A. Siamisis: It is not easy to get rid of Russian gas

By Harry Floudopoulos

With the start of the Russian invasion of Ukraine, Hellenic Petroleum stopped buying Russian oil and has replaced it with another kind of slowly without any problem, said recently the CEO of ELPE A. Siamisis speaking at the Delphi conference. He said that Mediterranean refineries traditionally supply crude from Russia, but the fact that ELPE refineries are located on coasts with access to ports gives the opportunity to import 10 to 20 different types of crude, an advantage that no other refineries in Europe have.

As far as natural gas is concerned, however, things are more complex for dependence on Russia, Siamisis added. Agreements on gas supplies from Azerbaijan, LNG from Algeria and LNG from other countries provide flexibility. It is not easy to get rid of Russian gas, but Greece is better placed compared to other EU countries. stressed Mr. Siamisis.

Referring to the hydrocarbon exploration market, he estimated that Greece can acquire its own gas production resources. Regarding the planning of ELPE, he stressed that the first seismic surveys in the Ionian Sea were recently completed, which went extremely well with impeccable environmental performance, while next year the interpretation will begin to be followed by three-dimensional seismic surveys and then excavations. in about 5 years from today.

Regarding Crete, he stressed that the government wants the research to proceed in this area as well and estimated that the research works are expected to accelerate.

Regarding the energy crisis, Mr. Siamisis said that Greek Petroleum also suffers from high prices as they have been burdened with additional costs of 200 – 250 million euros per year that have not been passed on to consumption, something that can not be continued. Or indefinite.

Regarding the strategy and the transformation of the group, the CEO stated that ELPE will be present in the energy transition. Staying locked in fossil fuels is a recipe for closing the company, he said.

Mr. Siamisis also referred to the recent inauguration of the largest RES project in Greece, the photovoltaic of ELPE in Kozani, which is, as he said, an emblematic project that strongly signals the will and strategy of ELPE to enter the RES market.

1 year ago we decided that we need to change and enter a transition process recognizing that a successful company like ELPE should try to acquire a suitable structure for the next 20 25 years. The decision for the transition of the group and the strategic plan Vision 2025 was accepted by the shareholders and the society and it was the right thing to do, stressed Mr. Siamisis.

Analyzing the two main aspects of Vision 2025, Mr. Siamisis stressed that on the one hand the goal is to protect the core activity through carbonation, carbon storage, green hydrogen, biofuels and recycling and on the other hand to accelerate the transition to the reduction by 50% of the group’s emissions with the ultimate goal of carbon neutrality by 2050.