HELLENIC PETROLEUM’s 2020 Annual Report
The HELLENIC PETROLEUM Group has released its 2020 Annual Report. Already in 2019, the Group had announced its new strategy, prioritizing the energy transition as the main part of its vision.
Now, given the significant disruption expected in the international energy sector in the near future, the company has clarified its strategic initiatives, based on three pillars:
First pillar: Implementation of an ambitious program to reduce the carbon footprint of the Group’s industrial activities by approximately 30%, in terms of direct (scope 1) and indirect (scope 2) emissions. HELLENIC PETROLEUM also intends to fine-tune its planning regarding the reduction of indirect emissions (scope 3). In addition, in the next few years, the company will accelerate efforts to improve competitiveness, with digital transformation and procurement reorganization projects. The above will result in significant financial benefits, further to the reduction of CO2 emissions.
Second pillar: Investments to increase capacity in petrochemicals and biofuels production. It is worth noting that the Group has a strong presence in the propylene-polypropylene value chain, with the regional supply deficit expected to increase, while petrochemicals are estimated to be the main source of global oil demand growth in the coming decades. In addition, the Group intends to increase biodiesel capacity, fully covering the needs of its core markets with the production of raw materials.
Third pillar: rapid development of the Group’s RES portfolio, with an initial medium-term goal of 600 MW of installed capacity by 2025 and 2 GW by 2030. Achieving the goal by developing 1.3 GW of projects in various maturity stages, as well as acquisitions in wind (onshore and offshore) and storage technologies, will contribute significantly to the improvement of the Group’s environmental footprint. RES growth will account for more than 60% of the company’s expansion investments over the next decade.
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