Hellenic Petroleum interested in buying lignite units from PPC

Hellenic Petroleum is considering the possibility of buying electricity production units from PPC – using lignite as fuel – if the general framework of the transaction was attractive, Grigoris Stergioulis, CEO said on Wednesday.

In comments made to ANA, Stergioulis said Hellenic Petroleum was awaiting developments in the sale of DESFA while it dismissed the possibility of selling an equity stake it holds in DEPA and announced it was investing in the retail network with the aim of expanding its product and services range.

“We are waiting for a decision on the lignite units to be sold, to know their life span and investments needed and to clarify the framework of the electricity energy market in relation with NOME auctions and the implementation of the target model of the European Union. We are looking at everying,” Stergioulis said. Hellenic Petroleum have already established a presence in the electricity market, both production and retail, through Elpedison.

Stergioulis said the company was not examining selling its equity stake in DEPA, but stressed that the company needed to become more flexible to take advantage of opportunities in exports, imports from the spot market and to limit the burden of a take or pay clause on existing supply contracts. He added that fuel sales were down in the first quarter of 2017, particularly in March.