Cepsa, Spain’s second largest oil company, has more than doubled its profits in the past year. In 2022, profit rose to 1.1 billion euros, 66 percent more than the 661 million euros achieved in 2021. The energy company must pay an additional tax of more than 320 million euros on the profit made.
The company has announced this in an explanation of the annual figures. The company points to improved market conditions following the Russian invasion of Ukraine as the cause of the higher profit. Cepsa has been led by the Dutchman Maarten Wetselaar since 1 January last year.
The Spanish government expects to be able to raise six billion euros in the next two years by imposing an extra tax on energy companies and banks. As a result of this windfall tax, Cepsa pays 325 million euros to the state. Half of this was settled last month.
The Spanish oil and gas company wants to almost double its investments over the next three years to a total of 3.6 billion euros. Half of this is intended for investments in sustainable energy and mobility, according to the group.
Port of Rotterdam
The energy company and the Port of Rotterdam recently signed a memorandum for the supply of green ammonia, which can be converted into hydrogen. This is part of a large project in which Spain and the Netherlands want to work closely together in the field of green hydrogen.