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Stock impact report

Repsol to buy stake in Bunge biofuels plants in Spain, form renewable fuels JV [Seeking Alpha]

REPSOL SA SP/ADR (REPYY) 
Company Research Source: Seeking Alpha
agreed to acquire a 40% stake in three Bunge oils and biofuels plants in the country for $300M plus as much as $40M in contingent payments. The three plants owned by Bunge Iberica ( BG ) are located in Bilbao, Barcelona and Cartagena near Repsol's ( OTCQX:REPYF OTCQX:REPYY ) refineries; Bunge will continue to operate the facilities. Repsol ( OTCQX:REPYF OTCQX:REPYY ) said the partnership will give it wider access to low carbon intensity feedstocks to produce renewable fuels to facilitate the reduction of emissions from transportation. The company currently produces 1.1M metric tons/year of renewable fuels, and said it expects to increase production to 1.7M tons/year by 2027; it also unveiled plans to expand its service station network to add 100% renewable fuel pumps, aiming to reach 600 pumping stations by the end of this year from ~120 currently. Separately, Repsol ( OTCQX:REPYF OTCQX:REPYY ) said it will launch a stock buyback of €913.9M (~$990.6M) as part of a previously a Show less Read more
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