Greek economy boosted by refining industry, reports the Times
The Greek economy has largely benefitted from the refining industry, reported the Times, UK, in its sponsored section.
Greece has been an energy hub, a European entry point, for nearly 50 years, bolstering the sixth-largest refining sector in Europe – behind only much larger economies such as Germany, France and Spain.
During Greece’s emergence from the crisis (2016-2022), the Greek refiners Motor Oil Group and Hellenic Energy contributed €1.9 billion (£1.7 billion) in corporate income taxes to the Greek state. The Greek refining sector has proved fiercely competitive, exporting its products worldwide and holding its own against low-cost manufacturing powerhouses such as Turkey, which enjoys a similarly privileged strategic position in the Mediterranean.
Refining has accounted for 25 to 35 percent of Greek exports for nearly 20 years. The industry is one of the country’s largest employers, providing nearly 7,000 skilled jobs, plus many more to contractors and servicing companies. It is one of the few Greek industries that never required a bailout.
Over the past 15 years, Greece’s refiners have invested more than €8.8 billion in a state-of-the-art industry capable of generating income under all commodity environments. Gaining confidence as it emerged from the crisis, the sector is making a great contribution towards the rapid deployment of renewable energy sources (RES) in Greece, making the country a global leader in the production of sustainable energy. Greek refiners control approximately 20 percent of their nation’s total installed RES capacity and have ambitious plans to invest more than €10 billion in energy transition projects by 2030, including major projects to produce low-carbon fuels and hydrogen, safeguarding Greece’s position as an energy hub for the future.
[The Times]
