Wetselaar (Cepsa) warns that the tax on energy companies can slow down investments and the green transition

Reach out to the Executive to find "the best long-term solutions"

MADRID, 5 Sep. (EUROPA PRESS) -

The CEO of Cepsa, Maarten Wetselaar, has warned that the application of the tax that will be levied on the extraordinary profits of energy companies poses the "risk" of slowing down the green transition and also the arrival of investments.

"In difficult times like the current one, those who have more resources should contribute more. But the way the tax is designed, it does not seem proportional, fair or effective. It is a tax that for us would mean paying more than the average of our benefit in Spain in the last five years", lamented Wetselaar.

"We would have to pay it in 2023-2024 even if we had losses. It is not surprising that no European country is adopting this mechanism based on sales and not profit. Not even Italy, which is often cited as a precedent", has pointed out in an interview in 'El Economista' collected by Europa Press.

Along these lines, the CEO of Cepsa has also pointed out the importance of "protecting" those companies that invest in "critical infrastructure" in Spain and has extended a hand to the Government to "open channels of dialogue" and find the best solutions.

Thus, he has emphasized the possibilities of Spain within the framework of the energy transition and has pointed out that the country has the opportunity to "lead" this process in Europe and "become the new Persian Gulf of renewable energies" due to " the unique advantages it has for producing green hydrogen.

However, he has urged the Executive not to "confuse what is urgent with what is important" and to avoid "hasty or wrong decisions" in a context in which the energy sector "needs more dialogue between the parties, more calm and constructive dialogue between the companies , the government and the politicians.

Asked if oil companies are compensating for the losses recorded during Covid by keeping prices high, Wetselaar assured that they are still recovering from the effects of the pandemic.

"Refining margins, which had risen in recent months, fell again in August. It should be remembered that the average profitability of refining in the last decade, including this year, is almost 5%. A not very extraordinary benefit In addition, the forecasts are not encouraging, especially if the Spanish economy enters a recession", he remarked.

The CEO of Cepsa has also stated that the company's industrial customers "are not going to have any problems" in terms of gas supply and has indicated that their suppliers are "very reliable" and have signed supply agreements with them for the entire the decade.

As for how the deterioration of relations between Spain and Algeria is affecting Cepsa, he assured that the company has had a "privileged relationship with Algeria and Sonatrach for three decades".

"Algeria has been for us, who are one of the largest importers of natural gas, a stable partner and a market in which we have invested a lot. I only hope that political normality will be restored soon," he added.