ECONOMY

Hellenic Petroleum swings to profit in the third quarter

hellenic-petroleum-swings-to-profit-in-the-third-quarter

Hellenic Petroleum (ELPE), Greece’s biggest oil refiner, swung to profit in the third quarter on higher refining margins and demand as economies recovered from the pandemic.

Stripping out oil inventory holdings, net profit came in at €39 million euros in the three months to September versus a loss of €8 million in the same period last year.

As Greece lifted most Covid-related restrictions and tourists returned after a dismal 2020, ELPE saw higher demand for fuel transport, it said.

However, soaring costs for gas purchases and higher carbon emission rights weighed on profit.

ELPE has agreed to sell a minority stake in Greece’s gas distribution grid, which it owned jointly with the state.

The refiner said it expected €256 million of proceeds from the deal, which is due to be completed in the first half of 2022. [Reuters]