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Repsol (REPYY) Outlines Expansion of Renewable Fuel Stations
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Repsol Energy (REPYY - Free Report) , a Spanish multi-energy company, is set to offer more than 600 service stations with 100% renewable fuel in the Iberian Peninsula by the end of 2024, as a part of its commitment to sustainability and renewable fuels.
Repsol currently operates more than 60 refueling stations in the main cities and transport corridors of the Iberian Peninsula, supplying 100% renewable fuels. The company has exceeded its target set in May last year, when it launched the first three stations in Madrid, Barcelona and Lisbon.
With 46 stations in Spain and 15 in Portugal, Repsol has become the first Spanish group to offer 100% renewable fuels to its customers. Furthermore, in a quest to expand its range of renewable products, REPYY will be launching a new pilot project at three 100% renewable gasoline filling stations in Madrid. The new fuel is available at three of its service stations (Hipódromo, Arturo Soria, and Herrera Oria), and it is also the first in Spain to offer 100% renewable gasoline and diesel.
The production of 100% renewable gasoline is a challenging process as industrial processes are not yet completely developed. For more than two decades, Repsol Technology Lab has been involved in designing competition fuel for MotoGP and has formulated this into a new commercial product by using the knowledge of high-competition fuel. The new fuel is produced using the waste from biomass, used cooking oil and the agri-food industry.
With the introduction of the new fuel, Repsol has made yet another valuable addition to its vast array of mobility products including electrical mobility, AutoGas, CNG/GNL and Neotech Fuels. These products are offered by the company to approximately 4,000 filling stations spread across the Iberian Peninsula.
According to a representative, Repsol’s new target to introduce more than 600 renewal fuel filling stations aligns with the company’s commitment to increase the range of sustainable technologies for mobility. Its new refueling stations will also allow customers to choose from a diverse range of options best suited for their mobility needs.
Repsol aims to leverage renewable fuels to reduce transport emissions and become a zero-emission company by 2050. Its energy model uses a combination of electrification, renewable fuels and hydrogen in an attempt to decarbonize mobility.
REPYY has been involved in the business of producing and marketing biofuels for more than two decades. Since 2019, it has been incorporating organic wastes, such as vegetable oils and agricultural and forest waste (not required for food) into its manufacturing process. In accordance with the present legislation, renewable fuels are offered in all refueling stations across Spain, constituting 10% of the total fuels sold.
The multi-energy company is scheduled to open its first plant, dedicated to the manufacturing of advanced biofuels from waste in Cartagena (Region of Murcia) in the upcoming weeks and a second plant in Puertollano by 2025.
The former shall manufacture 250,000 tons of renewable fuel annually, reducing CO2 emissions by 900,000 tons per year. The latter is estimated to produce 240,000 tons of fuel per year.
Repsol is set to have a production capacity of nearly 2 million tons of renewable fuels by 2030, thereby solidifying its position as a leading producer of renewable fuels in Spain and Europe.
In addition to these, Repsol also promotes a circular economy through a new initiative to collect used cooking oil, which is one of the raw materials needed in the production of renewable fuels. Customers can bring used cooking oil to any Repsol service station located in Madrid and Galicia.
Zacks Rank and Other Key Picks
Currently, REPYY carries a Zacks Rank #2 (Buy).
Investors might want to look at some other top-ranked stocks in the energy sector, such as Oceaneering International (OII - Free Report) , Enbridge (ENB - Free Report) and Western Midstream Partners, LP (WES - Free Report) . While Oceaneering International currently sports a Zacks Rank #1 (Strong Buy), Enbridge and Western Midstream Partners hold a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International is a market-leading supplier of offshore equipment and technology solutions to the energy industry. The company has projected an increase in free cash flows for 2024. The bright outlook is supported by the growing market demand for its mobile robotic forklifts and underride vehicles.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
Western Midstream Partners has a profitable portfolio of midstream assets. The midstream operator completed its acquisition of Meritage Midstream Services II, LLC in the Powder River Basin, making it the largest gathering and processing operator in the region. WES shows a noticeable increase in total throughput for natural gas, crude oil and NGLs, and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.
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Repsol (REPYY) Outlines Expansion of Renewable Fuel Stations
Repsol Energy (REPYY - Free Report) , a Spanish multi-energy company, is set to offer more than 600 service stations with 100% renewable fuel in the Iberian Peninsula by the end of 2024, as a part of its commitment to sustainability and renewable fuels.
Repsol currently operates more than 60 refueling stations in the main cities and transport corridors of the Iberian Peninsula, supplying 100% renewable fuels. The company has exceeded its target set in May last year, when it launched the first three stations in Madrid, Barcelona and Lisbon.
With 46 stations in Spain and 15 in Portugal, Repsol has become the first Spanish group to offer 100% renewable fuels to its customers. Furthermore, in a quest to expand its range of renewable products, REPYY will be launching a new pilot project at three 100% renewable gasoline filling stations in Madrid. The new fuel is available at three of its service stations (Hipódromo, Arturo Soria, and Herrera Oria), and it is also the first in Spain to offer 100% renewable gasoline and diesel.
The production of 100% renewable gasoline is a challenging process as industrial processes are not yet completely developed. For more than two decades, Repsol Technology Lab has been involved in designing competition fuel for MotoGP and has formulated this into a new commercial product by using the knowledge of high-competition fuel. The new fuel is produced using the waste from biomass, used cooking oil and the agri-food industry.
With the introduction of the new fuel, Repsol has made yet another valuable addition to its vast array of mobility products including electrical mobility, AutoGas, CNG/GNL and Neotech Fuels. These products are offered by the company to approximately 4,000 filling stations spread across the Iberian Peninsula.
According to a representative, Repsol’s new target to introduce more than 600 renewal fuel filling stations aligns with the company’s commitment to increase the range of sustainable technologies for mobility. Its new refueling stations will also allow customers to choose from a diverse range of options best suited for their mobility needs.
Repsol aims to leverage renewable fuels to reduce transport emissions and become a zero-emission company by 2050. Its energy model uses a combination of electrification, renewable fuels and hydrogen in an attempt to decarbonize mobility.
REPYY has been involved in the business of producing and marketing biofuels for more than two decades. Since 2019, it has been incorporating organic wastes, such as vegetable oils and agricultural and forest waste (not required for food) into its manufacturing process. In accordance with the present legislation, renewable fuels are offered in all refueling stations across Spain, constituting 10% of the total fuels sold.
The multi-energy company is scheduled to open its first plant, dedicated to the manufacturing of advanced biofuels from waste in Cartagena (Region of Murcia) in the upcoming weeks and a second plant in Puertollano by 2025.
The former shall manufacture 250,000 tons of renewable fuel annually, reducing CO2 emissions by 900,000 tons per year. The latter is estimated to produce 240,000 tons of fuel per year.
Repsol is set to have a production capacity of nearly 2 million tons of renewable fuels by 2030, thereby solidifying its position as a leading producer of renewable fuels in Spain and Europe.
In addition to these, Repsol also promotes a circular economy through a new initiative to collect used cooking oil, which is one of the raw materials needed in the production of renewable fuels. Customers can bring used cooking oil to any Repsol service station located in Madrid and Galicia.
Zacks Rank and Other Key Picks
Currently, REPYY carries a Zacks Rank #2 (Buy).
Investors might want to look at some other top-ranked stocks in the energy sector, such as Oceaneering International (OII - Free Report) , Enbridge (ENB - Free Report) and Western Midstream Partners, LP (WES - Free Report) . While Oceaneering International currently sports a Zacks Rank #1 (Strong Buy), Enbridge and Western Midstream Partners hold a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International is a market-leading supplier of offshore equipment and technology solutions to the energy industry. The company has projected an increase in free cash flows for 2024. The bright outlook is supported by the growing market demand for its mobile robotic forklifts and underride vehicles.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
Western Midstream Partners has a profitable portfolio of midstream assets. The midstream operator completed its acquisition of Meritage Midstream Services II, LLC in the Powder River Basin, making it the largest gathering and processing operator in the region. WES shows a noticeable increase in total throughput for natural gas, crude oil and NGLs, and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.