Spanish oil company Repsol will invest more than 120 million euros ($132.95 million) to retrofit a decades-old diesel plant to produce second-generation biofuels, a spokesperson told Reuters on July 27.
As part of its strategy to pivot to renewables, Repsol targets the production of two million tons of low-carbon fuels by 2030, tripling the capacity it had at the beginning of this decade.
The Puertollano plant, built in the 1960s, will start producing biofuels for cars, trucks an shipping at the end of 2025 and will have a capacity of 240,000 tons per year. It will use organic waste, such as used cooking oils.
This will be the second plant of this type in the Iberia region, along with Repsol's plant at its Cartagena refinery, the spokesperson said.
Biofuels are seen as key to decarbonize transportation in sectors hard to electrify, like aviation and shipping.
Recommended Reading
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.