Hellenic Petroleum sees sales volume grow
Greece’s biggest oil refiner Hellenic Petroleum on Thursday reported a 20 percent rise from a year earlier in its sales volume, which came in at 4.34 million metric tons. Core profit, or underlying earnings before interest, tax, depreciation and amortization (EBITDA), stripping out oil inventory holdings, came in at 191 million euros ($208 million), down from 240 million euros a year earlier. The figure exceeded analysts’ forecasts for underlying EBITDA of 180.7 million euros in a Reuters poll. Hellenic, which owns three refineries in Greece, has spent 2.5 billion euros to boost capacity in recent years and increase exports of diesel and gasoline to the southeastern Mediterranean and the Balkans, which together now account for more than half of its sales. Including oil inventories, Hellenic Petroleum’s EBITDA rose 74 percent to 199 million euros thanks to a rise in crude prices. Last year’s profit was hit hard by a plunge in oil prices. minister to the president, told The Associated Press yesterday that a final assessment of the consortium’s successful bid has to be completed before the license is issued. The consortium, made up of Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group, was selected over two other bidders that were shortlisted for the final phase of the tender process. Petrides said the investment will be a boon for the economy of Cyprus, which successfully concluded a three-year, multi-billion-euro rescue program in March. Cyprus is enjoying a record year in tourism arrivals. terday as part of Sofia’s efforts to reduce dependence on Russian gas. The 25-kilometer pipeline, which runs under the Danube River and can operate in either direction, will allow Bulgaria to import gas from Europe. It will also support Bulgaria’s bid to create a regional gas hub at the Black Sea port of Varna. “We can achieve a lot with our friends and neighbors from Romania... they are starting operations from today,” Bulgarian Prime Minister Boiko Borisov told an opening ceremony at the Danube river town of Marten. The two Balkan neighbors have stepped up efforts to link their gas networks with those of other countries after Moscow scrapped its planned South Stream pipeline project.