Helleniq Energy (formerly Hellenic Petroleum, ELPE), is keeping a close watch on the sale process of Lukoil’s refinery in Bulgaria, CEO Andreas Siamisiis has told analysts during a presentation of the Greek energy group’s 3Q and nine-month results.
Bulgarian finance minister Asen Vasilev recently told the Financial Times that Lukoil is in the process of selling the only refinery in the neighbouring country.
According to Siamisiis, political considerations, not just business decisions, are behind Lukoil’s decision to sell this asset in Bulgaria. Rumours of the refinery’s sale had circulated over the past year and a half, the Helleniq Energy chief executive added.
Though Helleniq Energy’s Vision 2025 strategy does not include major investments in refineries, the energy group is monitoring the sale of the Lukoil refinery in Bulgaria given its location in a neighbouring region, Siamisiis pointed out.
As for Helleniq Energy’s diversification into renewables, the group has already built up 356 MW in facilities now operating, company officials informed. A further 700 MW in RES facilities are at various stages of development, which puts the group on target for 1,000 MW by 2025 and 2,000 MW by 2030, the officials added.