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CHAPTER 3 Where are we heading?

To achieve the objectives that we set ourselves in our strategy, we consider it essential to support our business areas

by adapting it to the characteristics of each of them:

A STRATEGY ADAPTED TO OUR BUSINESS

EXPLORATION AND PRODUCTION In the more than 30 years that Cepsa has been carrying on this activity, it has managed to position itself as an efficient and competitive company. This has been possible thanks to the fact that, year after year, we have exceeded our production milestones and that among our objectives and strategy is the optimization of ope- rations. In 2019 we reduced crude oil extraction costs in the fields of Algeria and Caracara (Colombia). In addition, we continue to make progress in improving the efficiency of the drilling campaign, both in terms of cost and time, in RKF (Algeria) and the start-up of the Umm Lulu super complex in Abu Dhabi.

CHEMICALS The Chemicals business is one of the driving forces behind our internationalisation and growth. In 2019 we managed to produce phenol using renewable sources from benzene produced from forest wastes. This waste was accredited by the ISCC (Inter- national Sustainability Carbon Certification), and allows us to ensure that it originates from sustainable forest management. In addition, we maintained our position in the linear alkylbenzene (LAB) market in India and East Africa, making it possible for us to expand in these geographical areas.

GAS & POWER We have started to produce electricity at the Alijar II wind farm, marking our entry into the industry of energy production from renewable sources and a milestone in our strategy of diversifying our businesses.

MARKETING AND DISTRIBUTION Our objective is to continue developing this business by initiating a process of interna- tionalisation and diversification of our products. We are prepared to capture opportuni- ties that can generate value in the medium term through mutually beneficial partner- ships in areas of high growth potential; highlighting among them the agreements signed for the installation of electric chargers or refuelling points for liquefied natural gas (LNG) y vehicular natural gas (VNG) in our refuelling stations.

REFINING Our refining business is located in Spain. We continue to develop programmes to optimise and reconvert fuel oils to middle distillates through research and the implementation of innovative technologies. Our target is to continue improving our refining efficiency in order to become a reference in the sector.