Spanish oil and gas company Repsol quits the Russian market

Repsol, the largest oil and gas company in Spain, has announced that it quits the Russian market.

Repsol will sell its stakes in oil assets to Gazprom Neft and leave the oil production business in Russia, Kommersant reports with reference to sources.

Experts associate such a move by the company with a decrease in investment in hydrocarbons.

“The decision has already been made and the parties hope to close the deal by the end of the year,” the sources say.

The Spanish company recently announced targets to move towards carbon neutrality by 2050, reduce CO2 emissions by 15% by 2025, and increase investment in green generation.

Repsol became the first foreign company to leave Russia under the slogan of decarbonization, previously this happened due to the US and EU sanctions.

To recap, the Spanish Repsol produced a batch of biofuel for aviation at its refinery for the first time.