Petronor

What Petronor does

Petronor (legal name PETRÓLEOS DEL NORTE S.A.) is a Spanish oil refining company headquartered in Muskiz, Bizkaia, in the Basque Country. It operates a 12 million tonnes per year distillation complex spanning 220 hectares with conversion units (FCC, mild-hydrocracking, residuum upgrading), 894,000 m³ of crude oil storage, and integrated storage for feedstocks, intermediates, and finished products. The company is a wholly-owned subsidiary of Repsol S.A., serving as the group's primary refining entity in northern Spain and supporting a workforce of nearly 1,000 people.

Petronor's commercial offering spans traditional refined petroleum products (LPG/butane/propane, naphtha, kerosene, gasoline, diesel, fuel oil, asphalt, sulfur, propylene, coke, captured CO2) sold to industrial customers, the petrochemical industry, and via the Repsol service station network. Distribution occurs through an owned multi-product pipeline network connecting to the CLH (Compañía Logística de Hidrocarburos) system, plus a maritime terminal at the Port of Bilbao that accounts for 41.1% of port traffic (367 vessels annually) with 750,000 tonnes of quay capacity, enabling both domestic distribution and global exports.

Since 2019, Petronor has executed a 'Second Great Transformation' roadmap toward a decarbonized refinery, targeting net-zero emissions by 2050 in line with Repsol Group strategy. Committed capex of 539M€ covers new industrial projects including renewable hydrogen electrolysis (2.5 MW operational, 10 MW under construction at Bilbao Port, 100 MW in permitting), a 120M€ synthetic fuel demonstration plant (first of its kind in Repsol Group), advanced biofuels processing, a municipal solid waste mineralization plant, and a high-purity polymer-grade propylene unit (58M€, Q1 2026 commissioning). The company participates in multiple R&D consortiums (H2INTEGRA, ONTZHI, H2BASQUE, OPTIHY, PRESTAMAR, IRIA, EnzyEt2G) with partners including H2SITE, Sunfire, Iberdrola, Tecnalia, Enagás Renovable, and the Basque Government, co-funded by EU FEDER, NextGenerationEU, and ELKARTEK programs. Revenue model is B2B industrial sales with individually negotiated contracts; pricing is not publicly disclosed.

Name

Petronor

Legal name

PETRÓLEOS DEL NORTE S.A.

Website

https://petronor.eus

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (32511), Petrochemical Manufacturing (325110), Petroleum and Coal Products Manufacturing (324)

SIC

Petroleum Refining (2911), Industrial Organic Chemicals (2860), Wholesale-Petroleum Bulk Stations & Terminals (5171), Miscellaneous Products Of Petroleum & Coal (2990)

akta.pro primary industry

Refinery Offsites, Storage & Loading (Tankage, Truck/Rail/Marine Loading) (EUALAGAK)

akta.pro secondary industries

Base Olefins (Ethylene, Propylene, Butadiene) (IMAEADAA), Naphtha & Reformate Feedstocks (EUALAHAB), Steam Cracking & Feedstock Flexibility Services (Cracker optimization, feed switching, co-product recovery) (EUALAHAJ)

Keywords

• Oil refining services
• Petroleum product manufacturing
• Renewable hydrogen production
• Synthetic fuel production
• Petrochemical feedstock supply

Headquarters

HQ city

San Martin

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Refined Petroleum Products: Primary revenue from refining crude oil into petroleum products including gasoline, diesel, kerosene, propane, butane, asphalt, propylene, and other derivatives. Products are sold to industrial customers, through service station networks, and exported via maritime terminal.
2. Renewable Hydrogen: Production and sale of renewable hydrogen as an energy transition product, with projects including 2.5 MW, 10 MW, and 100 MW electrolyzers
3. Synthetic Fuels: Demonstration production of synthetic fuels as part of decarbonization strategy, first of its kind within Repsol group

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Petronor refines crude oil at its 12 million tonnes per year refinery in Muskiz, Bizkaia, producing refined petroleum products (LPG/butane/propane, naphtha, kerosene, diesel, gasoline, fuel oil, asphalt) and specialty outputs (sulfur, propylene, petroleum coke, captured CO2). The company is expanding its portfolio with renewable hydrogen from electrolyzer parks, synthetic fuels demonstration production, advanced biofuels from bio-based feedstocks, and construction materials from waste mineralization as part of its decarbonization roadmap.

Product overview

Petronor (Petróleos del Norte S.A.) is an oil refinery and energy company headquartered in Muskiz, Bizkaia, Spain, operating within the Repsol Group. Its core offering is a 12 MTm/year refinery complex that processes crude oil into petroleum products (LPG, naphtha, kerosene, diesel, gasoline, fuel oil, asphalt, sulfur, propylene, coke, CO₂). The company is undergoing a major transformation ('Second Great Transformation') toward a decarbonized refinery, expanding into renewable hydrogen production via an electrolysis park (2.5 MW operational, 10 MW and 100 MW planned), synthetic fuels demonstration production, advanced biofuels, and waste mineralisation. Petronor's innovation portfolio includes multiple R&D consortiums (H2INTEGRA, ONTZHI, H2BASQUE, OPTIHY, PRESTAMAR, IRIA, EnzyEt2G) addressing hydrogen infrastructure, storage, green hydrogen technology, AI/digital operations, and 5G connectivity. The products and services span traditional refining outputs, new industrial decarbonization products, and collaborative technology projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Refined Petroleum Products (LPG, Naphtha, Kerosene, Diesel, Gasoline, Fuel Oil, Asphalt) Traditional petroleum-derived products from the Muskiz refinery's 12 MTm/year distillation capacity: LPG (butane and propane) for household and industrial energy use, naphtha as petrochemical feedstock, kerosene including jet fuel, automotive gasoline and diesel, industrial fuel oil, and asphalt for road construction. Sold to industrial customers, transportation operators, and through the Repsol service station network.
• Specialty Refinery Outputs (Sulfur, Propylene, Petroleum Coke, Captured CO2) Specialty outputs from refinery conversion units: sulfur from desulfurization processes, propylene from the FCC process for petrochemicals and plastics manufacturing, petroleum coke for cement and aluminum industries, and captured CO2 for food industry use and synthetic fuel feedstock.
• Renewable Hydrogen (Electrolyzer Park) Renewable hydrogen produced via electrolysis at Petronor's Bilbao refinery complex, with a 2.5 MW unit operational and 10 MW and 100 MW units scaling up. The product displaces conventional grey hydrogen in refining operations and is supplied to industrial mobility, with 15,000 tonnes/year targeted by 2029 avoiding 167,000 tonnes CO2 per plant annually.
• Synthetic Fuels Demonstration-scale synthetic fuels produced at the Port of Bilbao using captured CO2 and renewable hydrogen as feedstocks, representing the first such installation within the Repsol Group with a 120 M€ investment.
• Advanced Biofuels Renewable fuels produced by upgrading refinery units to process bio-based feedstocks and waste materials, part of Petronor's decarbonization roadmap targeting Phase 1 (proven technologies) and Phase 2 (emerging technologies capable of processing up to 100% bio/waste feedstock).
• Construction Materials from Waste Mineralization Construction materials produced from municipal solid waste through a mineralization plant at the Port of Bilbao, applying circular economy principles to convert waste streams into usable building products, with completion expected in 2026.
• High-Purity Polymer-Grade Propylene Polymer-grade propylene produced at 99.5% purity from a new dedicated splitter tower, supplying petrochemical manufacturers with high-purity feedstock for polymer and plastics production. The 58 M€ unit is targeted for Q1 2026 commissioning.

Quantifiable outcome

• 12 million tonnes per year crude oil distillation capacity
• +5 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• H2SITEflagshipTechnology or Integration · 21 April 2026Strategic agreement to deploy H2SITE's high-efficiency hydrogen separation membrane technology at Petronor's refinery, marking a First-of-a-Kind (FOAK) unit integration into the Steam Methane Reforming process. The partnership aims to improve plant efficiency, enhance CO2 capture opportunities, and demonstrate a repeatable scale-up route for commercial roll-out of the technology.
• SunfirecoreTechnology or Integration · 28 January 2026German electrolysis specialist supplying two 100 MW pressurized alkaline electrolyzer plants for renewable hydrogen projects in Spain, with one located at Petronor's refinery in Muskiz. The projects co-led by Repsol and Enagas Renovable will produce up to 15,000 tonnes of renewable hydrogen annually from 2029, displacing conventional hydrogen and avoiding 167,000 tonnes CO2 emissions per plant per year.
• RepsolflagshipStrategic or Co-development Partner · 28 January 2026Parent company within the Repsol Group. Petronor is a subsidiary (Petróleos del Norte S.A.) operating under Repsol's strategic direction and 2050 net-zero emissions commitment. Jointly leading hydrogen projects at Muskiz and Cartagena.
• Enagás RenovablecoreStrategic or Co-development Partner · 28 January 2026Co-leading the 200 MW renewable hydrogen project at Petronor's Muskiz refinery together with Repsol. Project will produce up to 15,000 tonnes of renewable hydrogen annually from 2029.
• IberdrolacoreStrategic or Co-development Partner · 3 June 2025Partner in the Basque Government's industrial 'super cluster' initiative led by Spri Group and the Basque Government, with Petronor spearheading decarbonization efforts in the Basque Country.
• Spri GroupcoreStrategic or Co-development Partner · 3 June 2025Leading the Basque Government's industrial 'super cluster' initiative in collaboration with Iberdrola and Petronor to accelerate decarbonization in the Basque Country.
• EdinorminorStrategic or Co-development Partner · 26 January 2022Strategic agreement with Edinor and Repsol Foundation to promote energy transition and decarbonization of vulnerable residential areas in the Basque Country.
• Alba Emission Free EnergycoreStrategic or Co-development PartnerSubsidiary managing Petronor's renewable energy projects. Alba will create joint ventures with companies including EEE, Nortegas, Enagas, OCO, Preco, and Aranco for project development.
• Tecnalia Research & InnovationcoreStrategic or Co-development PartnerR&D partner in multiple hydrogen projects including ONTZHi (hydrogen storage and transport technology), H2INTEGRA (hydrogen infrastructure), and OPTIHY (hydrogen production technology research).
• Euskal Herriko Unibertsitatea (UPV/EHU)minorStrategic or Co-development PartnerPartner in Basque Hydrogen Corridor (BH2C) and various R&D projects including H2INTEGRA, contributing academic expertise to hydrogen research initiatives.
• Eusko Jaurlaritza (Basque Government)coreStrategic or Co-development PartnerFunding partner for H2BASQUE project (ELKARTEK 2021 program) and OPTIHY project (European Regional Development Funds 2021-2027). Co-leads Basque Hydrogen Corridor initiative with Petronor.

Scale indicators13 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Cepsa: Spanish integrated energy company with refinery operations at Huelva and Algeciras, competing directly with Petronor in the Iberian refining and fuel marketing market, and pursuing a similar biofuels/green hydrogen transition strategy.
• Galp: Portuguese integrated energy company with the Sines refinery and growing Iberian biofuels/hydrogen operations, the most direct Iberian competitor to Petronor in refining capacity and energy-transition strategy.
• Saras: Italian independent refiner operating the Sarroch refinery in Sardinia (≈300,000 bpd), comparable mid-sized European refining asset facing similar margin pressure and transition pressures.

Broad incumbents

• Repsol: Petronor's parent group and the largest Spanish integrated oil major, operating multiple refineries (Cartagena, Tarragona) and overlapping directly with Petronor in refining, marketing and renewable hydrogen.
• BP: Global integrated oil major with significant European refining capacity ( Castellón, Lingen, Rotterdam) and a parallel 'BP Pulse' / green hydrogen strategy, comparable in scale and transition approach.
• Shell: Global integrated energy company with European refining assets (Rotterdam, Stanlow, Wesseling) and major investments in biofuels, hydrogen and e-fuels, providing a like-for-like benchmark for integrated transition strategy.
• TotalEnergies: French integrated oil major with European refineries (Gonfreville, Donges, Antwerp) and a leading renewable hydrogen / biofuels platform, comparable to Petronor's transition ambitions at significantly larger scale.
• Eni: Italian integrated oil major with refining at Livorno and Sannazzaro and one of Europe's most advanced biofuels / hydrogen platforms (including Eni Rewind for circular economy), a comparable integrated transition playbook.

Regional players

• MOL Group: Hungarian/Central European integrated oil major with refining in Hungary and Slovakia, pursuing petrochemical expansion and renewable fuels; comparable in transition strategy though primarily serving CEE markets.
• PKN Orlen: Polish integrated oil major with refining capacity across Central Europe and a stated biofuels/hydrogen roadmap, comparable mid-cap integrated peer with similar transition ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Petronor_Info
• YouTubeyoutube.com/user/Petronorinfo
• Facebookfacebook.com/info.petronor
• Instagraminstagram.com/petronor

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petronor