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Downstream oil in brief: as Spanish tides turn, Cepsa and Repsol explore foreign shores

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15 May 2019

Downstream oil in brief: as Spanish tides turn, Cepsa and Repsol explore foreign shores

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

    • A concentrated market opens the door for independent retailers and automation
    • Infrastructure acquisitions fuelling growth of independent retail dealers
    • Summary
    • 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 14 images and tables including:

  • Repsol's European network 2014-18
  • Repsol's non-European network 2014-18
  • Integrated vs. independent players network 2013-17
  • Spanish hypermarket network 2013-17
  • M&A transactions
  • MED gasoline/gasoil crack spreads
  • NWE gasoline/gasoil crack spreads
  • MED refining margins
  • NWE refining margins
  • Average weighted gross retail margins
  • France gross fuel margins
  • Germany gross fuel margins
  • Spain gross fuel margins
  • United Kingdom gross fuel margins

What's included

This report contains:

  • Document

    Downstream oil in brief: as Spanish tides turn, Cepsa and Repsol explore foreign shores

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