From red to blue, from fossil fuels to clean energy, from the name Cepsa – which has been known in Spain and Portugal for 90 years – to a new brand called Moeve. This was the announcement made this Wednesday in Madrid by the Spanish oil company Cepsa.
Maarten Wetselaar, CEO da Moeve, explains that this change, which will be gradual over the next few years in the company’s corporate image, is the result of the Positive Motion strategy for 2030which has been implemented since 2022.
“Today is a historic day, in which we communicate the change of a great brand, Cepsa, which has been with us for over 90 years, to tell the world that we are transforming into another type of organization, Moeve, in which the largest part of its profit will come from sustainable activities at the end of this decade,” said the CEO.
A implementation of the new brand in all its service stations will be progressive and will begin in November, at a rate of around 600 pumps per yearuntil reaching the more than 1,800 that the company has in Spain and Portugal.
Cepsa says it wants to “accelerate its decarbonization and that of its customers”, planning to invest up to eight billion euros by the end of the decade. Of this amount, 60% will be allocated to “sustainable businesses, such as the production of green hydrogen, second generation of biofuels and sustainable chemicals, as well as ultra-fast electrical charging”, says the company in a statement
Right now, the company is already developing a green hydrogen valley in the Spanish region of Andalusia, which is expected to have an electrolysis capacity of 2,000 MW by 2030. Furthermore, it has also promoted the creation of the first maritime green hydrogen export corridor that connects the ports of Algeciras and Huelva to the port of Rotterdam, in the Netherlands. It is still developing new green methanol and ammonia plants with several partners.
In Palos de la Frontera, Huelva, the oil company is developing a second-generation biofuels complex, with an annual production capacity of one million tons of sustainable aviation fuel (SAF) and renewable diesel (HVO).
Currently, the company already sells – through the new Moeve brand – these sustainable fuels in seven of the main Spanish airports and in more than 60 ports it operates in the country.
In biomethane, the energy company is moving forward with around 30 production plants for this renewable gas in Spain, in addition to waste recovery projects for the production of this biogas, a substitute for natural gas.
In electric mobility, the Moeve service station network already has more than 160 ultra-fast charging points in operation and plans to end the year with 400 built, aiming to have one of the largest ultra-fast electric charging networks in the entire Spanish and Portuguese territory.
In chemical products, it produces and sells LAB (base for the manufacture of biodegradable detergents) and phenol from
raw materials and renewable energy sources. Furthermore, it is building an isopropyl alcohol (IPA) factory in Huelva, a base for the manufacture of hydroalcoholic gels, which will be the first installation of its kind in Spain that uses
green hydrogen.
With regard to fossil fuels, Cepsa announced this year the sale of its exploration and production assets in Colombia and Peru, following the divestment carried out in Abu Dhabi in 2023, which represents the sale of around 70% of its oil production assets compared to 2022. In August 2024, it announced the sale of its butane, propane and autogas subsidiary Gasib.
“We were born with the acronym Compañía Española de Petróleos SA in 1929 to build the first refinery in Spain and lead the first energy transition, and for almost a century Cepsa played a decisive role as
engine of progress and economic growth in Spain. Today, however, the world needs other types of more sustainable energy solutions”, said the CEO.
Source: www.jornaldenegocios.pt
