Hellenic Petroleum Q2 core profit falls as COVID-19 hits margins, demand, Energy News, ET EnergyWorld


ATHENS: Greece’s biggest oil refiner Hellenic Petroleum on Thursday posted a 52% drop in second-quarter core profit as the COVID-19 pandemic led to lower refining margins and reduced demand for fuel.

Adjusted for oil inventories, earnings before interest, tax, depreciation and amortisation (EBITDA) were 63 million euros ($74.3 million) in the April to June period, down from 130 million euros a year before.

Global travel restrictions to stem the spread of the novel coronavirus have led to a significant drop in passenger traffic at Greek airports, curbing domestic demand for fuel, Hellenic said.

The refinery will gradually shut down its 148,000 barrel per day (bpd) Aspropyrgos refinery for maintenance from Aug. 28. The turnaround, budgeted at 130 million euros, will take nine weeks and is expected to cut particulate emissions by 50%, it added.

Hellenic is selling its 35% stake in state-controlled gas distribution utility, DEPA Infrastructure. On Thursday, it said shortlisted investors were expected to submit binding bids for the asset in January.

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