HELLENIC PETROLEUM SA
The COVID-19 pandemic outbreak, which blindsided the global community, not only caused an unprecedented health crisis, but also created a content of uncertainty, putting the financial and social strength of the entire planet to an ongoing test. The actual effects on economic and business activity – both in Greece and internationally – will depend on the duration and course of the disease. However, it becomes evident that important aspects of our everyday life, including modern lifestyles, prevailing perceptions, social activities, labor relations and consumer habits, have radically change.
The worst economic recession in peacetime in the last 100 years, according to the Organization for Economic Cooperation and Development (OECD) assumptions, has also affected the Greek economy, which, being still vulnerable to outside influences and strickly dependent on tourism, has already suffered because of the lockdown. A blow has been inflicted on the production capacity, investments and consumption; businesses are called upon to manage the pandemic’s effects and, at the same time, build the foundations for their future growth.
The Hellenic Petroleum Group responded quickly, comprehensively and effectively to the extreme conditions brought on by the coronavirus outbreak, and the abrupt collapse of international crude oil prices. We implemented our business continuity plan, giving first priority to the safety of our staff and facilities. We ensured the uninterrupted operation of our refineries and the smooth energy supply of the market, to the benefit of the national economy and the needs of society at large.
We further reinforced the Group’s financial position and liquidity in order to effectively manage the crisis, but also to take advantage of any opportunities, should they arise. The Group’s resilience is evident in the financial results for the first quarter, which record an 18% increase of Adjusted Net Income, while total sales increased by 9% and exports by 27%. The Group’s outward-looking orientation, combined with the current conditions, leads us to look for new markets and sales channels abroad to trade our products.
At the same time, the transition to a economy of low to zero carbon economy, adjustment to new technologies and clean energy, investments in natural gas, renewable sources and electromobility, energy savings and the constant improvement of the environmental footprint of our fuels, all constitute a sine qua non condition for the Group’s survival.
Nevertheless, the new coronavirus crisis should also be seen as an important opportunity for the productive reconstruction of the Greek economy, on the basis of structural rather than opportunistic changes that will facilitate entrepreneurship and preserve the cohesion of the country’s productive fabric. In this light, the Hellenic Petroleum Group aims to manage to the greatest effect, the reinstatement of normality and work progressively towards the achievement of its strategic goals.
THE COMPANY AT A GLANCE
Hellenic Petroleum is one of the leading companies in the energy sector in Southeast Europe, with a presence in six countries and a broad portfolio that includes refining and supply of petroleum products, retail, production and the trade of petrochemicals, electrical energy & natural gas, Oil & gas E&P and RES.