MADRID, May 20 (UPI) -- Spanish energy company Repsol said it secured financing for renewable and natural gas transport research from the European Investment Bank.
Repsol said the EIB was financing its research and development plans with $256 million.
"The EIB will finance a development program that includes improvements in natural gas transport, energy efficiency, optimization of refining processes, development and production of petrochemical derivatives and carbon dioxide storage," the Spanish company said. "This will also include programs for systems development in renewable energy, biofuels and transport solutions."
The EIB financing targets work to be carried out through 2016 to bolster energy security initiatives in European countries. Most of the work will take place at a Repsol technology center in Madrid, which the company said is the most advanced in the European Union.
"The investments financed by this loan meet the EU and EIB objectives of ensuring a sustainable, competitive and secure energy supply and fostering the energy efficiency and technological capacity of Europe's businesses," the EIB stated.