Page 12 - EurOil Week 41 2021
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EurOil PROJECTS & COMPANIES EurOil
Orlen mulls investing €641mn in
Lithuanian crude refinery
POLAND POLAND’S oil group Orlen has announced The investment is said to be aimed at more
it intends to invest €641mn in its crude refin- efficient processing of products, which would
Orlen’s management ery in the northwestern Lithuanian district of contribute to the company’s competitive resil-
presented a five-year Mazeikiai. ience and overall reduction of pollution.
strategic plan for the Orlen Lietuva’s management presented the The Lithuanian president praised Orlen
business. company’s strategic plan for the next five years Lietuva for planning scenarios to expand its
and the approved €641investment project to product range and invest in renewable energy
President Gitanas Nauseda during his visit to the projects, noting that the company’s work in areas
refinery on October 8. such as green hydrogen production is significant
“The successful implementation of the new for Lithuania.
investment project will further strengthen our The president and Orlen Lietuva’s manage-
relationship, improve the efficiency of the com- ment discussed the company’s strategy and
pany and contribute to the economic develop- future plans for contributing to achieving the
ment of the region,” Nauseda said. Green Deal and the Climate Action Plan goals.
ENERGY TRANSITION
Repsol raises 2030 clean
energy target
SPAIN SPANISH energy group Repsol has announced As part of its expansion plans in renewables,
it is increasing its 2030 target for renewable Repsol bought a 40% interest in one of the larg-
Repsol now plans to energy capacity by 60%, while also setting new est privately owned developers and operators of
have 20 GW of wind, targets to limit the emissions from its oil and gas solar plants in the US earlier this year. The com-
solar and hydroelectric business. pany, Hecate Energy, has a portfolio of more
generation capacity up Repsol was the first major oil and gas pro- than 40 GW of renewable and energy storage
and running by 2030. ducer to pledge to become a net-zero emissions projects, of which 16.8 GW are solar-focused
company by 2050. Most other European produc- and at an advanced stage of development. Bat-
ers of its stature have announced similar goals teries account for 4.3 GW of the portfolio.
since then. Repsol has said before it is considering a spin-
Repsol now plans to have 20 GW of wind, off of its low-carbon business and may transfer a
solar and hydroelectric generation capacity up stake in the enterprise to a private partner or sell
and running by 2030, versus a previous target of it on stock markets.
12.7 GW. Like other producers, the company has
gained from a spike in oil and gas prices this year,
and while this has made its existing oil and gas
business more lucrative, it also means that the
company has more cash to spare to plough into
renewables.
“The energy transition constitutes a business
opportunity for us,” Repsol CEO Josu Jon Imaz
told investors during a presentation on October
5.
Repsol is striving to cut emissions from its
facilities by 55% by 2030, and reduce all emis-
sions associated with its products by 30%, the
company said. It expects to spend €19.3bn
($22.4bn) by 2025 in capital investment by 2025,
of which 35% will go towards its low-carbon
business.
P12 www. NEWSBASE .com Week 41 14•October•2021
