Home Greece Hellenic Petroleum reports positive nine-month results

Hellenic Petroleum reports positive nine-month results

Hellenic Petroleum Group on Thursday reported positive operating results, with comparable EBITDA at 256 million euros in the January-September period this year amid unprecedented adverse conditions prevailing in the refinery sector globally.

During this period, Hellenic Petroleum recorded a 10 pct increase in exports, which partly offset reduced domestic demand and completed an investment of maintenance and upgrading in Aspropyrgos refinery worth more than 130 million euros. On a comparable basis, net profits totaling 13 million euros in the nine-month period, financial cost was down 14 pct to 78 million euros, the lowest levels in recent years. The Group expects completion of negotiations in the fourth quarter of 2020 on the refinancing of credit lines worth 900 million euros ending in the next six months.

Andreas Shiamishis, Group CEO, commenting on the results said: “During 3Q20, we faced the most adverse industry environment in history. Already many refineries in the region have reduced utilization, while some are curtailing or terminating activities. Despite the partial recovery of the world economy vs 2Q20, the fuels market remains at significantly lower levels, as the pandemic affects tourism and travel in general. Operating environment remains challenging, with the health and safety of our employees, as well as the uninterrupted operation of the supply chain, being top priorities.

“In this environment, we managed to sustain our production at high levels, increasing our exports, while taking advantage of the international market opportunities, in order to mitigate, to the extent possible, the negative impact.

“In terms of strategy implementation, we took important steps in relation to the large RES project in Kozani. We completed the acquisition and secured funding with especially favorable terms and the tangible support of international capital markets and the EBRD.
“The environment is expected to remain difficult in the coming months, with expectations for a substantial improvement after mid-2021.”

Source: AMNA