Cepsa become Moeve

Spanish energy and chemicals company Cepsa has renamed itself Moeve. This is described as part of the Positive Motion strategy, under which the company is seeking to position itself as “a leader in sustainable energy and mobility” with most of its profits coming from sustainable activities by 2030.

The company is already decarbonising its operations through an €8 billion investment strategy. Over 60% of this will be dedicated to sustainable businesses, including the production of green hydrogen, 2G biofuels, sustainable chemical products and ultra-fast electric charging.

On the chemical side, Cepsa produces linear alkyl benzene (LAB) for detergnts and phenol from renewable raw materials and energy sources. It is building an isopropyl alcohol plant for the manufacture of hydroalcoholic gels in Huelva. This will be the first facility of its kind in Spain that uses green hydrogen and can replace fossil raw materials with sustainable ones. Other key upstream initiatives include:

* Developing the Andalusian Green Hydrogen Valley, with capacity of 2,000 MW in 2030

* Spearheading the creation of the first maritime corridor to connect southern and northern Europe and developing new green methanol and ammonia plants with its partners

* Delivering the largest 2G biofuels plant in southern Europe, plus 30 biomethane plants in Spain

* Selling off fossil production assets, with those in Colombia and Peru, following on from those in Abu Dhabi in 2023

Cepsa, whose name stands for Compañía Española de Petróleos, was founded in 2019 and built Spain's first refinery. “Yet, today, the world requires new, more sustainable energy solutions,” said CEO Maarten Wetselaar. “Moeve enables us to approach the future with greater confidence and a solid commitment to our customers.”