ECONOMY

Elinoil to focus on biofuels

Fuel company Elinoil stated yesterday that its greater participation in the biofuel industry is a strategic target for the company, via its Elin Biofuels subsidiary, founded three years ago. It added that the group is focusing on increasing its sales volume, which last year grew by 22.7 percent annually to reach 746.6 million euros. It intends to acheive this through continuous expansion of its network and the optimum utilization of economies of scale, as well as via the opportunity that has emerged in the sector with the departure of two multinational companies (BP and Shell) from the domestic market. Elinoil today accounts for 6.7 percent of the Greek fuel market and has a network of 566 gasoline stations. It maintains long-term relationships that have lasted for 40 to 50 years with various industries in Greece, while holding a leading position at marinas. It enjoys exclusive cooperation with eight of the biggest marinas in the country and is present in 110 seaside areas in Greece.