ECONOMY

Hellenic Petroleum commits half of its spending to clean energy

hellenic-petroleum-commits-half-of-its-spending-to-clean-energy

Hellenic Petroleum, Greece’s biggest oil refiner, plans capital expenditure of 3.5-4 billion euros by 2025, about of half of which will be on clean energy projects, its top executive said on Thursday.

Hellenic Petroleum 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 carbon dioxide emissions by 2030.

“We have a plan at the order of €3.5 to €4 billion,” Chief Executive Andreas Shiamishis said of the group’s spending plans at an online briefing presenting the group’s strategy for 2020-25.

Shiamishis said half of that would go toward traditional activities and the other half to projects that will help the group’s transition to cleaner energy.

 Hellenic Petroleum 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.” [Reuters]