2019 has been a transition year for the Group, with a number of business and organizational challenges. Regarding the environment in which we operate, the Group had to manage, for the first time after several years, a severe deterioration in the international environment, as well as the biggest change in the refining industry over last 20 years regarding the marine fuels specifications. In such a backdrop, we responded very successfully, improving our balance sheet and maintaining high returns for our shareholders.
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Maintained Strong Profitability
High shareholders' return
Improved Balance Sheet
Significant portfolio development in Renewable Energy Sources
A fundamental principle of our strategy is the safe and sustainable operation of our activities, while respecting both the environment and society. HELLENIC PETROLEUM Group’s vision is to facilitate the Energy Transition in the Eastern Mediterranean, maximizing returns on our core activities and developing a diversified energy portfolio. Based on the above and taking into account the external environment, we have developed a series of initiatives based on three main axes:
Improving our core businesses
levering on operational excellence, digitization, energy efficiency and improving competitiveness, through the following key initiatives:
- Digital Transformation Program applied to the Group's business units and centralized services.
- New procurement optimization program.
- Optimization of the new refining operation model, maximizing the capabilities of all three refineries as well as the synergies between them.
- Energy Transformation Initiatives, with the aim of improving our environmental footprint, as well as financial benefits.
- Supplying our markets with low sulphur marine fuels, according to the new IMO 2020 specifications.
- Expanding the crude slate we process and testing new types of crude oil, aiming at maximizing production flexibility and adapting to market trends.
- Improving operation and cost levels compared to the safest and most competitive refineries in Europe and the wider Mediterranean region.
Developing our core activities
Fully utilizing recent major upgrade investments, developing international oil trading activity and route to market along with exploring upgrading existing refining units, as well as developing new ones. More specifically, the initiatives include:
- Digital Transformation Program applied to the Group's business units and centralized services.
- New procurement optimization program.
- Optimization of the new refining operation model, maximizing the capabilities of all three refineries as well as the synergies between them.
- Energy Transformation Initiatives, with the aim of improving our environmental footprint, as well as financial benefits.
- Supplying our markets with low sulphur marine fuels, according to the new IMO 2020 specifications.
- Expanding the crude slate we process and testing new types of crude oil, aiming at maximizing production flexibility and adapting to market trends.
- Improving operation and cost levels compared to the safest and most competitive refineries in Europe and the wider Mediterranean region.
Developing new activities
Gaining a significant share in renewable energy sources, expanding activity in power generation and natural gas, creating strategic choices in hydrocarbon exploration & production and exploring new opportunities associated with energy transition. More specifically, the initiatives include:
- Developing a significant Renewable Energy Sources portfolio, targeting 600MW by 2025.
- Strengthening ELPEDISON's position in power generation, retail sales and the transition to the European Target Model market.
- Participating in commercial natural gas activities.
- Investigating opportunities arising from new fuel technologies (e.g. biodiesel production with cooking oils and/or hydrogen processing of vegetable oils).
- Focusing on Hydrocarbon Exploration in Greece, in collaboration with other international industry players.
