Tax regime could hinder biofuels, green hydrogen projects in Sines – GALP

GALP CEO Filipe Silva warns that the tax regime to which the company is subject in Portugal may be an obstacle to moving forward with large projects, such as those planned in Sines. he told a conference of financial analysts, presenting first quarter results (profit of €250 million, up 62% from last year): “As for the Sines project we are ready to move forward, […] but there are regulatory issues and also the tax regime that needs to be clarified. GALP has been taxed at 64% in Portugal, with this level of taxes the projects simply do not move forward, we need an environment that allows us to make decisions as important as these”. GALP has presented two projects to produce advanced biofuels and green hydrogen in its refinery in Sines, worth €486 million, that are part of the plan to achieve carbon neutrality by 2050.