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Hellenic Petroleum plans to invest in clean energy projects

May 11/2021

MOSCOW (MRC) -- Hellenic Petroleum, Greece's biggest oil refiner, plans capital expenditure of between 3.5 billion 4 billion euros (USD9.03 billion) by 2025, about of half of which will be on clean energy projects, said Hydrocarbonprocessing.

Hellenic operates three oil refineries in Greece but has been boosting its renewable energy portfolio under Greece's plan to increase its share of green energy as part of a binding European Union target for a 55% cut in CO2 emissions by 2030.

"We have a plan at the order of 3.5 to 4 billion euros," Chief Executive Andreas Shiamishis said of the group's spending plans at an online briefing presenting the group's strategy for 2020-2025.

Shiamishis said half of that would go into traditional activities and the other half in projects that will help the group's transition to cleaner energy. Hellenic is also looking to change its corporate structure to improve governance and financing and reduce its carbon footprint.

"Our aim is to reach a 50% improvement (of our carbon footprint) by 2030," Shiamishis said. "To achieve that, we need to transform our business strategy."

As per MRC, Greece received five expressions of interest for a majority stake in its biggest oil refiner Hellenic Petroleum. Greece last month launched a tender to sell at least 50.1 percent of Hellenic in one of the biggest asset sales under Athens' three international bailouts since 2010.

We remind that in December 2020, Sibur, Gazprom Neft, and Uzbekneftegaz agreed to cooperate on potential investments in Uzbekistan including a major expansion of Uzbekneftegazs existing Shurtan Gas Chemical Complex (SGCC) and the proposed construction of a new gas chemicals facility. The signed cooperation agreement for the projects includes the creation of a gas chemical complex using methanol-to-olefins (MTO) technology, and the expansion of the production capacity of the Shurtan Gas Chemical Complex.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
Author:Anna Larionova
Tags:petroleum products, crude oil, PVC, PP, PS, PE, neftegaz, petrochemistry.
Category:General News
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