Spanish energy company Repsol has plans to invest €120M (US$133M) in transforming a unit of its plant in Puertollano (Ciudad Real) with the aim of producing biodiesel by 2025, Servimedia wrote.

The planned investment was announced by Repsol CEO Josu Jon Imaz on 27 July while presenting the company’s first half results for this year, the report on the same date said.

Repsol plans to produce 200,000 tonnes/year of biofuels in Puertollano to be sold at its service stations, according to the report.

As a result of the investment, Puertollano would become Repsol’s second advanced sustainable fuels plant alongside its Cartagena complex where production started earlier this year, Servimedia wrote.

The company currently produced 700,000 tonnes/year of biofuels and aimed to increase this to 2M tonnes/year in 2030, the report said.

In Cartagena, Repsol would be investing €200M (US$219M) with the aim of producing 250,000 tonnes/year of advanced biofuels including biodiesel, bio-naphtha, sustainable aviation fuel (SAF) and bio-propane, Servimedia wrote.

During the first half of this year, Repsol announced earnings of €1.42bn (US$1.55bn), against a backdrop of falling energy prices and demand.

“The first half of 2023 saw slow growth in the world economy, marked by monetary policy decisions and international tensions resulting from the war in Ukraine. In this context of uncertainty, global inflation and slow recovery of the Chinese economy, energy product prices plummeted compared to 2022, when there was an anomalous rise in commodity prices. Between January and June, refining margins fell by 29% and Brent crude oil prices fell by 26%,” the company said on its website.