Repsol, Tecnicas Reunidas to develop low-carbon tech
Spanish oil company Repsol has partnered with local contractor Tecnicas Reunidas to develop decarbonisation technologies, the companies said on June 30.
As part of a strategic pact, they will jointly develop in-house technology to manufacture high added-value products with a low or zero carbon footprint from water and recycled materials, including biofuels and bio-based polymers from agricultural and agri-food waste. They will also develop a process for producing materials from used plastics.
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In addition, the partners will look to optimise energy use in industrial processes by recovering residual heat, applying this technology at first at Repsol's industrial complex at A Coruna. They will also share their knowledge with other companies to help them reduce their emissions.
Repsol is meanwhile is set to raise €1.25bn ($1.5bn) from its first sustainability-linked bond sale, Reuters reported on June 29, citing a message to investors. The company aims to sell €650mn in eight-year bonds and €600mn in 12-year bonds, with demand for the two tranches exceeding €2.75bn.
Sustainability-linked bonds mean the borrower must pay extra if it fails to meet certain sustainability goals such as reductions in emissions. Repsol is striving to lower its carbon intensity by 12% in 2025, 25% in 2030 and 50% in 2040.