MADRID, Nov 15 (Reuters) - Spain's second-largest oil

company Moeve, formerly known as Cepsa, posted a third-quarter

loss after a sharp decline in refining margins hit its energy

business.

Like its larger Spanish competitor Repsol and a

host of peers including France's TotalEnergies and BP

, the company's refining margins collapsed amid weaker

global economic activity and new refineries coming online.

Moeve, which last month rebranded to reflect its shift

towards low-carbon businesses, had a third-quarter loss of 59

million euros ($62.3 million) compared to a 278 million euro

profit in the same period last year.

Growing earnings at its chemicals and upstream operations

weren't enough to offset the impact of a 67% decline in refining

margins from the same quarter last year.

"In a difficult geopolitical environment, Moeve produced

satisfactory financial results that allow continued investment

in our transition strategy," CEO Maarten Wetselaar said.

"We will continue to work with all authorities to ensure

regulatory and fiscal frameworks that are conducive to the

investments required to urgently transform our energy system."

Wetselaar has been among the most vocal critics of Spain's

windfall tax on large energy companies' domestic sales.

The firm had to shell out 566 million euros in 2023 and 2024

for this tax, including 243 million euros this year.

Since it does most of its business in Spain, the tax has a

higher relative impact on its bottom line than companies with

large international operations.

Owned by Abu Dhabi fund Mubadala and U.S.-based private

equity firm the Carlyle Group ( CG ), Moeve is investing up to 8

billion euros to shift to low-carbon energy and sustainable

transport, focusing on green hydrogen, biofuels and electric

mobility.

As part of this strategy, it has sold 70% of its oil

production assets since 2022, including operations in Abu Dhabi

and South America.

($1 = 0.9472 euros)