Strategic Plan 2008/2011
The economic recession has severely impacted demand for petroleum products, and the current scenario has worsened in comparison to the original assumptions behind our 2008 ÷ 2011 Investment Plan.
Our strategy continues to focus on increasing conversion capacity, achieving higher operational flexibility, and enhancing energy efficiency.
However, in order to align our investments with the new market scenario, to pursue the best possible returns for our shareholders, and to take advantage of the lower prices for construction materials and engineering services, our CAPEX plan has been revised and all major “growth” projects from 2010 onwards have been postponed by 12 to 18 months.
More specifically, our investment plan has been revised as follows:
- CAPEX for “Maintain capacity” and “Health, Safety and Environment” will be carried out as per original schedule;
- “Growth” CAPEX for the year 2009 will continue as per original schedule and budget;
- CAPEX to support the “Growth” plan from 2010 onwards will be postponed by 12 ÷ 18 months;
- Delayed projects relate mainly to the revamping of the MHC2 and the Visbreaking Unit; the construction of the new Steam Reforming Unit; some of the Energy Recovery projects; the expansion of the Sarroch Refinery tank farm and the construction of the new depot in Sagunto.
Finally, we are currently in the final stage of outlining specific projects aimed at improving industrial performance by focusing on cost reductions and operational efficiencies.
Investment Plan 2008-2011 (154 Kb PDF)
Last Update: 09/09/2009