
On its 50th birthday, Motor Oil is taking the next big step and creating Motor Oil Renewable Energy (MORE Energy).
“Our main characteristic is continuous development. Today we are transferring the experience of the last 50 years to our next step, MORE”, said the deputy CEO of the energy group, Petros Tzannetakis, yesterday during a special event for the group’s new company in green energy. The experienced executive and one of the trusted associates of the Vardinogiannis family marked the transition of the Corinth refineries group to the era of RES and cleaner forms of energy. But, as he underlined, his contribution to the country’s energy security.
“Consistency, continuity, stability, reliability, but also an M, like the initial letter of MORE, which stands for Measure, are the values with which we move towards the sustainable development of the group”, emphasized Mr. Tzannetakis from the Faros area in the Center “Stavros Niarchos” culture, sending the message of the well-balanced and sustainable course that Motor Oil follows even in the midst of uncertain times, such as the energy crisis.
Verticalization
The deputy CEO of the group with the creation of MORE essentially announced the further verticalization of the activities of the Motor Oil group in four axes:
- Refineries with energy efficiency and carbon sequestration,
- Investment in electrification and increase in RES,
- Development of the “Gas Canal” for future LNG and hydrogen storage
- Energy production from waste.
Motor Oil’s investment plan includes its expansion into cleaner forms of energy and hydrogen.
MORE and Ellaktor
The general manager of MORE Energy, Victor Papaconstantinou, explained the strategic choice of the group’s development in RES: “It is the form of energy that does not depend on other countries and has a low cost” he emphasized and gave a preview of the financial dimensions of the Motor Oil member company.
As he said, the invested capital amounts to 1.6 billion. euros and the EBITDA is estimated at 130 million euros.
The installed capacity when the acquisition of Ellactor’s RES portfolio is completed will be close to 1 GW, while the pipeline of permits creates a pool of candidate projects of the order of 2.2 GW. According to what Mr. Papakonstantinou said on the sidelines of the event, the acquisition of the former “Anemos” is expected to be completed at the end of the year.
He said that in this phase MORE Energy will gather RES, manage energy as a Body of Power Storage Representation with a total capacity of 500 MW, and energy trade.
The new company of the Motor Oil group sees foreign markets, while its further growth will come with organic growth but also with acquisitions of mainly mature RES licenses.
Taxation of additional income
At the end of yesterday’s event at “Stavros Niarchos”, management officials were invited to comment on the European Commission’s regulation and the government’s decision to tax the additional revenues of the refineries with an extraordinary 33%.
As they noted, the specific provisions of the Regulation have ambiguities, such as, for example, whether oil trading companies will also fall under taxation. In addition, they raised the issue of whether the profits from the maintenance of safety stocks should also be included in taxation, as well as those derived from the activities of the outbound activity of the Greek refineries.


Latest News

PM Mitsotakis Visits Israel for Talks on Defense, Energy, and Stability
According to sources, the meetings will cover bilateral collaboration as well as regional developments, particularly in the Eastern Mediterranean and Syria.

Pyatt stresses major Greek role in regional energy map, importance of ongoing Greek-Turkish talks
The former US Assistant Secretary of State foe Energy Resources passionately underlines importance of NATO and America's Global Alliances for US security

Applications for Child Benefit Open Again
The electronic platform for submitting Child Benefit applications, A21, will re-open at 08:00 on Monday, March 31, 2025.

Ellinikon Redevelopment Advances: Key Projects on Track
Spanning 17,000 square meters, the shopping center has already leased out 75% of its space, with an average rental price of 85 euros per square meter.

Aid Arrives as Myanmar Struggles with Earthquake Aftermath
Aid is starting to arrive after the powerful 7.7-magnitude earthquake which struck central Myanmar on Friday, causing widespread devastation and claiming over 1,000 lives.

Over 60% Greeks Own a First Home, 39% a 2nd Home: European Report
The responses from 20,000 European adults who participated in the “RE/MAX European Housing Trend Report 2024,” conducted by Opinium Research for RE/MAX Europe, highlight the evolving expectations for residential spaces

Europe’s Economic Outlook Brightens, But Caution Remains, Says Citigroup
Citi forecasts a slight increase in growth from 0.8% in 2024 to 1% this year, with further acceleration slightly above potential in 2026-27.

Greece Fast-Tracks Chevron’s Offshore Entry, Eyes Third Player
Chevron has formally expressed interest in the offshore area "South of the Peloponnese" and, as of March 26, also for blocks "South of Crete I" and "South of Crete II."

‘MEGA NEWS’ – MEGA’s New 24-Hour Channel Debuts March 31
MEGA NEWS will be available via MEGA Play, the website www.megatv.com, and from May 1 on COSMOTE TV

Tax Debt in Greece Surpasses €110 Billion, 23% is Uncollectable
Over 70% of Greece's tax debt is owed by just 9,830 taxpayers, which are mostly large companies.