Motor Oil Hellas: By the end of the year, the completion of the transaction for ELLAKTOR

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By Haris Fludopoulos

The aim is to complete the transaction for ELLAKTOR by the end of the year, the management of Motor Oil Hellas stated yesterday during the presentation of the results of the first half of the year to the analysts. The extraordinary General Assembly of MOH will be held next week, in which the necessary legal approvals are expected to be obtained, at the same time that the spin-off and operation of the new company to which ELLAKTOR’s RES activities will be transferred is progressing.

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The management of MOH reiterated that the main objective of the group through the transaction that includes the acquisition of 30% of the shares of ELLAKTOR was the RES activities, in the context of the transformation of the group into a more holistic energy company. For this reason, the agreement includes the possibility of MOH to sell 50% of the shares of ELLAKTOR that it acquired in Reggeborgh within 2 years after the transaction.

Regarding the new major investment to create a reformer unit at the Aghii Theodori refinery, management said it is in the final stages of completion and will start operating at the end of October. This means that the group will have additional income from the operation of the reformer for the last two months of the year.

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In terms of Russian oil supply, MOH received its last cargo of Urals crude last February and has not had another cargo since then. As far as the VGO supply is concerned, this is done by traders, so the company cannot know if it comes from Russia. In any case, MOH complies with the rules on sanctions, the administration said in response to a related question.

For the RES sector, the development of the 84MW projects continues, for which the financing scheme was closed and are now in the construction phase with a completion horizon of 2023. At the same time, opportunities from existing licenses or new projects are being examined, while the portfolio is also being evaluated projects of ELLAKTOR in order to select the next projects to be developed.

Finally in relation to the dividend, management reiterated that historically the group has paid good margins for dividends which it will continue to do, however it clarified that there are no plans for an extraordinary dividend. At the same time, the company began to buy back shares more actively than in the past.

Source: Capital

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