- The Elefsina Refinery upgrade, costing €1.7 billion, was completed between 2008-2012.
- The project included a hydrocracker and flexicoker, making it the second fully converted European refinery.
- Commercial operations began in 3Q12, increasing export capacity and reducing dependence on the Greek market.
- The upgrade aimed to reduce CO2 emissions by 5% over 5 years and cut the carbon footprint by 250,000 tons through renewable energy investments.
Project Overview
The Elefsina Refinery, a 100 kbpd coastal topping refinery with a private port and a tank farm of 3.3 million m³, underwent a major upgrade from 2008 to 2012. This transformation aimed to enhance its cash net-back capabilities.
Key Features
The upgrade was the largest manufacturing project in Southeastern Europe, making Elefsina the second fully converted European refinery with both a hydrocracker and a flexicoker. The refinery now produces middle distillates and naphtha.
Operational Milestones
The commissioning phase was event-free, and commercial operations began in the third quarter of 2012. The start-up teams and new refinery organization were fully in place, ensuring a smooth transition to enhanced operations.
Financial and Market Impact
The upgrade significantly impacted the Group's cash generation from the third quarter of 2012 onwards. The increased export capacity reduced the Group's dependence on the Greek market, providing greater financial stability.
Environmental Goals
The modernization projects at Elefsina and Thessaloniki refineries, costing €1.7 billion, improved the environmental footprint and air quality in neighboring areas. The long-term environmental targets include a 5% reduction in CO2 emissions per ton of crude oil over the next five years and a reduction of 250,000 tons of CO2 through renewable energy investments over the next ten years.
Ongoing Environmental Initiatives
The Group is committed to continuous improvement in environmental practices. This includes ongoing education and awareness programs for employees, customers, suppliers, subcontractors, public, and local authorities.
