Wed. Nov 13th, 2019

The oil sector expects to reduce its CO2 emissions by 90% by 2050


After seeing that the Government's commitment is the electric car, he oil sector doesn't want to be left behind in the energy transition. This is stated in a report of the Spanish Association of Petroleum Products Operators (AOP) entitled "The Strategy for the Evolution of Eco-fuels", with which the oil industry believes that they can reduce CO emissions by 90%2
by 2050 in the refining industry and up to 80% the intensity of fuel emissions.

How? Basically making refineries become cleaner by capturing, storing and using all the CO2 which they emit for reuse for example in the production of eco-fuels or as a raw material for the chemical industry.





The second vector goes through manufacture products that pollute less CO2
such as green hydrogen (produced from water with renewable electricity), advanced biofuels that are manufactured from raw materials of biological origin, mostly agricultural, forestry or industrial waste and the manufacture of other low-carbon fuels from waste Non-biological, read plastics or urban solid waste.


Figures

It is an industry that employs 200,000 people and generates sales of more than 40,000 million

To ensure that the oil industry is heading in that direction, the president of the AOP, Luis Aires, stressed that "billions of investment are needed." However, in his opinion that is not the problem, since the oil industry has been investing 1,000 million a year for the past 26 years. For Aires, the problem is that the government that leaves the polls on November 10 will first bet "on technological neutrality." In the first draft presented by the Ministry of Ecological Transition, about a year ago, there was talk of prohibiting the circulation of cars with traditional fuels in the year 2050. According to the AOP, "these terms have been corrected in successive documents" .

Secondly, AOP claims “concretion in regulation” to have clear rules of the game. In addition, the oil companies ask the Executive “support for R & D & I; to its industrial policy and taxation that favors investors ”.

A refinery in Cartagena (Murcia)

A refinery in Cartagena (Murcia)
(Archive)




The general director of the AOP, Andreu Puñet, demanded “concretion to the Government so that the companies can invest”. He recalled that these are companies that generate 200,000 jobs between direct and indirect and the turnover in Spain amounts to more than 40,000 million.





The oil company of which companies such as Repsol, Cepsa, BP, Galp and Saras are part, estimates that they will maintain a 50-60% market share in transport in 2050, compared to the current 90%. According to their estimates, "The rest will be electric cars". At present, there are not many alternatives, except for liquefied natural gas, which is already being used in public transport, such as buses or taxis.


Future

The electric car will take a long time to get a good penetration

In addition, it considers necessary measures in the field of industrial policy such as the approval of an “ambitious” plan to renew the fleet of vehicles, encouraging replacing older cars for new more efficient and with lower emissions of both CO2 as of NOx and particles, as well as the definition of a long-term industrial strategy through a sector table of the refining, among others.

Regarding the electric car, oil tankers know that “it will undoubtedly contribute to decarbonization, but its penetration will take time. Hence, the refining sector works on how to supply the energy of the future. ”







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