Repsol assures jet fuel will be available for Spain's tourism sector this summer

Company President Emphasizes Spain’s Preparedness

Repsol’s chief executive, Josu Jon Imaz, told the “Wake Up, Spain” forum that Spain is the “best‑prepared” country in Europe to face any supply risks arising from the crisis in the Near East.

“Repsol today has only one obsession: to guarantee that, in the coming months, there will be no shortage of product,” Imaz said, stressing the tourism sector’s critical role in the Spanish economy and the need to “not fail.”

Investments and Inventory Boost

• In March, Repsol increased its inventories by €1.2 billion.
• The company is investing in Petronor to upgrade its processing capabilities, aiming to enter the summer with 15‑20 % more kerosene than it currently produces.

Assessing the Risk of Shortage

When asked whether a genuine kerosene shortage was looming, Imaz stopped short of a categorical “no,” describing the situation as “unexplored territory” but urging “certain calm.”

He highlighted several factors that make Spain uniquely resilient:

• Large, modern refineries and high‑conversion‑rate companies capable of supplying a substantial share of the domestic market.
• Diversified oil sources: about 60 % of Spain’s oil imports come from the Americas and roughly 30 % from Africa.

Imaz contrasted the present scenario with the 2022 Russian invasion of Ukraine, noting that during that crisis “there were no shortages of kerosene or diesel barrels from Russia; they were simply redirected.”

Now, however, the physical product is constrained:

• Nearly 20 % of global crude shipped by sea does not exit the Strait of Hormuz.
• 45 % of the kerosene Europe receives originates from the Persian Gulf and is currently not arriving.

Even if the conflict ended tomorrow, Imaz warned that “there would still be ten to fifteen weeks of challenges, both in pricing and supply.”

Appeal to the Importance of Refineries

Imaz used his platform to stress the strategic value of Europe’s refining sector. Since the start of the Ukraine war, 11 of the 81 refineries that once operated on the continent have shut down.

He argued that current regulations are “choking European refining, and we need it,” calling for a “exercise of transparency and sincerity.” While acknowledging the need to transition toward renewables, he warned that “we will coexist with oil and gas for the next 30‑40 years.”

“Why don’t we invest in having and processing our own refineries?” he asked the audience, questioning whether it is sensible to deem refineries a thing of the past or to maintain a law that bans hydrocarbon exploration and production amid today’s geopolitical climate.