year (in 2023 and 2024) had an impact of 444 million euros on the company this year, and next year is expected to be in the following range: “Between 300 and 350 million euros”. Following PSOE and Sumar legislature’s programmatic agreement to consolidate this tax, Repsol review future investments in the country.
The company’s threat does not affect ongoing investments, such as the 2.5 MW electrolyzer the oil company commissioned at the Basque refinery in Muskiz (Vizcaya) on October 9, and the 10 MW electrolyzer to follow in 2025. It will include a demonstration facility. synthetic fuels because these are investments that are “already consolidated” and “in the process of realization”, they are advanced Emilio López Atxurra this monday.