Moeve records sharp growth in CCS

Moeve recorded a 60% rise in Clean CCS net income to €444m last year.

The company, formerly Cepsa, had a busy year selling 70% of its upstream portfolio, starting construction on its second-generation biofuels plant to form part of the largest 2G biofuels complex in southern Europe, launching its service station concept, and beginning the sale of low carbon products from its Chemicals division.

Sustainable aviation fuel (SAF) sales rose to 18,000 cubic metres with Moeve now supplying SAF to all major Spanish airports, expanding its network to include the Canary Islands, and signed SAF agreements with EasyJet and Air Nostrum, as well as with Iberia Maintenance. Nonetheless, SAF production growth has been ‘disappointingly slow’ according to the International Air Transport Association with 2024 volumes reaching 1 million tonnes and accounting for just 0.3% of global jet fuel production.