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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Hellenic Petroleum reports rise in bunker sales demand

01 Sep 2017 09:39 GMT

Greek refiner recorded an increase in bunker sector sales in Q2 and H1.



Hellenic Petroleum (HELPE) reports that it saw an increase in bunker sales demand during the second quarter (Q2) of 2017.

Between April and June, the Greek oil company says marine fuel sales volume rose "significantly" by 23 percent year-on-year (YoY).

Domestic sales to the bunkering sector during the first half (H1) of 2017, meanwhile, were up 19 percent YoY.

Combined H1 sales from bunkering and aviation amounted to EUR 684.6 million - an increase of 63.9 million, or 10.3 percent, on the EUR 620.7 million sales figure achieved a year ago.

With total group net sales of EUR 4,095.3 million in H1, revenue from marine fuels and aviation amounted to 16.7 percent of overall sales, compared to 21.1 percent last year (when total revenue was EUR 2,939.8 million).

In its overall results for Q2, profit after tax declined by EUR 28.3 million, or 39.2 percent, YoY to EUR 43.8 million.

For H1, after-tax profit increased by EUR 63.9 million, or 61.7 percent, YoY to EUR 167.6 million.

Refining sales volume fell in Q2 by 7 percent to 4.0 million tonnes YoY, whilst in H1 the YoY decrease was 11 percent to 7.4 million tonnes.

HELPE operates three refineries in Greece: in Aspropyrgos, Elefsina and Thessaloniki. The 148,000-barrel-per day (bbl/d) Aspropyrgos plant is HELPE's largest, whilst Elefsina and Thessaloniki produce 100,000 bbl/d and 93,000 bbl/d respectively. Together, they cover approximately 65 percent of Greece's total refining capacity.

All three facilities offer a full range of high-sulphur and low-sulphur marine fuels and distillates.

As Bunker Index previously reported, HELPE's bunker-producing refinery in Elefsina is set to be closed until later this month. The plant was shut down following the malfunction of a hydrogen production unit on July 10, and, as a result, the decision was made to bring forward the plan to perform maintenance work.

The start-up of the refinery and the completion of maintenance work are expected to take place in mid-September.






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