35
Divestment of non-strategic assets.
Phenol production overcapacity.
Increased demand for alcohol surfactants.
Geopolitical situation.
Increased growth in demand for gas vs oil.
Oil and product prices on the interna- tional market.
Geopolitical situation.
Maintaining leading position in LAB and phenol business.
Expansion and diversification of core activities.
Opening to new businesses.
Reduction of the regulatory impact.
Gas business optimisation ensuring product supply.
Business expansion to new markets.
Development of a robust and sustainable business.
Exploration of logistical positioning in new geographical markets with high growth potential.
Modernisation of facilities and search for mergers and acquisitions (LAB); relocation of phenol produc- tion to more profitable areas.
Diversification of alcohols value chain in surfactants and through phenol value chain.
Exploration of new business lines.
Protecting electricity asset value.
The gas business unit will focus on the contractual flexibility of Medgaz and on business expansion through new markets and alterna- tive uses of natural gas.
Development of blending capacity at Cepsa facilities.
Increase in trading activity.
Development of logistics position internationally.
25% 25%
TRADING AND BUNKERPETROCHEMICALS GAS AND POWER
75%
ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015