Hellenic Petroleum’s (ELPE) plans for 2004 include further expansion of activities in SE Europe and enhancement of the group’s vertical integration, officials told the annual general meeting on March 31th. They said that the group’s Former Yugoslav Republic of Macedonia subsidiary, OKTA refinery, which posted a loss of 7.5 million euros in 2003, expects a turnaround in production and sales this year after the signing of a contract with Makpetrol, the state fuels marketing company.
ELPE’s new Charman and CEO, Mr Timos Christodoulou, said the company will replace independent auditors Ernst & Young, as required by law. Share holders approved a divident payout of 20 cents per share.