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Spain-based oil supplier Repsol has joined the club
of multinational oil groups.
The Group has recently reoriented its strategy towards renewable energy in an effort to diversify
its business.
Spanish oil giant Repsol has strategically shifted to renewable energy
Club members include Shell, Total, Eni, Equinor (formerly known as Statoil), Hungarian Mol, Oman PDO and Jamaican PJC
.
At the shareholders' meeting, Antonio Brufau, president of Repsol, said that the company will now be committed to combating climate change while being ready to meet all the challenges of
Spain's energy transition.
"The company is analyzing alternatives to address the impact of rising global temperatures and invest in effective strategies
at the lowest possible cost," Repsol said in the statement.
”
On the other hand, renewable energy is recognized as highly competitive, but due to its intermittent nature, gas-fired power generation is still required
.
"Natural gas is therefore positioned as the best choice for companies to cope with the intermittency of the system in the face of the increase in renewable energy
," Repsol said.
About 63 percent of Repsol's electricity production comes from gas-fired power plants
.
Prior to this new announcement, Repsol has been active in the renewable energy sector, particularly in the wind sector, participating in two offshore wind pilot projects, a project launched by Principle Power in Portugal in 2011, and the WindFloat Atlantic project developed in collaboration with EDP Renewables, Mitsubishi, Chiyoda and France's Engie, in which Repsol has a 19%
stake.
In addition, Repsol is active
in biofuels and electric vehicle pilot projects.
，
Spain-based oil supplier Repsol has joined the club
of multinational oil groups.
The Group has recently reoriented its strategy towards renewable energy in an effort to diversify
its business.
Spanish oil giant Repsol has strategically shifted to renewable energy
Spanish oil giant Repsol has strategically shifted to renewable energyClub members include Shell, Total, Eni, Equinor (formerly known as Statoil), Hungarian Mol, Oman PDO and Jamaican PJC
.
At the shareholders' meeting, Antonio Brufau, president of Repsol, said that the company will now be committed to combating climate change while being ready to meet all the challenges of
Spain's energy transition.
"The company is analyzing alternatives to address the impact of rising global temperatures and invest in effective strategies
at the lowest possible cost," Repsol said in the statement.
”
On the other hand, renewable energy is recognized as highly competitive, but due to its intermittent nature, gas-fired power generation is still required
.
"Natural gas is therefore positioned as the best choice for companies to cope with the intermittency of the system in the face of the increase in renewable energy
," Repsol said.
About 63 percent of Repsol's electricity production comes from gas-fired power plants
.
Prior to this new announcement, Repsol has been active in the renewable energy sector, particularly in the wind sector, participating in two offshore wind pilot projects, a project launched by Principle Power in Portugal in 2011, and the WindFloat Atlantic project developed in collaboration with EDP Renewables, Mitsubishi, Chiyoda and France's Engie, in which Repsol has a 19%
stake.
In addition, Repsol is active
in biofuels and electric vehicle pilot projects.
，
