Greek oil refiner Hellenic Petroleum (ELPE) has started with preparations for the establishment of a new subsidiary as part of the group’s wider restructuring plan, named Vision 2025.
The new subsidiary will be attached to a holding company, which will serve as an umbrella for the other subsidiaries to be established later this year. The first step is the establishment of a new division for its refining, supply and petroleum and petrochemicals sales. ELPE plans to offer 130.1 million new shares at 10 euros each, which results in a total value of 1.3 billion euros for this new subsidiary.
The restructuring plan is expected to be completed by the end of the year with the establishment of all other subsidiaries: ELPE Commercial (petrol stations under EKO and BP brands), ELPE Upstream, ELPE Renewables, as well as a subsidiary representing the group’s electricity and natural gas interests.
The Vision 2025 plan includes investments of over 4 billion euros to facilitate the group’s entry into the renewable energy sector and support new technologies for cleaner energy production.