Repsol again threatens to withdraw investments in Portugal or France if special tax not lifted

Repsol president Antonio Brufau has threatened that unless there is “legal and fiscal stability” in Spain, the €1.5 billion investment the energy company plans to make to promote renewable hydrogen in the country will go “to Portugal”. Or France.”

At a meeting organized by the Repsol Foundation and Tecnun at the University of Navarre’s School of Engineering, Brufau assured that this 1.5 billion euro Repsol investment “is subject to something called stability; legal stability and fiscal stability”.

The oil company posted a net profit of 2,785 million euros in the first nine months of the year, despite charges and accusations against the government of a “lack of legal and fiscal stability”. In 2022, Repsol increased its results by 70% to 4,251 million, after reaching the highest level in its history.

Thus, Brufau raised his voice against the agreement of the new PSOE and the Soumari government to extend the special tax for energy companies and banking that is valid this year and 2024, just as the CEO of Repsol did at the end of October. Josu John Imaz.

The CEO of the oil company said at the time that the company “before making any investment decision in Spain” will analyze whether the conditions are “stable and attractive to ensure the profitability of projects” and assured that there are “other alternatives”.

In the case of energy companies, this rate is currently taxed at 1.2% of turnover in companies with revenues exceeding €1,000 million, excluding regulated businesses and activities outside Spain and the peninsula.

Thus, Brufau believes that if Spain has a tax that “the French or the Portuguese should not produce hydrogen”, then of course the company’s decision will be “to go to Portugal or France”.

Repsol’s president pointed out that these investments, which are necessary to achieve decarbonization goals, should not be considered in the short term, but are a “medium and long-term issue”.

In addition, in his assessment, these projects, “which require great maturity”, should be implemented “within stability” and an “attractive” fiscal framework. “Neither better nor worse. “Attractive, which means competitiveness in relation to the regions close to us,” he noted.

Brufau also emphasized Repsol’s commitment to a fair energy transition that ensures European autonomy, although he warned that security of supply, universal access to energy and, of course, decarbonisation should be incentives rather than bans from Europe; Simplifying regulation and thus preventing national rules from fragmenting the single market.

“It is impossible to expect companies to make the necessary investments to solve the energy transition without clear rules of the game,” he reiterated.

Source: El Diario

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