ELPE: A mammoth dividend is coming in 2022

By Harry Floudopoulos

The previous quarter was one of the best since the beginning of 2020, said the management of the Hellenic Petroleum Group during the presentation of the third quarter and 9 month results to the analysts. As stressed, ELPE showed improved profitability in all activities, despite the fact that the results were affected by the impact of higher energy prices and CO2 emissions, which is a cause for concern. “We see the market returning and demand leading to an improvement in margins,” said A. Siamisis, the group’s chief executive, adding that high crude prices are expected to remain high. He expressed his concern about the continuation of the environment of high energy prices, which he said will not change.

In terms of business developments, the management of ELPE informed that the construction of the new 204MW photovoltaic park in Kozani has been completed 75%. Its completion is expected by the end of the year and its start in the first quarter of 2022. At the same time it was announced that in the tender for the sale of DEPA Infrastructure the preferred investor is Italgas with the share of ELPE from the sale amounting to 256 million euros . The purchase agreement is expected to be signed by the end of the year and the transaction is expected to close in the first half of 2022.

Finally, the administration of ELPE announced that it has already informed the Hellenic Hydrocarbons Management Authority (EDEY) about its intention to return the license for the West Patraikos block. The move, made in collaboration with Energean, which is also involved in the concession, effectively marks the end of hydrocarbon exploration in the area, which according to preliminary estimates has a potential oil reserves of 100 million barrels.

Dividend

The management of ELPE reaffirmed its intention to proceed with the distribution of a dividend equal to 50% of the revenues from the sale of DEPA infrastructure, which was at 256 million euros. A big return for the shareholders is expected, said Mr. Siamisis, noting that in addition to the 128 million from the sale of DEPA Infrastructure, there will be a significant payment for the year 2021, which will also be a significant number. As Mr. Siamisis stressed, no interim dividend is announced as the group is in the middle of the transformation process.

DEPA Marketing

Moreover, as the management stressed in the coming months, concrete steps should be taken in relation to the group’s presence in the natural gas sector. We must focus on one of our investments (DEPA Commerce and Elpedison) we can not run 2 companies in the same sector, concluded Mr. Siamisis.