May 28, 2010 at 10:34 am #2654
Hellenic Petroleum has EIB loan for refinery works
ATHENS, May 26, 2010 (Reuters) – Greece’s top refiner, Hellenic Petroleum, said on Wednesday it had secured loans from the European Investment Bank for a big refinery upgrade, as financing for Greek firms gets harder due to the debt crisis.
The EIB, the European Union’s lending arm, will provide a total of 400 million euros ($491 million) to help fund the upgrade of Hellenic’s Elefsina refinery near Athens.
The 1.2 billion euro Elefsina upgrade, one of the biggest industrial investments undertaken in Greece, is scheduled for completion in the second half of 2011, helping Hellenic boost sales by producing more high-value oil products.
“We are increasing significantly our lending to counteract the impact of the crisis on the Greek and European economies,” EIB vice-president Plutarchos Sakellaris said in a statement.
Greek banks have reduced financing for local companies as they struggle to preserve capital amid the debt crisis.
As a result of market concerns over Greece’s sovereign debt, Greek banks have lost wholesale market access to fund their operations and have become increasingly reliant on funding from the European Central Bank.
(Reporting by Harry Papachristou; Editing by Jon Hemming and Dan Lalor)
October 6, 2010 at 12:47 am #5480
Hellenic refinery upgrades nearly complete
Oct 4, 2010 By OGJ editors
HOUSTON — Hellenic Petroleum SA expects to complete work next year on upgrades of two of its refineries in Greece.
The company, based in Marousi northwest of Athens, will finish scheduled mechanical work by yearend at its 66,500-b/sd hydroskimming refinery at Thessaloniki, where it is debottlenecking distillation capacity and adding a 15,000-b/d continuous catalytic reformer (OGJ, Aug. 11, 2008, Newsletter). It will shut down the refinery for maintenance and tie-ins in the first quarter of 2011.
The Thessaloniki refinery is integrated with Hellenics 146,500-b/sd facility at Aspropyrgos, which has fluid catalytic cracking capacity, and a 100,000-b/sd topping refinery at Elefsina, both in Greece. It also sends crude oil to the companys 50,000-b/sd hydroskimming Okta refinery at Skopje, Macedonia, with which it is linked by pipeline.
Hellenics other upgrade is of the Elefsina refinery, to which it is adding a 40,000-b/d hydrocracker and a 20,000-b/d flexicoker (OGJ, Mar. 27, 2006, Newsletter). Construction is under way, with completion due in the second half of next year.
When the project is complete, the Elefsina refinerys capacity for handling medium to high-sulfur crude oil will increase to 100% from 60%. Its yield of light products will increase to 100% from 52%.
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