European Energy Transition: Repsol Warns Against Overdependence on China and Russia

Repsol Gears Up for the Future, Expects 30% Cashflow Allocation to Shareholders. On the photo: Antonio Brufau y Josu Jon Imaz en la Junta General de Accionista

(IN BRIEF) During the General Shareholders’ Meeting, Repsol’s Chairman, Antonio Brufau, highlighted the company’s commitment to the energy transition and its potential for an “enormous opportunity.” Repsol aims to transform its business with a focus on human, technological, and industrial capabilities to ensure a sustainable and profitable future. Brufau emphasized the importance of a solid industrial and technological infrastructure and the need to consider citizens’ opinions for a fair transition. He warned against Europe’s increased dependence on China and Russia if supply chain building strategies are not revised. The CEO, Josu Jon Imaz, assured shareholders that Repsol is well-prepared for the future and will allocate 30% of the operating cashflow to shareholders. The General Shareholders’ Meeting approved a dividend distribution, and several directors were re-elected, including Antonio Brufau and Josu Jon Imaz. The company’s transformative efforts focus on renewable fuels production, renewable generation, energy efficiency, and renewable hydrogen projects to achieve a sustainable energy future.

(PRESS RELEASE) MADRID, 25-Jul-2023 — /EuropaWire/ — Repsol’s Chairman, Antonio Brufau, highlighted the “enormous opportunity” that the energy transition represents for the company during the General Shareholders’ Meeting. He emphasized Repsol’s commitment to a profitable and sustainable future through its ongoing transformation, which leverages its human, technological, and industrial capabilities.

Antonio Brufau emphasized the importance of a solid industrial and technological infrastructure to support the energy transition. He stressed that citizens’ opinions must be considered to ensure fairness in economic and social terms. Additionally, he cautioned against increased dependence on China and Russia if Europe does not reevaluate its supply chain building strategies.

Repsol’s CEO, Josu Jon Imaz, assured shareholders that the company is well-prepared for the future. He emphasized Repsol’s worldwide prestige in the industrial sector, pioneering efforts in asset transformation, commitment to sustainable infrastructure, energy efficiency promotion, quality employment generation, and value contribution to society.

Regarding shareholder remuneration, Josu Jon Imaz announced that in 2023, the company plans to allocate 30% of the generated operating cashflow to shareholders, exceeding commitments established in the 2021-2025 Strategic Plan. The General Shareholders’ Meeting approved a gross dividend of €0.35 per share charged to 2022 earnings and the distribution of a further €0.375 gross per share, similar to the traditional interim payment, payable in January 2024.

The General Shareholders’ Meeting also approved the re-election of directors Antonio Brufau, Josu Jon Imaz, Aránzazu Estefanía, María Teresa García-Milá, Henri Philippe Reichstul, and John Robinson West. The appointment of María del Pino Velázquez as an independent external director was also ratified.

Antonio Brufau’s speech during the meeting shed light on Repsol’s transformative endeavors, especially in renewable fuels production, renewable generation, energy efficiency, and renewable hydrogen projects. The Chairman stressed the significance of decarbonization while maintaining Europe’s industrial leadership and competitiveness.

He advocated for technology neutrality and openness to all options that ensure a fair transition economically and socially. He also encouraged the development of carbon-neutral liquid fuels and CO2 capture to complement renewable electricity and electric vehicles, thereby achieving a faster and cost-effective energy transition for citizens.

Josu Jon Imaz highlighted Repsol’s achievements in 2022 amid challenging global dynamics. He reiterated the company’s commitment to lead the energy transition with a focus on growth, diversification, and multi-energy solutions while ensuring shareholder value and profitability.

In conclusion, Repsol’s leadership remains unwavering in navigating the energy transition, providing energy for all at competitive prices, and focusing on sustainability, innovation, and social responsibility.

About Repsol

Repsol is a leading energy company committed to driving the energy transition through technological advancement, sustainability, and innovation. With a strong global presence, Repsol is well-prepared to meet the challenges of the future while delivering value to its shareholders and society.

Media contacts:

Communication and Brand Division
Tel. 91 753 87 87
www.repsol.com
prensa@repsol.com

SOURCE: Repsol