Repsol

Refining activity

Repsol continues to implement its ambitious investment plan to increase refining capacity and conversion levels, whilst also enhancing safety, respect for the environment and the efficiency of its facilities.

The Repsol Group owns and operates five refineries in Spain (Cartagena, A Coruña, Petronor, Puertollano, and Tarragona), with a combined distillation capacity of 776,000 bopd (in Tarragona the share in Asfaltos Españoles S.A. is included). Installed capacity at La Pampilla refinery (Peru), in which Repsol holds a 51.03% stake and is the operator, is 102,000 barrels of oil per day. 

The Refining division's activity and results in 2010 continued to be heavily influenced by the global economic crisis. The International Energy Agency upgraded demand for oil products in 2010 after two years (2008 and 2009) of continuing falls. The increased demand came mainly from emerging economies, with China and India at the forefront. European markets saw demand continue to fall in 2010. 

The beginning of the global recovery in the demand for oil products, with its attendant increase in the demand for crude, along with the decrease in refining capacity, led to an improvement in the spreads for crude and light-heavy products in 2010 and translated into a modest recovery of refining margins during the year.  

In Spain, refining margins stood at 2.50 dollars per barrel in 2010, higher than 2009 figures (1.30 dollars per barrel). As for Peru, the refining margin in the year was US$ 4.20/bbl as opposed to US$ 4.10/bbl in 2009.

In this context, Repsol’s refineries managed by the Downstream division processed 34.4 million tons of oil, 2% less than in 2009. The average use of refining capacity in Spain was 73.6%, compared to 
74.5% the previous year.

Peru saw use fall from 76.7% in 2009 to 71.2% in 2010. In the medium and long term, the profitability of projects undertaken by the company is guaranteed by the reactivation of the global economy. The first signs of this were already visible in 2010 and will be consolidated in 2011 according to the forecasts issued by various international organisations.

Production

Installed refining capacity

Related links

• 2010 Annual Report                  

This company has received subsidies from the Spanish Government, financed jointly with funds from the ERDF, for transporting goods in the Canary Islands.

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