ECONOMY

Motor Oil stops gasoline sales to Libya; profits surprise

Greek refinery Motor Oil has stopped sales of gasoline to Libya amid unrest in the North African country, the company said after reporting an unexpected hike in earnings.

?There are currently no gasoline sales to Libya,? Motor Oil?s Chief Financial Officer Petros Tzannetakis told Bloomberg. ?There?s no problem with selling the gasoline? elsewhere, he said.

Libya?s civil war follows unrest in Algeria, Tunisia and Egypt that boosted Brent crude prices to almost $120 a barrel on concern supplies would be disrupted.

Athen-based Motor Oil reported earninge before interest, tax, depreciation and amortisation (EBITDA) of 81 million euros in the fourth quarter of last year, versus 13 million euros in the same period a year earlier.

National Securities said the figure was better-than-expected and that it maintains its outperform rating on the stock due to it attractive valuation, Motor Oil?s superior refining assets and new distillation unit which boosted the company?s capacity.

Shares in Motor Oil were up 1.50 percent at 8.82 euros mid session on Friday on the Athens bourse, versus a 0.40 percent dip in the broader market.