ELPE plans bond issue to refinance debt – Greece, 28 September 2016

According to Greek newspapers, the country’s largest oil refiner Hellenic Petroleum (ELPE) is planning new bond issue in order to refinance an existing 500 million euros bond which is due in May 2017. The new bond should be issued by the end of the year. With the issuance of new five-year bond that will mature […]

Major oil reserve discovered in Gulf of Patras – Greece, 26 September 2016

Hellenic Petroleum (ELPE) announced that a significant oil reserve in the Gulf of Patras has been confirmed by a study of seismic surveys. The reserves are estimated to be on par with those at Prinos oilfield . The initial estimate of extractable oil is between 80 and 100 million barrels, while the ongoing processing of […]

OKTA achieved EBITDA of 7 million euros in H1 – Macedonia, 31 August 2016

Despite the further drop in international oil prices which resulted in lower sales revenues, Macedonian oil refinery OKTA, owned by Greek Hellenic Petroleum, achieved record profitability in the first half of 2016. The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 7 million euros in the first half of 2016, compared […]