Repsol to Furlough 830 Workers at Two Spanish Refineries

Reuters, April 8, 2021

Spanish energy firm Repsol said on Thursday it will furlough up to 830 workers at its La Coruna and Puertollano refineries in Spain as pandemic restrictions have led to an “unprecedented” slump in demand for fuels.

It is a sustained situation that has kept fuel consumption for transport much lower than expected,” Repsol said in a statement.

The profit Repsol makes on refining products that come into its refineries in Spain dropped to $0.2 per barrel in the first quarter from $4.7 in the first three months of 2020, its trading statement released on Thursday showed.

Uncertainty generated by the broad global shift towards clean energy and away from fossil fuels contributed to the decision to furlough the workers, Repsol said.

Repsol said it had begun proceedings for 212 workers in A Coruna and 618 at Puertollano to be supported by Spain’s ERTE government furlough scheme for a maximum of six months.

In late March, oil refiner Petronor, which is majority owned by Repsol, furloughed a third of its 900 employees.

(Reporting by Nathan Allen and Isla Binnie; Editing by Susan Fenton)

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