Hellenic Petroleum to report record-high results

Hellenic Petroleum are expected to report all-time record results in 2016 on Thursday. According to information, EBITDA are expected to surpass 800 million euros, while production and exports are expected to record new all-time records in 2016. The improving results of the Group are related with the implementation of a new strategy by Hellenic Petroleum Group, under chairman Stathis Tsotsoros and Chief Executive Grigoris Stergioulis, including -among others- borrowing cost reduction combined with a gradual debt repayment and a new supply policy focusing on direct producers and limiting the role of traders.

Direct supplies of crude oil from companies such as Rosneft from Russia, NIOC from Iran and Somo from Iraq, cover more than 50 pct of the group’s needs, resulting to significant benefits from a lower purchase cost and a differentiation of supply sources.

Hellenic Petroleum sources said exports accounted for 60 pct of total production, counterbalancing the losses recorded in the domestic market in the last few years in fuel consumption because of the crisis.