The first phase of BP’s plans to decarbonize its Castellón refinery and turn it into a centre for the generation of green hydrogen and biofuels for industries including aviation calls for an expenditure of €2,000,000,000 through 2027.
During the introduction of Hyval, the hydrogen cluster of the Valencian Community, which will be the consortium that will bring together public entities and businesses for its growth, Andrés Guevara, president of bp Spain, made this revelation.
Andrés Guevara, president of bp Spain, confirmed that this investment is planned as part of the public-private cooperation project, which is being led and in which Iberdrola also participates. Between 2025 and 2027, it is intended to start up up to 200 MW of electrolysis to produce green hydrogen, as well as increase up to 250,000 tons of biofuels destined for industries including aviation and maritime transport.
Guevara emphasized that the Spanish refinery’s long-term goal is to produce up to 650,000 tons of biofuels and 2 GW of hydrogen annually by the year 2030.
5,000 direct and indirect employment are also expected to be created by the project. The energy company also wants to be able to export a sizeable portion of its output, primarily to Europe. The Castellón facilities currently provide 2,000 indirect employment in addition to 500 direct ones.
Enagas, Exolum (the old CLH), and the Japanese chemical giant UBE are among the cooperating businesses in addition to bp and Iberdrola and the regional and municipal administrations.