Nexolub partners with Cepsa to ship carbon neutral base oils
Nexolub, a trading company based in Barcelona, Spain, has joined forces with Cepsa, a global energy and chemical company headquartered in Madrid, Spain, to deliver the first global shipment of 100% carbon-neutral lubricant base oils.
Nexolub is the first company in the world to offer the possibility of offsetting the CO2 footprint of lubricant base oils, through carbon credits, which are subsequently translated into sustainable energy development projects.
The trading company is working on an ambitious decarbonization project to help its clients in the energy transition; carbon credits provide companies with an immediate solution.
Specifically, 108.47 tons of CO2 will be offset, which is the equivalent of about 1,100 trees planted. To calculate these emissions, both the production and consumption of these lubricant base oils (100.96 tons of CO2) and transport by sea and land (7.51 tons of CO2) have been
taken into account. It is approximately 168,000 liters of lubricant base oils, that is, comparable to more than 11,000 oil changes.
“At Cepsa we are fully committed to sustainability. Our goal is to accelerate the energy transition, both in our operations and in the energy solutions we offer our customers,” said Niurka Sancho, director of Lubricants, Cepsa. “For this reason, we join Nexolub to contribute together to reduce the carbon footprint of the consumers of our lubricant base oils.”
Cepsa has an ambitious plan to turn all its businesses green and become a benchmark in the energy transition in its sector.
On January 17, 2022, Cepsa redesigned its organizational structure to accelerate its energy transition. Carlos Barrasa, formerly executive chairman of bp Spain, joined Cepsa as director of the new Commercial & Clean Energies division. The Commercial & Clean Energies division will serve B2B business management in segments such as Industry, Agriculture, Aviation, Lubricants, Asphalt, Gas, and Electricity and develop decarbonization solutions for its customers by building biofuels, hydrogen, and renewables (solar and wind) businesses value chains.
The refining business became the “Energy Parks” business, alongside the existing areas of Exploration & Production, Chemicals, and Trading. The Mobility & New Commerce division will manage the transformation of Cepsa’s mobility business, building leadership in electric mobility and developing digitally enabled New Commerce solutions that leverage its network of customers and stations.
With this new structure, the company accelerates its transformation to become an energy transition leader that sets the pace for change and helps its customers decarbonize their energy footprint.
Additionally, Barrasa joined Cepsa’s management committee, together with Savvas Manousos, director of Trading, and Carmen de Pablo, the new Cepsa CFO, to replace Salvador Bonacasa, who retired after four decades with the company.
This new organizational structure took effect on February 1, 2022.
Mubadala Investment Company, the Abu Dhabi-based sovereign investor, is the majority shareholder in Cepsa (63%), while global investment firm The Carlyle Group owns a minority stake (37%) in Compañía Española de Petróleos, S.A.U (Cepsa).