Spain’s Cepsa accumulated net income for 2014 up 24%

Accumulated net income posted by the Spain-based Cepsa Group for 2014, on a clean current cost of supplies basis, was €459 million, up 24% from 2013, the company said in March in a statement where it also highlighted its efforts to expand the Carrefour Express chain within Cepsa stations.

Net income in the downstream area surged 88% from the previous year, reaching €217 million.

The recovery upswing in refining margins in the last quarter of the year, and a recovery in fuel demand were the main drivers behind the positive contribution of these businesses to the company´s results, it added.

Innovations included the expansion of Carrefour Express stores in Cepsa service stations.

Other highlights in the marketing division were the start-up of the distribution of Cepsa butane and propane bottles in Catalonia, the launch of a new low sulfur marine fuel, and the partnerships to begin the sale of lubricants in Paraguay and China, the company added.