ELPE to restart Elefsina facility next quarter

Hellenic Petroleum, Greece?s biggest refiner, plans to start its Elefsina facility in the next quarter, resuming operations for the first time in at least a year, after tying in new processing equipment.

?Elefsina will be opened when the new refinery is complete in the second quarter,? Vassilis Tsaitas, an Athens-based investor relations officer at Hellenic, said on Wednesday by phone.

The 100,000 barrel-a-day plant has been shut since at least the second quarter of last year because of declining profits.

The plant was scheduled to start operations in the first quarter, with full production in April this year, the company?s chief financial officer said in September.

ELPE will announce its fourth-quarter financial results on Thursday. [Bloomberg]