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The constant search for new business opportunities is a maxim that we ap- ply at Cepsa, with the aim of mitigating potential negative impacts in the sector in which we operate. In order to achieve this, we focus on the businesses where we have identified the greatest poten- tial, such as Exploration and Production, Chemicals or Trading, without neglect- ing the Distribution and Marketing busi- nesses.

In this regard and as an example of di- versification, we opened a natural alco-

hols plant in Indonesia, together with our partner Sinar Mas. For the first time, we are not only capable of producing raw materials for detergents made from fos- sil fuel derivatives, but also from plant sources.

We have also made our first move into renewable energy through the acqui- sition of a wind farm in the province of Cadiz in the South of Spain.

Our integrated business model makes us better positioned to face crises and ensure sustainability in the long term.

Our facilities are highly integrated op- erationally and physically enabling us to maximize efficiencies and increase syner- gies, making our model very robust, and in turn enabling us to reduce circumstantial effects of external factors in the locations where we operate, in turn minimizing the impact of incidents and external factors

beyond Cepsa s control on our business units or departments.

Thanks to our leadership in chemicals, and our great experience and know-how in implementing projects globally across all of our businesses and geographies, we have become a leading partner and strate- gic ally for large corporations around the world, and as a result we have been able to increase our international expansion.

We consider innovation to be the key driver in our projects: a tool that enables us to improve process and operational efficien- cy, that helps us to anticipate regulatory changes and that adds value to the Compa-

ny. All the while maintaining close relations with the local communities where we work, with a commitment to protect the environ- ment as a source of the resources that are supplied to us.

NEW BUSINESS OPPORTUNITIES

INTEGRATED STRUCTURE AND INTERNATIONAL PRESENCE

SUSTAINABLE INNOVATION

CHAPTER 3 Sustainable growth