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Cepsa Plans to Build a Hydroproduct to Import Hydrogen from Morocco

According to Cepsa’s chief executive, the industry needs a hydrogen price of between $2 and $2.5 and around $3 or $4 for drivers, compared to the $6-$7 it would cost at present. For this reason, he believes that regulatory support should be negotiated in order to accelerate the development of this technology, as he assures that we do not have 20 years as in the case of solar or wind power.

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The CEO of Cepsa, Maarten Wetselaar, plans the construction of a hydroproduct that will allow the import of hydrogen from Morocco to the San Roque refinery. At least this is what the executive indicated in the breakfast organized by Nueva Economía in which he explained the strategy of the oil company: to increase the export of traditional products (fuels) to Africa and to use the most sustainable products in Europe.

Wetselaar is confident that electricity prices in Spain will be much lower in the future in order to achieve a competitive hydrogen price. According to his estimation, to achieve these levels, electricity should cost between 20 and 25 euros/MWh, since right now, green hydrogen is very expensive.

According to Cepsa’s chief executive, the industry needs a hydrogen price of between $2 and $2.5 and around $3 or $4 for drivers, compared to the $6-$7 it would cost at present.

For this reason, he believes that regulatory support should be negotiated in order to accelerate the development of this technology, as he assures that we do not have 20 years as in the case of solar or wind power.

If you want to read more about the plans of Cepsa’s CEO to build a hydroproduct in order to import hydrogen from Morocco, download for free our companion app. The business news mobile app Born2Invest keeps its readers up to date with the most important news from around the world. Our app is available for both Android and iOS devices.

Wetselaar also went deeper into his energy scheme for the future

For light vehicles, he considers that the solution will come from electric cars, where he assured that this month he will begin the deployment of recharging points with Endesa.

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In the case of the maritime sector, the Cepsa executive explained that they will bet on ammonia and added that they are looking for alliances to develop in this area. For the aeronautical sector, the company indicated that it will use practically all its biofuel production for its supply.

Cepsa’s CEO, Maarten Wetselaar, did not close the door to a future IPO of the company but indicated that the strategic plan needs to be successfully completed before this possibility can be considered because they want to give investors the option of entering a much more sustainable company.

Regarding the exploration and production area, the Cepsa executive explained that investments will be limited to maintaining the positions they currently have in order to continue generating the necessary cash to invest in the ecological transition.

The company will continue to grow in the countries where it has a presence, but he stressed that “I do not believe that Spain or any other country in Europe can succeed in promoting fracking,” said Cepsa’s top executive, who questioned this production system for Spain.

Wetselaar’s position is thus diametrically opposed to that put forward by Repsol’s chairman, Antonio Brufau, at the company’s shareholders’ meeting, in which he highlighted the contradiction of buying gas from fracking and banning it in Europe.

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(Featured image by Franz26 via Pixabay)

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First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.