Hel.Pe refinery group announces «shift» to cleaner energy in unveiling 4 bln€ mid-term investment plan

ATHEX-listed Hellenic Petroleum (Hel.Pe) this week unveiled a four-billion-euro mid-term investment plan, with an emphasis on “cleaner” forms of energy, along with targeted reductions in CO2 emissions, electric-powered transportation and hydrogen production.

The plan, dubbed “Vision 2020-2025”, was presented by Hel.PE president Yannis Papathanasiou, a former finance minister, and CEO Andreas Siamisiis.

A large part of the press conference focused on whether a 2003 merger agreement between state-run Hel.Pe and Petrola refinery, owned by the Latsis group, was still valid in terms of the all-important election of board of directors. The board of the refinery group appoints its top management.

At the time of the agreement, the Latsis group held a minority stake in merged new company.

Both Papathanasiou and Siamisiis said the current leadership applied a recently passed law, one ratified by a wide Parliament majority, which among others, cashiered seven out of the 13 board members.

Additionally, the new law reduced the number of board members to 11, and also foresees that no one shareholder can appoint more than two-fifths of top management.