Repsol Expects to Invest Nearly $13B in Spain through 2030

This article was first published on Rigzone here

Repsol SA has budgeted EUR 11.5 billion (around $12.79 billion) in investment at home through the decade to support Spain's energy security and advance the company's transition to a lower-carbon future.

Around EUR 7 billion would go to projects in or around the company's existing industrial complexes. "Key projects include new renewable hydrogen production plants and a third plant producing fuels from 100 percent renewable feedstocks, which will complement the facilities already operating in Cartagena and Puertollano", it said Wednesday in its report of results for the first nine months of 2026.

In low-carbon power production Repsol plans to focus on wind and energy storage. Projects include the expansion of the Aguayo pumped-storage hydroelectric plant in Cantabria to increase the capacity by one gigawatt (GW) to 1.4 GW. The expanded plant would be able to power over 800,000 homes, making it the second largest pumped-storage facility in Spain and the fourth-largest in Europe, according to Repsol.

In the short term Repsol has allotted EUR 3.7 billion for January-September 2026 to increase crude oil and refined product inventories for the domestic market.

"The first nine months of 2026 were marked by highly challenging market conditions, stemming from tensions in the Middle East and the consequences of the conflict in Ukraine, which have destabilized global energy supplies and increased volatility in oil, natural gas, diesel and jet fuel prices", it said.

"This situation has once again underscored the importance of countries having domestic industrial capacity and, more specifically, refining capacity to reduce their energy vulnerability", Repsol said. "The refining industry, a strategic sector for Europe, is under severe pressure. Since 2009, 35 refineries have closed across the continent, reducing capacity by 20 percent, while global competition has intensified".

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Elevated oil prices underpinned a dramatic increase in the company's net profit to EUR 5 billion for the first nine months of 2026 from EUR 1.18 billion for the same period last year. The 2026 figure included "a positive inventory effect of EUR 943 million resulting from the impact of higher crude oil prices on the book value of inventories", Repsol said. In the prior-year corresponding period lower crude prices and the nationwide blackout in April 2025 resulted in a negative inventory effect of EUR 478 million.