Hellenic Petroleum announces restructure plan worth 3.5-4.0 bln euros

Hellenic Petroleum Group on Thursday unveiled the five axes of a strategic reorganization plan focusing on drastically reducing CO2 emissions, a turn towards renewable energy sources, changes in the corporate structure and governance and changing the group’s name.

Presenting the strategic plan, the group’s CEO Andreas Siamisis said it included investments worth 3.5-4.0 billion euros, of which half were destined for traditional sectors of activities and the remaining for the energy transition. “Hellenic Petroleum Group is one of the most significant companies in Greece. To live with our glorious past is not enough, we must plan the future based on conditions expected to prevail in the next 20-30 years,” Siamisis said during a teleconference.

Presenting the plan, Siamisis said it focused on reducing CO2 emissions by 50 pct by 2030 and achieving a neutral status by 2050. These goals will be achieved through the environmental upgrading of emissions, introducing new technologies, green hydrogen and biofuel programs and improving the basic activity of refineries, in addition to boosting renewable energy sources both organically and through acquisitions.

Siamisis said that in 18 months, Hellenic Petroleum has doubled production licenses to 1.3 GW. He also said a review of the corporate structure was looking at the possibility of transforming the group into a holdings company, adjusting the company’s statute on corporate governance and reviewing the company’s image and brand name to reflect the new structure, not just focused on oil.