BUSINESS

ELPE adapts to new model of energy

TAGS: Energy, Business

Hellenic Petroleum (ELPE) chief executive Andreas Shiamishis told Kathimerini in an interview that “the transition of the market to the new energy model is now certain and any companies that don’t acknowledge that and don’t include it in their plans will sooner or later face problems.”

This realization forms part of the oil group’s strategic transformation, said Shiamishis, with the aim of reducing the listed company’s coal footprint by 50 percent by 2030.

That strategy, according to the ELPE head, includes more investments in renewable energy sources as well as in the markets of natural gas and electrical energy.

He also noted that ELPE will seek to land gas supplier DEPA Commercial in cooperation with Edison, its partner in the Elpedison power company.

As for ELPE’s 2019 financial results, Shiamishis said they will be satisfactory despite the reduction in refinery margins.

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