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Repsol Invests 657 Million Euros in the Sines Industrial Complex
October 15, 2021 – Ana Custódio
Repsol signed a 657 million euro investment contract with the Portuguese government in a ceremony chaired by the Prime Minister, António Costa, and attended by the Minister of State, Economy and Digital Transition Pedro Siza Vieira.
Repsol Chairman Antonio Brufau, in his speech, noted that “industry and technology are two essential advances for the competitiveness of a country’s economy.” He also highlighted that “private initiative and public policies must work together in the best possible way for an energy transition compatible with economic competitiveness and emission reduction.”
The government considered Repsol’s project for the Sines Industrial Complex to be of potential national interest (PIN), extending tax incentives worth up to 63 million euros.
Based on this contract, the energy company will invest 657 million euros in expanding its Sines Industrial Complex, aligning with the objectives of the Paris Agreement and the energy transition.
In a statement on its website, Repsol says that the industrial investment, which “is the largest in the last ten years in Portugal and will improve the country’s trade balance”, includes the construction of two polymer plants, each with a capacity of 300,000 tons per year, with 100% recyclable products.
The technologies of both plants, which are expected to be completed by 2025, guarantee maximum energy efficiency, are market leaders and the first of their kind to be installed on the Iberian Peninsula. They will also contribute to the integration and diversification of Repsol’s industrial area and its leadership in Europe.
Translation: Richard D K Turner