REPSOL
Repsol and Bunge to Boost Development of Renewable Fuels in Europe with Intermediate Crops

Repsol and Bunge (NYSE: BG) today (April 24) announced a major milestone in the development of renewable fuels in Europe: the incorporation of intermediate novel crops in the production of renewable fuels. Specifically, camelina and safflower will be processed into low-carbon intensity oils and used as feedstock to produce hydrotreated vegetable oil (HVO), a fully compatible drop-in replacement for conventional diesel fuel, or sustainable aviation fuel (SAF) for the decarbonization of air travel. This marks a significant step forward in feedstock innovation to produce renewable fuels in Europe.

Intermediate novel crops expand the available pool of low-carbon intensity feedstocks to produce renewable fuel, with emission reductions of up to 90% compared to conventional diesel. Repsol will utilize advanced technology in its industrial assets to convert these oils into renewable fuel, creating a new pathway for the development of renewable fuels in Spain.

The companies recently closed their previously announced transaction and are committed to ongoing research and development to explore further low-carbon feedstock opportunities to boost the supply of advanced renewable fuels, including sourcing novel seeds from Spanish farmers.

"We are committed to be the best-in-class partner to provide innovative solutions and support farmers' efforts in low carbon agriculture. Through industry collaborations, we are adding new oil sources to our global supply chains and investing in processing plants with greater ability to handle and process these crops, expanding our offerings of cost-effective, sustainable feedstocks to customers worldwide," said Julio Garros, Co-President, Agribusiness at Bunge. "We are pleased to partner with Repsol to create clear and scalable paths to support the decarbonization of the industry."

"Renewable fuels are a fundamental pillar for Repsol on our road to becoming zero net emissions by 2050, and intermediate crops must play a key role in guaranteeing the supply of the low-carbon feedstocks necessary to produce these fuels. Our strategic alliance with Bunge, a world leader in the vegetable oils production sector, strengthens our capacity to achieve our shared vision of decarbonizing industry and mobility in the most efficient way," said Juan Abascal, Repsol's executive managing director of Industrial Transformation and Circular Economy.

Leveraging its extensive network of farmer relationships and expertise in oilseed processing, Bunge is developing value-chain partnerships to promote the adoption of intermediate novel crops in many regions of the world, and is offering a progressive portfolio of readily available, high-performing options. These oil-rich novel crops, which are designed to be planted on fallow lands, offer distinct advantages: provide farmers a new income opportunity through sustainable crop rotations while improving soil health and boosting biodiversity. Moreover, these crops are additive to the existing production systems for food, feed and fuel.

About Bunge

At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they're grown to where they're consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

About Repsol

Repsol (BME: REP) is a global multi-energy company present throughout the entire energy value chain, employing 25,000 people worldwide and distributing its products in more than 90 countries to 24 million customers. In addition to the company's supply of mandatory biofuels content in current gasoline and diesel, Repsol is pushing for faster decarbonization and currently supplies 100% renewable fuel at more than 900 service stations in the Iberian Peninsula. Repsol is transforming its industrial complexes into multi-energy hubs capable of processing a wide array of waste materials into products with a lower carbon footprint. These projects will make Repsol a household name in renewable fuels, bringing its total production capacity to between 1.5 and 1.7 million tons in 2027 and up to 2.7 million tons by 2030.