Insight
Downstream oil in brief: as Spanish tides turn, Cepsa and Repsol explore foreign shores
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Spanish economy has seen steady growth over the past five years as it recovers from two recessions in a decade. As it outperforms other large Eurozone countries there has been an influx of investment, particularly from private equity companies. The downstream oil sector has also witnessed such investment with US-based Carlyle Group acquiring a 30% stake in Spanish oil company Cepsa. However, it seems that Cepsa is following in the path of fellow domestic oil company Repsol and using its capital to fund overseas expansion rather than in the local buoyed economy. As these two major downstream players in the market look elsewhere we are seeing independents looking to fill the gap. This is further supported by expansions and investment in third party oil product storage.
Table of contents
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Spain's retail fuel sector shows signs of change
- A concentrated market opens the door for independent retailers and automation
- Infrastructure acquisitions fuelling growth of independent retail dealers
- Summary
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Margins
- Refining margins: Gasoline to the rescue, as middle distillate cracks slump
- Retail margins: pump prices struggle to keep up with relentless gasoline wholesale prices
- Client feedback
Tables and charts
This report includes the following images and tables:
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Repsol's European network 2014-18Repsol's non-European network 2014-18Integrated vs. independent players network 2013-17
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Spanish hypermarket network 2013-17M&A transactionsMED gasoline/gasoil crack spreadsNWE gasoline/gasoil crack spreadsMED refining marginsNWE refining marginsAverage weighted gross retail marginsFrance gross fuel marginsGermany gross fuel margins
- 2 more item(s)...
What's included
This report contains:
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