The Elefsina Refinery in Greece has undergone a major upgrade, transforming it into a top cash net-back refinery. It is the largest manufacturing project in Southeast Europe and combines a hydrocracker and a flexicocker. The upgrade will impact the Group's cash generation and reduce its dependence on the Greek market. The completion of previous modernization projects at the Elefsina and Thessaloniki refineries has also improved their environmental footprint. The Group is committed to reducing CO2 emissions and investing in renewable energy. They also prioritize ongoing environmental education and awareness.
- Elefsina Refinery, a 100 kbpd coastal topping refinery with private port and a tank farm of 3,3 mln M3, is transformed to a top cash net-back refinery through a major upgrade
- Largest manufacturing project in SEE Europe:
- – Second fully converted European refinery combining a hydrocracker and a flexicocker
- – Middle distillates and naphtha producer • Event-free commissioning phase; commercial operation over the next few weeks • Start-up teams and new refinery organisation fully in place
- Elefsina Refinery upgrade will impact Group cash generation from 3Q12 onwards • Incremental export capacity reduces Group’s dependence on Greek market
From Elefsina Refinery Upgrade Overview
The completion, in previous years, of the two major modernization-upgrading projects at the Elefsina and Thessaloniki refineries, amounting to €1.7 billion,resulting in a significant improvement of the refineries’ environmental footprint and the air quality in neighbouring areas, constitutes a most favorable condition and starting point with which to harmonize with the new emission levels recently decided at a European level concerning refineries. The long-term environmental targets, in key priority areas for the Group and refineries (as main production activity), are as follows:
- Reduction of tn CO2 emissions/ tn crude oil index by at least 5% though the next 5 years (refineries).
- Reduction of Carbon Footprint by at least 250,000 tn CO2 investing in renewable energy (at least 100MW self-produced electricity) through the next 10 years.
Moreover, the Group, with the objective of continuous updating on the best environmental practices and the development of corporate culture, on environmental protection and management, firmly and consistently implements a number of activities concerning ongoing environmental education and awareness for its employees, customers, suppliers, subcontractors, public and local authorities, etc.
From Hellenic Petroleum annual report 2014: