When it was born, almost a century ago, in 1929, it gave itself a very appropriate name for those times: Cepsa, an acronym for Compañía Española de Petróleos SA. The oil industry was then one of the most flourishing and technologically advanced, having that noun in the very name of the company gave it an extra touch of modernity, avant-garde and positive reputation. Cepsa was a private company, and the rival with which it wanted to compete in its sector, the semi-public Campsa, founded two years earlier, in 1927, also had oil in its name: Campsa was the acronym of Compañía Alrendataria del Monopolio de Petroleos SA
Now, almost a century later, the word oil It no longer has those positive attributes. In the current collective imagination, oil is more associated with pollution, environmental deterioration and climate change. Oil now also stains brands and reputations.
Last week, Cepsa announced that it had been renamed Moeve. The company’s CEO, Maarten Wetselaar, explained the reason for the change: “To tell the world that we are transforming into another type of organization, Moeve, where most of its profits come from sustainable activities in the end of this decade”. The new brand, Wetselaar added, “reflects our firm commitment to being a benchmark for the energy transition in Europe, particularly in the field of green hydrogen, 2G biofuels and ultra-fast electric mobility”. Sustainability, energy transition, green hydrogen… New terms with a positive reputation for today’s audience replace already worn-out ones.
Traces of oil can still be found in the names of the other large oil companies operating in Spain. Repsol was born as a brand in 1968 and initially referred to an engine lubricant produced by the company, which was then called Refinería de Petróleos de Escombreras. BP is an acronym for its previous name, British Petroleum, created in the 1950s. It was founded under the name of Anglo-Persian Oil Company, in Iran, in 1908. Galp, of Portuguese origin, is the heir of two companies born after the Carnation Revolution of 1974: Petrogal y Gás de Portugal.
Will any of them abandon the future? P oil informant, look for names more in line with the new values of the company? It’s possible. Or not, you never know. Each brand has a life of its own, and the perceptions with which the public welcomes them, the attributes they transmit, evolve for better or for worse. And if absolutely all large companies do anything, it’s measuring those perceptions, those attributes down to the millimeter. But if one, Cepsa, has already moved, it is very likely that the others are already wondering what to do.
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Interview between Time.news Editor and Energy Transition Expert
Time.news Editor (TNE): Welcome to our discussion today! We’re diving into the recent transformation of Cepsa into Moeve, a move that signals a significant shift in the energy landscape. Joining us is Dr. Elena Martinez, an expert in sustainable energy transitions. Dr. Martinez, thank you for being here!
Dr. Elena Martinez (EM): Thank you for having me! It’s an exciting time for the energy sector, and I’m thrilled to be part of this conversation.
TNE: Let’s start with the name change. Cepsa was established almost a century ago during a time when oil was synonymous with progress and prosperity. Now, we see a complete rebranding. What are your thoughts on this transition?
EM: The rebranding from Cepsa to Moeve is quite symbolic. It reflects a significant shift—not just for the company but for the entire industry. While ‘oil’ once represented innovation, it now carries negative connotations related to pollution and climate change. The new name, Moeve, is part of a broader strategy to align with sustainability and address the urgent need for an energy transition.
TNE: Absolutely! The company’s CEO, Maarten Wetselaar, mentioned that Moeve’s profits would primarily come from sustainable activities by the end of this decade. What do you think prompted such a forward-thinking approach?
EM: The push towards sustainability is driven by several factors—regulatory pressures, changing consumer preferences, and the growing awareness of climate change. Companies are re-evaluating their roles in the world and recognizing that the future lies in renewable energy sources, such as green hydrogen and biofuels. By rebranding, Moeve is signaling its commitment to be a leader in this space, which could prove beneficial in attracting investors, customers, and partnerships.
TNE: Speaking of green hydrogen, that seems to be a significant focus for Moeve. How do you see this technology shaping the future of energy?
EM: Green hydrogen has immense potential as a clean energy source. It can be used in transportation, industrial processes, and even energy storage. By investing in green hydrogen, Moeve is positioning itself at the forefront of the energy transition, contributing to the decarbonization of our economy. Technologies like this could help reduce our dependence on fossil fuels and make significant strides towards achieving climate goals.
TNE: It certainly appears to be a robust strategy. However, what role do you believe traditional oil companies will play in the transition? Can they successfully pivot towards greener initiatives?
EM: While traditional oil companies have historically relied on fossil fuels, many are recognizing the need to diversify their energy portfolios. The successful transition will depend on their willingness to invest in sustainable technologies and shift their business models accordingly. Those that embrace change, like Moeve is aiming to do, have the potential to thrive in the new energy landscape. However, it will require commitment, transparency, and innovation.
TNE: As you mentioned, the collective perception of oil has shifted dramatically. What do you think the future holds for various energy sectors, and how can companies manage their reputations amid this transition?
EM: Public perception is a critical factor in this transition. Companies must be proactive about communicating their sustainability efforts and the actions they are taking to reduce their environmental impact. Transparency is key; consumers want to know that companies are genuinely committed to sustainable practices. Those that can effectively tell their story and demonstrate real progress will not only manage their reputations but may also gain a competitive edge in the evolving market.
TNE: Thank you, Dr. Martinez, for your insights! It’s clear that the energy sector is at a pivotal point, and Moeve’s transition is just one example of how companies are adapting. I look forward to seeing how this unfolds over the coming years.
EM: Thank you! It’s a fascinating time, and I’m optimistic about the progress we can make in the fight against climate change.
