The European Investment Bank (EIB) has loaned $76.4 million to Compañía Española de Petróleos S.A.U. (CEPSA) to help the company optimize its aromatics production at three of its refineries.
Aromatics production has a major impact on the European Union in terms of creating jobs. Aromatics is the group name for raw materials used in the production of detergents, synthetic fibers and pharmaceuticals, among others.
“The EIB loan that we have signed today with CEPSA will enable the company, one of the leading Spanish multinationals in the sector, to continue creating jobs in Andalusia,” EIB Vice President Roman Escolano said in a bank press release. “But as well as benefiting the Spanish economy, this loan will help to make a key EU industry more sustainable and more competitive in the global market."
CEPSA’s CFO Alvaro Badiola said the loan will help the company improve its efficiencies.
“The EIB’s participation in the financing of these projects represents support for CEPSA’s investment plans to improve the output and energy efficiency of our production processes in the key region for us that is Andalusia," Badiola said. "At the same time, this operation forms part of the company’s strategy to diversify its sources of finance.”
The loan will help pay for improvements to the facilities, which will also make the plants more efficient.