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Repsol Expects Higher Refinery Runs in 2023

REFINING

Repsol expects to boost refinery runs in Spain during 2023 according to CEO Josu Jon Imaz on an earnings call.

  • The utilisation rate is forecast between 88% and 89% in 2023 compared with 86.1% in 2022 while processing more of the Maya crude grade.
  • Turnarounds are expected to be lighter in 2023 after Tarragona underwent a turnaround in late 2022.
  • The CEO earlier reported a refining margin averaging 18$/bbl in first six weeks of 2023. The forecast for the full year of 2023 is 9$/bbl compared to 15.6$/bbl last year.

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