Repsol chief executive Josu Jon Imaz warned Thursday of periods of complexity in petroleum product supplies across Europe in the coming weeks and months due to the closure of the Strait of Ormuz.
During the shareholders' meeting, Imaz explained that the global cut of some 11-12 million barrels per day, equivalent to 11% of total supply, is unprecedented. He stressed that Spain benefits from a strong refinery network and has bolstered its kerosene inventories.
The company has invested more than 1.5 billion euros since March 1 to secure supplies, now achieving a 20% surplus relative to national needs. Imaz highlighted Repsol's commitment to Spain and Portugal.
President Antonio Brufau noted that the country is better prepared than the European average thanks to its refining system and natural gas infrastructure. Both executives recalled investments made in refineries such as Cartagena in recent years.
