It is likely to be postponed for after 2025 its decision Helleniq Energy for the realization or non -research drill in Crete, according to the management of the company.
Answering a question as part of the presentation of the results of the first trimester, Helleniq Energy Managing Director Andreas Siamis said that there are no newer ones on the subject, while Deputy CEO Helleniq, George Alexopoulos, said: We analyze and interpret the data to make sure we sufficiently limit the risk of the drilling decision if we proceed to drilling. I do not want to speculate about the exact time of the decision, but it may not be 2025. “
During the presentation of the results, Mr Siamisi said that the Group has set up a new subsidiary of Trading based in Geneva with the aim of optimizing crude and pricing supplies, better risk management and geographical dispersion of activities. He spoke of an important step for the Group, as activities are expanding outside Greece.
The Group’s administration also said that there has been a recovery of refining margins lately, which was one of the main reasons for retreating performance in the first quarter. The second reason was the shutdown of the Elefsina refinery for modernization and maintenance investments. As noted, the refinery is projected to return full operation in the quarter of the year, while work is moving faster than the timetable.
In this context, the Helleniq Energy administration welcomed the results of the first quarter of 2025 despite a decrease in profitability, noting that these performance was achieved in an internationally difficult environment and while the maintenance program in Eleusis is ongoing.
The decrease in profitability compared to last year (comparable EBITDA -47%) is mainly attributed to the lower international refining margins, while lower oil sales (-11%) is the result of maintenance in the refinery that created needs for products to store products.
Sources in the group reported that in the first quarter the marketing showed the highest performance historically for the particular period of the year, while the market shares in retail, as well as the contribution from differentiated fuels, increased. They note that Elpedison’s contribution to operational results has improved and its integration will add a new source of revenue for the group.
In addition, with the increase in borrowing, they noted that in February there was a solidarity contribution of € 223 million and in January the 61m euros was given to shareholders, while investment expenditure was € 66m and € 66m. temporarily increased.