Developing a refinery in the Canary Islands has enormous advantages, which are the following
The Port of Granadilla has a great depth that makes it suitable to operate with large oil tankers. For the construction of the refinery, state and regional subsidies and incentives have been requested since the project considers the creation of approximately 3,500 direct jobs (maximum demand in the construction phase) and 12,000 indirect jobs. During the normal operations of the refinery, approximately 1000 direct and 2,000 indirect jobs will be required.
There is security to have the support of the authorities involved to obtain all the necessary permits for the construction and operation of the Refinery, since the existing refinery, located in Santa Cruz de Tenerife, was definitively closed due to its obsolescence and lack of profitability for more than two years.
Spain is a member state of the European Union and its institutions and the rule of law guarantee full legal security for investments. On the other hand, from the technical point of view, Canarias has local technicians with high specialized training in industrial and productive sectors.
The construction of this Industrial complex will have a great relevance and importance for the economic development of the Canary Islands, the Kingdom of Spain, the European continent and Africa, as it will be a complex built with the latest technology, which will allow us to refine crude oils with an API from 12 to 60. This refining advantage will permit the refinery to supply fuels of Quality Euro 5, and contribute to the care of the environment.