The big reorganization of the Hellenic Petroleum group was started by the company’s management within the framework of its strategic plan “VISION 2025” which it had presented at the end of last Spring.
The ultimate goal is to create a holding company, under the roof of which the business sectors of the group will pass in the form of subsidiaries.
Thus, the board decided the first split of its industry. This is the sector of refining, supply and sales of petroleum and petrochemicals. The assets and liabilities of the sector will be transferred to a new company as recorded in the accounting statements of June 30.
As it also comes out of the announcement announced by HEL.PE on the Athens Stock Exchange, the shares are 130,100,000 with a value of 10 euros each. This means that the total value of the industry, which is the heavy artillery of the group, amounts to 1.3 billion. euro. The shareholder of the new company, as mentioned above, will be “Hellenic Petroleum”.
Sources state that by the end of the year, the corporate transformation of the listed company will have been completed with the creation of the other subsidiaries. These will be the trade and retail (EKO and BP) with domestic and international activities, HEL.PE Renewables, new activities (electricity and natural gas) as well as hydrocarbon exploration and production.
The aim of the reorganization of the group is the promotion of the activities of HEL.PE, the emphasis of the new activities of “green” and clean energy but also the flexibility in finding financing resources.
The whole process will be crowned with the change of the name of Hellenic Petroleum, with a logo that will refer to the new era.
The corporate reorganization program of the group is accompanied by the energy transformation with an investment program of 4 billion. euros in the next five years. Half of the funds will be allocated to the development of RES and the production of cleaner forms of energy.
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