The CFO was up €1bn and the net debt was down by €649m, helped by €316m of proceeds from divestments. The group (only partly) mitigated the depressed refining margins with lower throughput but the outlook remains worrying. Sensibly, the group wants to seize the opportunity offered by the growing biofuels markets and has announced an €188m investment to build an advanced biofuels plant at the Cartagena refinery.
30 Oct 2020
Q3: upstream stronger, refining not at all
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Q3: upstream stronger, refining not at all
The CFO was up €1bn and the net debt was down by €649m, helped by €316m of proceeds from divestments. The group (only partly) mitigated the depressed refining margins with lower throughput but the outlook remains worrying. Sensibly, the group wants to seize the opportunity offered by the growing biofuels markets and has announced an €188m investment to build an advanced biofuels plant at the Cartagena refinery.