ECONOMY

Hellenic Petroleum barely profitable on low margins

hellenic-petroleum-barely-profitable-on-low-margins

Greece’s biggest oil refiner Hellenic Petroleum was barely profitable last year, as the coronavirus pandemic hit global demand and led to record low refining margins.

Stripping out oil inventory holdings, Hellenic Petroleum said on Thursday that net profit came in at 5 million euros last year, down from €185 million in 2019. Hellenic Petroleum operates three refineries in Greece and exports more than half of its output to Mediterranean countries and the Balkans.

The Covid-19 pandemic cut operating profit by more than €350 million last year, Chief Executive Officer Andreas Shiamishis said in a statement. However, he was cautiously optimistic conditions could improve in the coming quarters. (Reuters)