Helleniq Energy says close to final decision on green hydrogen investment (updated)

HELLENiQ ENERGY Holdings

18/05/2023 16:37

(Rewrites with hydrogen investment)
       ATHENS, May 18 (Reuters) - Helleniq Energy  HEPr.AT ,
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 its Elefsina refinery 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. 
    It 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. 
    The group on Thursday reported a more than quadrupling of
its quarterly core profit on higher refining margins.
    Excluding inventory holdings, Helleniq's earnings before
interest, tax, depreciation and amortisation came in at 404
million euros ($444.7 million) in the first quarter, up from 99
million euros in the same quarter in 2022.

($1 = 0.9084 euros)

 (Reporting by Angeliki Koutantou; Editing by Kirsten Donovan)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))