Hel­lenic Pe­tro­leum sees sales vol­ume grow

Kathimerini English - - Focus -

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.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.