CHAPTER 3 Sustainable growth Value creation strategy

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With a view to achieving the objectives in our 2019-2023 Strategic Plan, we have

adapted the global strategy to each of our businesses:

A TAILORED STRATEGY FOR OUR BUSINESS

CHEMICALS

This unit is one of our key international growth drivers. Projects to revamp and install the latest technology at the Puente Mayorga LAB plant and plans to optimize our phenol plant in China will protect our global leadership in both markets.

Construction of a new LAB plant in Abu Dhabi will also provide better access into high-demand Asian markets from a privileged position.

REFINING

At our refi neries, we will continue to optimize and reconvert fuel oils to distillates through research and implementation of the latest technologies.

COMMERCIALIZATION

Although our profi le is highly focused on commercializing and distributing our products in the Spanish and Portuguese markets, following the recent acquisition of a number of services stations, entry into the Portuguese LPG market and the launch of Cepsa Hogar, this business will begin a process of internationalization while continuing to strengthen its business in Iberia.

The full roll-out of the Cepsa Hogar offering for customers, along with completing our fi rst wind energy farm project in Jerez, are two examples of the transformational strategy we are implementing to position ourselves as a global energy provider.

EXPLORATION AND PRODUCTION Our aim is to continue establishing ourselves on the international stage as an effi cient and competitive operator, as demonstrated by our thirty-year track record in exploration and production, in collaboration with our sole shareholder and business partners.

Strengthening our business expansion through the recent concessions of Umm Lulu and SARB in Abu Dhabi, together with the growth of other projects including the development of the RKF fi eld in Algeria, maintaining our positions in Colombia and Peru, will together contribute to maintaining our current oil and gas reserves.

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