Motor Oil: Fuel market losses will be recovered by the end of the year

The assessment that the fuel market will this year recover all the losses suffered due to the crisis, which means that sales will be close to the level of 2019, expressed the deputy managing director of Motor Oil Petros Tzannetakis during the briefing of the analysts on the results semester of the group.

“We are very close to full recovery, by the end of the year it is expected that the void of the crisis will have been covered due to the strong receipts due to the increase in tourist traffic”, said Mr. Tzannetakis.

Motor Oil reported record results for the first half of the year, while according to Mr. Tzannetakis’ comments, both sales and refining margins remain strong, albeit at a slightly lower level than in the second quarter. He added, however, that there remains the risk of lower sales due to high fuel prices, which he said has yet to be seen.

The company’s results are expected to be boosted by the commissioning of the new naphtha processing unit towards the end of the year, which will increase the production of high added value products.

Mr. Tzannetakis estimated that by the end of the year, the acquisition of Ellactor will be completed, which includes the acquisition of 30% of the parent company’s shares and a 75% stake in the company that exploits Renewable Energy Sources.

According to the clarifications he provided:

– An extraordinary general meeting of shareholders will be held next week to close legal pending matters.

– The agreement provides for the possibility of reselling 15% of Ellaktor’s shares to Reggeborgh after two years, at the price at which they were acquired.

– Motor Oil is in the process of evaluating the new company’s renewable energy projects that will proceed on a priority basis.

He also reiterated that the company procures crude from traders and implements the framework of sanctions against Russia.

SOURCE: APE-ME