Edp, Enagás, Iberia, Vueling, Fertiberia, Airnostrum, Yara, Gasunie, BioOils, Tui, Renfe… The list of commercial agreements closed by Cepsa in recent months is extensive. Maarten Wetselaar, its CEO, with extensive experience in the business world of hydrocarbons, is clear that the profitability of the business depends on having the clients insured before the investment.
It is the modus operandi in large investments in traditional fossil fuel infrastructures, but Wetselaar seems determined that it should also be the doctrine that guides the transformation of Cepsa oil into Cepsa of "green molecules" (biofuels and hydrogen).
"The three main axes of our investments go through the development of green molecules, such as green hydrogen or second generation biofuels, in addition to the development of the most extensive ultra-fast charging network in Spain and Portugal", explains Carlos Barrasa, director of Commercial and Clean Energies of Cepsa.
Biofuels have an imminent advantage. They can already be produced and can be used in all the large vehicles or pipelines through which fossil fuels now pass. Until 2022 they seemed to be the poor cousins of electrification, but the outbreak of the war in Europe has opened the Pandora's box of energy self-sufficiency and there electricity falls short, as it is also insufficient for large industry and heavy transport .
Cepsa had already advanced this need in its Positive Motion strategic plan until 2030, endowed with investments of 8,000 million euros and challenges such as "leading the production of 2G biofuels and reaching an annual production capacity of 2.5 million tons of biofuels , of which 800,000 tons will be from SAF, an amount of sustainable aviation fuel sufficient to fly over the planet two thousand times”, they explain from the company. They will do so hand in hand with Bio-Oils, developing what they say will be the largest second-generation biofuel plant in southern Europe. Agreements are added to experiment with these new fluids with Iberia, Iberia Express, Vueling, Air Nostrum, Binter, Tui, Etihad and Wizz Air in the aviation sector, which is the one with the most urgency for decarbonization. Cepsa is also working with Maersk and Renfe on the first test of 2G biofuels for rail and has successfully tested them in maritime transport.
In the long term, the star is green hydrogen with a mammoth deployment of 3,000 million euros in the Andalusian Green Hydrogen Valley project. Cepsa's plan involves supplying hydrogen in liquid form, converted into ammonia, through a maritime corridor that will connect the port of Algeciras with that of Rotterdam.
The company is not waiting for the H2Med tube that will transport the hydrogen between Barcelona and Marseille, and has signed an agreement with the company Yara Clean to open up markets in the Netherlands, Belgium, Germany and Denmark. It has also allied with Gasunie, the operator of the Dutch gas pipelines, to guarantee the transit of hydrogen from Rotterdam. "In the last year we have reached more than 60 agreements with partners and clients to ensure the development of new businesses such as green hydrogen and second generation biofuels," says Carlos Barrasa.
The company has also started rolling out its network of ultra-fast chargers for electric cars, in this case through agreements with Endesa. The strategy is repeated in the international arena: "It is important to have access to customers outside our borders, such as in northern Europe through the first hydrogen maritime corridor", which "make projects viable until demand in Spain is even bigger,” says Barrasa.
The green turn coincides with a reduction in the weight of traditional activities. An example is the exploration and production of hydrocarbons in Abu Dhabi, the sale of which the company announced in the first quarter. As for the refineries, "they are being transformed into energy parks to make room for new green businesses," says the manager. "It allows us to decarbonize our activity by 55% in 2030, while continuing to produce the energy necessary for current needs in a more efficient and sustainable way."
