Greece, ELPE has recorded a net profit in the amount of 39 million euros in the third quarter of 2021

, SEE Energy News

Greek oil refiner Hellenic Petroleum (ELPE) has recorded a net profit in the amount of 39 million euros in the third quarter of 2021, compared to a loss of 8 million euros in the same period last year .

Refining, Supply and Trading segment increased its contribution to the highest levels in the last five quarters, led by the higher refining availability and the improvement in the international environment. Furthermore, fuel demand in Greece continued to increase, with domestic sales accounting for 50 % of total sales, the highest since 2019. The above positive results were partially offset by the significant increase of variable operating costs, due to the sharp rise in international natural gas prices, which affected the pricing of electricity, as well as of CO2 emissions allowances.

The group’s adjusted EBITDA in the third quarter of 2021 stood at 125 million euros, which is 90 % higher compared to Q3 2020 and 58 % higher compared to Q2 2021. In the first nine months of the year, ELPE recorded a net profit of 258 million euros.

Works on its 204 MW solar power plant in Kozani are nearing completion, since 14 of 18 clusters are already completed. The start of the plant’s commercial operation is expected in the first quarter of 2022.

ELPE is also participating in the privatization process of DEPA Infrastructure in which it had offered its 35 % stake for sale. The company is expecting that the process should be completed in the first half of 2022 and expects 256 million euros from the sale of its stake.