The Repsol Group owns and operates five refineries in Spain, Cartagena, A Coruña, Bilbao, Puertollano, and Tarragona, with a total distillation capacity of 896,000 barrels of oil/day (including the ownership interest in Asfaltos Españoles, S.A. in Tarragona).
At the La Pampilla Refinery in Peru, where Repsol is the operator and holds an 82.38% stake, the installed capacity increased from 102,000 to 117,000 barrels of oil/day after the inauguration of the low-sulfur diesel production unit.
Our refining margin indicator in Spain stood at USD 6.3 per barrel in 2016, lower than in 2015 (USD 8.5). During the fourth quarter of the year, the trend was positive and margins recovered until reaching USD 7.2 per barrel. As for Peru, the annual refining margin indicator stood at USD 3.1 per barrel, compared to USD 7.0 per barrel in 2015.
In this context, our refineries processed 43.2 million metric tons of crude oil, in line with 2015. The average use of refining capacity was 88% in Spain, compared to 88.9% the previous year. In Peru, the degree of use was greater than in 2015, growing from 67.6% to 68.9% in 2016.
Sales from oil products grew again in 2016, reaching a figure of 48,048 thousand metric tons, 1% higher than the previous year. This follows the trend of the last few years.
The lines of action of the refining business are established in our 2016–2020 Strategic Plan, which includes greater integration between the refining and marketing activities and a clear objective of reducing energy costs and CO2 emissions. The investments we made in the Cartagena and Bilbao refineries in previous years, in addition to the corresponding improvement in the global margin of the refining system, have positioned our company at the head of integrated European companies in terms of efficiency, guaranteed value creation, and resilience in low crude price scenarios.
In addition to a large number of efficiency improvement measures, business competitiveness continues to improve thanks to the management of markets and market access logistics, in addition to the relationship with the business environment, all grounded in adequate people management and an active safety, environment, and innovation policy.
|Other refinery intake||8,486||9,387|
|Other (including petrochemicals)||7,268||7,574|
- Includes 50% of the asphalt production of Asfaltos Españoles, S.A. (ASESA), in which Repsol and Cepsa each hold a 50% stake. Repsol commercializes 50% of ASESA's products.
- Includes the figure for petrochemical products (1,976 thousand metric tons in 2016 and 1,901 thousand metric tons in 2015).