HELPE chairman: Record profits in 2016 are due to new supply policies, borrowing cost reduction

Greece’s biggest oil refiner Hellenic Petroleum (HELPE) recorded its best annual results in its history for 2016 due to new policies on crude oil supplies, borrowing cost reduction and an enlargement of commercial cooperation, the company’s Chairman Stathis Tsotsoros told the Athens-Macedonian News Agency in an interview published on Sunday.

Tsotsoros said the company’s record net profits totaled 329 million euros in 2016, versus 45 million euros in 2015 and losses of 369 million euros in 2014. The jump in profits was achieved despite a 25 percent decline in international refining margins and the decline in domestic consumption.

He also said the company signed new three-year collective labour agreements which were approved by 94.3 percent of the employees’ general meeting.