Repsol moves various operations to Sines
Portugal – more specifically Sines – is reaping the benefits of Spain’s 1.2% tax on the extraordinary income of energy companies. It is sending Repsol, itself Spanish, west to develop a number of lucrative projects on Portuguese territory.
Repsol is clearly furious that its own country’s government intransigence has ‘come to this’ – but it warned as much last year. And now, according to Spanish daily El Mundo, millions of euros in other investments in Spain ‘hang in the balance’.
For Portugal, the decision means many millions of euros as well as direct employment: Repsol is going to build two new plants in Sines to produce 100% recyclable chemical products (to be used, for example in car production) – and it is transferring its green hydrogen project which, last year, was valued at €1.5 billion.
The first step with regard to green hydrogen is an electrolyser that will have a production capacity of 600 tonnes of green hydrogen per year.
All Repsol’s investments will be based in Sines’ industrial park. For the time being, there has been no timeline announced.
Spain justified its 1.2% tax on energy companies saying the revenue “will be used to finance measures (the government) has adopted since the start of the war in Ukraine to try to reduce the effects of inflation on the economy and household incomes”.
Source material: SIC/ LUSA/ El Mundo
