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CHAPTER 2 Who we are Our activities · Exploration and production

DISTRIBUTION AND MARKETING

GAS AND POWER

TRADING

Our products reach end-consumers through these units. We have three sales channels: a large service station network (1,700 points of sale), our own direct sales channels and an exten- sive local and international network

of agents and distributors. Through these three channels, we sell motor fuels, marine fuels and aviation fuels, asphalts, lubricants and liquefied pe- troleum gas, as well as a broad range of petrochemical products.

As a complement to our operations, we generate electricity for our produc- tion plants, marketing surplus energy between industrial consumers and the tertiary sector. We also carry out in-

ternational gas transportation through the Medgaz pipeline and the import and sale of natural gas in Spain on the wholesale market.

The trading unit is responsible for the sales of crude oil from our facilities and surplus production from our refineries. It also provides the refining and the distribution areas with raw materials and intermediate products, and, lastly, carries out the sea transport of crude

oils and derivative products. Through Cepsa Trading we manage price risks on the futures and derivatives markets, and seek to maximise opportunities in highly volatile globalised markets, de- veloping our own trading portfolio.