Spanish oil company Repsol has adopted a new organizational structure more in synch with its recently launched strategic plan that aims at a faster transition away from its core oil and gas business towards renewables.
As part of the management shake-up, the company has names Luis Cabral as new executive managing director or energy transition, sustainability and technology, who will also be deputy chief executive.
“The new leadership structure makes the company more agile in its transformation, increases its capacity to put the customer in the centre of its activity, boosts digital development, and enables the ambition to be leaders in the decarbonisation process,” CEO Josu Jon Imaz said.
Repsol last month said it plans to speed up its own energy transition, en route to become a carbon neutral company by 2050. The oil firm set a target to have about 6GW of wind, 5GW of solar, 1.7GW of hydro power, and 1.2GW of renewable hydrogen producing capacity in place by 2030.
Repsol now also appointed Juan Abascal – so far responsible for M&A – to join the executive committee and lead the industrial transformation and circular economy division.
The company targets to play a key role in the development of advanced biofuels, renewable hydrogen, synthetic fuels, and the decarbonisation of industrial processes.