Cepsa, the Spanish Petroleum Company, is undergoing major changes. As previously reported by Hispanidad, Khadem Al Qubaisi, the current Managing Director, will be replaced by Suhail Al Mazrouei during the next board meeting in June. Be that as it may, Al Qubaisi is stepping down in the best way possible, after ensuring a 163 million euros benefit for the company, 90% more than last year.
In order to manage such results, the team leaded by the Executive Director Pedro Miró had to replace the exploration and production business by the refining and marketing activity. As a matter of fact, exploration and production decreased by 86% and only ensured 4 million euros whereas refining and marketing experienced a substantial growth of 392% thus yielding 147 million euros thanks to the refining margins increase. The growth is even greater if we take into account the scheduled shutdowns of refineries last quarter, such as the zero-production refinery of Tenerife.
Despite its fall, exploration and production will continue to be the oil company’s main activity, as provided for in the strategic plan.
The petrochemicals business evolution has been quite fluctuating: after a 12% growth in 2014, the activity dropped by 59% during the first period of 2015.
On the other hand, the sector of gas and power is following last year’s good results with an increase of 107%, reaching 11 million euros. However, despite the positive trend, gas and power will remain an activity of marginal significance to the company.
These are Khadem Al Qubaisi’s last results as Managing Director of Cepsa :