Athens-listed Hellenic Petroleum is shifting its emphasis away from hydrocarbons to focus on refining, which still has a major part to play in the energy transition.
“We need to retain all the weapons we have during this transition period. Refining is part of the solution, though it is not the same as it was. It now includes hydrogen, carbon sequestration, biofuel and sustainable aircraft fuel,” chief executive Andreas Shiamishis stated this week.
“This sector will remain significant for many years once it has adjusted,” he added.
The group is turning its back on hydrocarbons, as after returning the survey licenses for Arta, Preveza and northwestern Peloponnese to the state, in October Hellenic Petroleum informed the state of its intention to return also the concession license for the Gulf of Patra, Shiamishis told analysts.
The group’s presence in the region west and northwest of Crete will depend on the intention of its partners in these concessions, ExxonMobil and Total.
The group’s management is concerned about the continuing energy crisis that is impacting the sector and the smooth energy transition.
Shiamishis also expressed his worry over the energy costs that ate into a significant part of the company’s Q3 profits.