changes its brand to Moeve
Cepsa begins a new era. The company, led by Maarten Wetselaar, has taken a historic step by changing its traditional brand to Moeve. Thus, the Spanish Oil Company, the name under which it was created in 1929, is being transformed to match the turn the company is taking towards decarbonization.
Cepsa, now Moeve, launched a business plan two years ago under which it intends to invest 8 billion euros, of which more than 60% will be allocated to sustainable businesses such as the production of green hydrogen, second generation (2G) biofuels and green chemicals. as well as ultra-fast electrical charging.
Some of these investments are currently under review due to possible government approval of a “tax” that already caused the company to suffer losses last year.
In fact, in his speech introducing the new brand to employees, the company’s CEO assured that “our development has not always been and will not be linear and will not be free from obstacles. The actions of governments, regulators, or other agents may always force us to rethink our priorities. We currently have a tax on energy companies looming over us, for example, but that will not stop us because our commitment and determination to transform ourselves is unstoppable.”
Since launching its strategy in March 2022, the company has implemented a large number of projects and established alliances with more than 60 companies from various sectors to advance the various value chains of these projects.
The company is developing the Andalusian Green Hydrogen Valley, which is expected to reach 2,000 MW of capacity by 2030 if financial conditions allow. In addition, he contributed to the creation of the first maritime corridor between the ports of Algeciras and Huelva with the port of Rotterdam, which will link the south and north of Europe, and together with his partners is working on the creation of new plants for the production of green methanol and ammonia. .
In addition, it is developing the largest 2G biofuels production complex in Southern Europe, located in Palos de la Frontera (Huelva), with an annual production capacity of one million tons of sustainable aviation fuel -SAF- and renewable diesel fuel -HVO-. .
Moeve currently sells this environmentally friendly fuel at seven major airports in Spain and more than 60 ports in the country.
The petrochemical company, together with its partners, is promoting the construction of about 30 biomethane plants in Spain and implementing waste recycling projects to produce this biogas.
The Moeve service station network already has more than 160 active ultra-fast charging points and plans to complete the year with 400 points to develop one of the largest ultra-fast charging networks in Spain and Portugal as a whole.
At the same time, the company is transforming its customer touchpoints, expanding its offering of energy alternatives, as well as new restaurant, parcel and retail services. The company is transforming its chemical product portfolio towards more sustainable solutions. In particular, it already produces and sells LAB (base for the production of biodegradable detergents) and phenol from raw materials and renewable sources.
In addition, an isopropyl alcohol (IPA) plant is being built in Huelva, a base for the production of hydroalcoholic gels, which will be the first plant of its type in Spain, using green hydrogen and capable of replacing raw materials of fossil origin. with sustainable materials.
Sale of oil wells
The company announced the sale of its exploration and production assets in Colombia and Peru following the sale completed in Abu Dhabi in 2023, representing a sale of about 70% of its oil production assets compared to 2022. The company also announced in August last year the sale of its butane, propane and autogas subsidiary (Gasib).
For Maarten Wetselaar, CEO of Moeve, “today is a historic day for the family of more than 11,000 professionals that make up the company. But also for our customers, partners, suppliers and other interested groups to whom we want to contribute. On a positive note, I am pleased to announce a change in the great Cepsa brand, which has been with us for over 90 years, to tell the world that we are transforming into a different type of organization, Moeve, on which the majority of its profits will depend. at the end of this decade. It is a cohesive and cohesive company that has accelerated its transformation over the past two years, achieving several milestones as part of its 2030 Positive Strategy. Considering these achievements and those that we will achieve. in the future: “We are introducing a new brand that reflects our strong commitment to becoming a leader in the energy transition in Europe, especially in the field of green molecules such as green hydrogen and 2G biofuels, as well as in the field of ultra-fast electric mobility. “
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