HomeNewsHelleniq Energy says close to final decision on green hydrogen investment

Helleniq Energy says close to final decision on green hydrogen investment

5/18/2023

(Reuters) - Helleniq Energy, Greece's biggest oil refiner, said on Thursday it is close to a final decision on a pilot green hydrogen investment at its Elefsina refinery.

The group, which operates three refineries in Greece, is also active in fuel sales, renewables and exploration for hydrocarbons.

Looking to improve the carbon footprint of its core activities, it is implementing several projects for the production of biofuel at its refineries.

As well as the green hydrogen investment, it is also evaluating an investment in a carbon capture and storage (CCS) facility at Elefsina to produce blue hydrogen.

Green hydrogen is made using electricity from renewable sources, while blue hydrogen is mainly produced from natural gas with the use of carbon capture and storage.

Helleniq has applied for EU funding to help finance the CCS investment but prevailing conditions "are not conducive for an immediate investment decision", it said, including funding priorities in Europe and storage.

With 0.34 gigawatt of wind and solar power in operation, Helleniq said it was looking at acquisitions in Greece and overseas to boost it to 1 gigawatt in the next two years.

"As far as announcements about potential acquisitions, I expect that in the next few weeks we will be able to announce a couple of such agreements," Chief Executive Officer Andreas Shiamishis said in a conference call with analysts.

The group on Thursday reported a more than quadrupling of its quarterly core profit on higher refining margins.

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