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Petrochemicals Company of the Year, 2016: Repsol

Repsol has embarked on a transformation of its chemicals business, with a clearly defined strategy in mind.

The company set out to run more efficiently. This was achieved by converting units to run on lighter feedstocks than naphtha, ensuring feedstock flexibility.
More than 15 initiatives were implemented to increase plant reliability, rationalise non-profitable production, minimise consumption and maximise the value of production streams. Repsol has also developed 21 new high-value products at its research and production facilities at existing sites in Spain.

Externally, the company has established new commercial alliances with partners worldwide to access new markets, ranging from China to the Americas. Export growth to compensate for lower domestic demand has also been achieved.

These ongoing improvements resulted in the business being able to profit significantly from the upswing in international margins in 2016. Considered a standard-bearer in research and development, the company’s ethos of ensuring innovation in each strand of business in which it operates, Repsol’s sustainable approach to corporate performance is of significant value to the sector.

In terms of employee development, Repsol provides training for chemical business managers in cooperation with the University of Deusto in Spain to improve commercial and marketing skills, accompanying the company’s new product placement strategy. The year-long programme, which was established in 2014, has widely been regarded a success.

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