EIB Finances Repsol R&D Plans with €200 Mln

The European Investment Bank (EIB) will finance Repsol’s research and development plan (R&D) with 200 million euros. The agreement between  the European institution and the company was signed this morning at Repsol’s headquarters.

The EIB Vice-President, Magdalena Alvarez and Repsol’s Chairman, Antonio Brufau, signed an agreement by which the EIB will finance a number of projects of the Repsol research and development program, covering different energy areas.
The EIB will finance a development program that includes improvements in natural gas transport, energy efficiency, optimisation of refining processes, development and production of petrochemical derivatives and carbon dioxide storage. This will also include programs for systems development in renewable energy, biofuels and transport solutions.
The investments that will be carried out between 2013 and 2016 support the European Union and the EIB objectives to develop sustainable, competitive and secure energy solutions, promoting energy efficiency and the technical capacity of European companies. This supports the company’s R&D projects, a priority for Repsol, which has a technological development strategic plan as part of its business strategy.
Most projects are developed at the Repsol Technology Centre, in Móstoles (Madrid), one of the most advanced in Europe and the largest in Spain,  spanning 56,000 m2, with more than 400 scientists and researchers working at the facilities that were opened in 2002. The centre is involved in numerous national and international research projects, working together with universities and companies specialising in multiple areas.
Thanks to its commitment to technology, Repsol has developed innovative projects for the industry that have been recognized internationally,  including the Kaleidoscope seismic imaging project, which creates faster and sharper subsea visualisation while also being less invasive with the environment, or the Sherlock project, which allows for greater extraction of information from rocks containing hydrocarbons or for CO2 storage.