Repsol Revamps Management for Renewables Drive

Spanish oil company Repsol has overhauled its leadership structure to deliver its new strategy that includes a greater push into renewables.

The key appointment is that of María Victoria Zingoni, who will be the executive managing director for the renewables business, one of the “main growth vectors of the company”.

Repsol is planning to spend over €5bn on green generation and low carbon power between 2021 and 2025.

The proposed €5.5bn investment is around 30% of a larger €18.3bn commitment in the period, which forms part of the Spanish oil and gas producer’s strategic plan to “accelerate the energy transition and ensuring return and the highest value for shareholders”.

Elsewhere, Luis Cabra will be executive managing director of Energy Transition, Sustainability, and Technology division as well as adjunct to the chief executive, while Juan Abascal, previously responsible for M&A, will join the executive committee to lead the Industrial Transformation and Circular Economy division.

The latter unit will play a key role in the development of advanced biofuels, renewable hydrogen, synthetic fuels, and the decarbonisation of the industrial processes.

A raft of other appointments have also been made by the company as part of its new strategic direction.

“The new organisation addresses the objectives of transformation and acceleration of the energy transition, geared to the significant business and corporate challenges that the company will be facing in the coming years,” stated the company.