Repsol freezes hydrogen plant investment and sounds unstable regulatory warning

Repsol has warned the lack of stability in Spain’s regulatory and fiscal framework may impact its future industrial projects in the country as it emerged it had frozen a hydrogen plant project in the Basque country.

After it posted net income of €2.785bn in the first nine months of the year, Repsol said in a statement, “The possible continuation of a tax on energy companies that had been designed to be temporal and extraordinary punishes the companies that, like Repsol, are investing in industrial assets, creating jobs and guaranteeing the country’s energy independence and instead favour importers that neither create jobs nor any relevant economic activity in Spain.”

The stakes are high for company and policymakers alike. Repsol’s investments through to September totalled €4.362bn (up 82%), mainly in Spain and the United States, and aligned with the aim to allocate 35% of total investments in the year to low-carbon projects.

Its organic spending is expected to reach approximately €5.2bn for the full year, so its facilities, five of which are located in Spain, can manufacture products with low, neutral and negative carbon footprints.

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