Repsol looking to boost biofuel production. File Image / Pixabay
Repsol says it wants to become a leader in sustainable biofuels and is planning to nearly double production capacity to 1.3 million tonnes by 2025 and over 2 million tonnes by 2030.
The company is understood to currently produced around 0.7 million tonnes per year of biofuels.
As part of the company's focus on emissions cuts, Repsol said it also has ambition to be a leader in renewable hydrogen in the Iberian Peninsula by reaching a production of the equivalent of 400 MW by 2025.
Both biofuel and hydrogen are seen as important future fuels for the marine shipping industry as it looks to meet its IMO 2030 and IMO 2050 decarbonization targets.
Repsol unveiled its ambitions last week as past of a new strategic plan to accelerate energy transition, decarbonize its asset portfolio and establish a new operating model.