06 May 2021
- Following the shutdown of Fuel 1 unit, which has been going on since September
- The new opportunities offered by the international market and the facilities' geographical position enabled the start-up of the units that had been idle.
- The utilization ratio of the company's refineries improves considerably, which contributes to the promotion of Andalusian industry.
- The company is monitoring the conditions of the domestic market to adapt its activity to the evolution of demand, which remains below pre-pandemic levels.
The favorable progress of the international market in recent months and the facilities' geographical location, made it possible to capture new opportunities.
The start-up of these units has meant the end of the temporary redundancies (ERTE) agreed with the workers' representatives ahead of schedule, thus significantly improving the utilization ratio of the company’s two refineries.
According to Antonio Joyanes, Director of Refining at Cepsa, "I am pleased to announce that we have reactivated the operation of these two units ahead of schedule. We will continue to implement efficiency measures and monitor the progress of the macroeconomic environment, which is still difficult."
Situation of extraordinary complexity
The economic crisis brought on by COVID-19 has had significant impact on the demand for energy products and, in particular, on the already weakened refining margins, which, in 2020, fell to their lowest levels of the entire decade and continue to be depleted today. Faced with this serious situation, Cepsa has been forced to tailor its production to the exceptional market conditions, adapting the capacity of its refineries to ongoing weak demand, and to locate new markets where it can supply its products.
Cepsa in Andalusia
Operating in Andalusia for more than 50 years, Cepsa is a benchmark company in the region’s economic fabric, leading the ranking of Andalusian companies in turnover and exports. Its operating centers in the region directly employ close to 3,000 people and indirectly some 5,000. Through continuous investment and thanks to its commitment to innovation, Cepsa has prioritized permanent improvement and rigorous production processes, respect for the environment, and safety, as well as quality employment and commitment to the communities where it operates.