Repsol threatens to take investments worth 1.5 billion euros from Spain to Portugal or France

Spain is witnessing a turbulent political situation that has already prompted Repsol’s president, Antonio Brufão, to declare that investments in hydrogen that Repsol had planned in Spain, worth 1.5 billion euros, could be transferred to Portugal or France, according to the newspaper. “Cinco Dias.”

A few days ago, Repsol CEO Josue John Imaz warned of the possibility of projects and investments in Spain stopping due to the political situation in the country. Now the head of the oil company has come to explain that if investments in hydrogen, which are subject to legal and financial stability, have to bear a tax on production that does not exist in Portugal or France, the projects may be subject to a change in conditions to their final destination.

“These are investments that will not succeed if they are not made within a framework of stability and in a financial framework that is attractive and competitive with respect to neighboring regions,” the Repsol president said, after Pedro Sanchez promised multinational companies “stability.” and “Social Peace” to evaluate their investments in the country.

This is not the only company wondering about the possibility of increasing its investments in Spain under the current legal and tax framework. Iberdrola and major shareholder Endesa have also expressed concerns.

During his speech, the Repsol President particularly focused on the fact that “if we had a hydrogen production rate that France and Portugal do not have, our decision would certainly be to go to one of these countries.” The head of the energy sector believes that it is “incomprehensible” that Spain wants to maintain a temporary tax on Spanish energy companies based on “hypothetical” exceptional profits.