Approval for the implementation of investment projects that will upgrade the Company's Industrial Installations in Elefsina

The Board of Directors of HELLENIC PETROLEUM S.A. approved today the implementation of investment projects at the company’s Industrial Facilities in Elefsina of a total budget of 850 million Euros.

These investments concern the construction of a Hydrocracker unit (daily capacity of 40 thousand barrels) and of a Flexicoker unit (daily capacity of 21 thousand barrels), as well as amendments and additions to regional equipment units that are deemed necessary.
The investment projects are scheduled to be completed in 2010.

These investments that will upgrade the company’s Oil Refinery in Elefsina will:
  • increase the production of ‘white products’, which are friendly to the environment, of a high value, with the conversion of heavy fuel oil to, primarily, zero sulphur diesel fuel.
    It should be noted that the refinery has improved its complexity factor from 1.5 to 7.2 points of the Nelson index.
  • significantly decrease sulphur dioxide emissions and particle matter emissions. It should be noted that the specifications based on which the investment projects will be carried out are based on the use of the Best Available Techniques on international level and on the concurrent application of Modern Safety Systems.
  • ensure the sound and flexible supply of crude oil, whereas, concurrently, the company’s oil refinery will have the capacity to process all types of crude oil available in the Mediterranean Sea.
  • guarantee all existing work positions and will create new permanent and indirect work positions.

This project, apart from implementing the Guidelines of the European Union with regard to the change in the specifications of diesel fuel and heavy fuel oil as a project with an environmental character, also contributes to Greece’s oil supply, adjusting, at the same time, production to domestic and European consumer trends.

HELLENIC PETROLEUM S.A., following a recent decision concerning the implementation of investment projects at the company’s Oil Refinery in Thessaloniki, has proceeded in one more step toward the company’s growth with total investments in the areas of refining and protection of the environment of a total amount of approximately one billion Euros, with regard to the interests of its social partners and Greece’s economy, in general.