The energy and petrochemical company Repsol has closed an agreement to buy 40% of three Bunge industrial plants in Spain for around $300 million (€276 million) and up to $40 million (€37 million) in additional payments. contingents, as reported by the company to the National Securities Market Commission (CNMV).
The transaction, subject to customary closing conditions, including regulatory approvals, includes three facilities operated by Bunge dedicated to the production of oils and biofuels in Bilbao, Barcelona and Cartagena, close to Repsol industrial complexes.
Following this transaction, Repsol increases its access to the raw materials necessary to achieve its goal of producing up to 1.7 million tons of renewable fuels in 2027. In this sense, the agreement is part of the alliance sealed between both companies to satisfy the demand for raw materials with lower carbon intensity to produce renewable fuels.
Currently, Repsol’s production capacity is 1.1 million tons of renewable fuels per year and its purpose is to increase it to 55% in 2027. In addition, it has about 120 service stations with renewable fuels and wants to reach 600 at the end of the year and 1,900 within three years.
The alliance allows Repsol and Bunge to explore other areas of cooperation and project development to increase the potential availability of non-food oils and fats for the renewable fuel market. “With this agreement, Repsol consolidates its leadership in renewable fuels in the Iberian Peninsula. It is clear proof of the firm progress we are making in our ambitious roadmap to provide society with solutions to reduce net CO2 emissions from transport. as quickly and efficiently as possible,” said Juan Abascal, general director of Industrial Transformation and Circular Economy at Repsol. For his part, Bunge’s Agribusiness co-president, Julio Garros, added that this alliance supports the group’s commitment to creating alternative routes for decarbonizing agricultural and oil supply chains.
Headquartered in Geneva, Switzerland, and corporate headquarters in Missouri, United States, Bunge has approximately 23,000 employees across 300 facilities located in more than 40 countries. The group specializes in the processing of oilseeds and the production of special oils and fats of vegetable origin.
