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We understand innovation as the constant improvement of our processes and prod- ucts; a lever that drives and stimulates us, and that allows us to maintain our lead- ership, seek operational excellence and address technological challenges that provide us with high profitability.

We rely on a powerful Research and De- velopment department that oversees in- novative projects, with the objective of

capturing opportunities for the different businesses of the Company, and Engi- neering activity, which leads and launches large-scale projects, such as the building of new plants, which is also of particular interest, since it deals with updating and increasing value of the production of the units at our industrial plants.

Throughout 2017, the Engineering Unit worked on the following projects:

We also promote the transformation of business and corporate functions, through the search and implementation of new digital technologies, innovation models and customer experience that allow us to maximize our operational efficiency. To

this end, we have launched a new organi- sational unit called Digital Transforma- tion, which has defined a Company strat- egy and prepared a detailed action plan to maximise the value of digital initiatives that are identified and implemented.

We rely on a powerful Research and Development department that leads innovative projects, and Engineering operations, which leads and launches large-scale projects.

5.2 INNOvATION

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OPTIMISATION OF AROMATICS PRODUCTION (LA RĂ¡bIDA REFINERY). Increase in the production of xylene and benzene (raw materials for the Chemical area), as well as improvements in the safety of the facilities.

INCREASE IN DEGREE OF CONVERSION IN ISOMAX (GIbRALTAR SAN ROqUE REFINERY), in order to increase the production of middle distillates, of greater added value.

REVAMPING THE ALKYLATION UNIT (GIbRALTAR SAN ROqUE REFINERY). This project will enable its processing capacity to increase.

SORbEX II: NEW METAXYLENE RECOVERY UNIT (GIbRALTAR SAN ROqUE REFINERY). This new unit will supply raw materials to the nearby chemical PIA/PET plant.

CHAPTER 5 Cepsa in 2017