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Economy

Hellenic Petroleum CEO Sees Gradual Recovery of Demand for Fuel

ATHENS — A gradual lifting of restrictions in movement has led to a recovery in the demand of fuel since May, Andreas Siamisis, CEO in Hellenic Petroleum Group said on Wednesday.

Addressing a general shareholders' meeting, Siamisis said that he expected a 20-30 pct drop in fuel consumption this year in Greece and noted this is a positive scenario.

He said that Hellenic Petroleum managed to stand on its feet and to minimize the impact from the coronavirus crisis, presenting positive results in the first quarter. "We should take in mind that we are not in the same market, therefore we cannot expect the same performance for the remainder of 2020 or even 2021," he noted, adding that there were days during the quarantine that there was no flight in the Athens airport, or demand for petrol fell as much as 50 pct.

The CEO noted that a management of reserves and exploitation of low international crude oil prices offered to the company a benefit of 90 million euros, while he stressed that a recovery in international oil prices gradually erased the losses recorded by refineries.

Yiannis Papathanasiou, chairman of Hellenic Petroleum Group, said that the strategy of the group ensured a steady course even in uncharted waters and this was acknowloedged by investors.

Siamisis presented the Group’s strategy in the sectors of electricity, natural gas, e-cars, renewable energy sources and hydrocarbon explorations.

In the electricity sector, the country needed the right institutional framework to allow private producers to operation autonomously. It will need investments worth hundreds of millions in electricity power units using natural gas. In renewable energy sources, the group will continued its expansion to new acquisitions with the goal of having 300 MW power by the end of 2021. In the e-car sector, the group will offer charging points in its petrol station network. In hydrocarbon exploration, the strategy will remain the same, while in the natural gas sector, developments are expected with the privatization of DEPA.

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