Hellenic Petroleum SA (ELPE.AT) is reducing output from its 100,000-barrel-a-day Elefsina refinery in Greece due to poor refining margins, said a person at the company familiar with the situation Thursday.
Hellenic Petroleum SA (ELPE.AT) is reducing output from its 100,000-barrel-a-day Elefsina refinery in Greece due to poor refining margins, said a person at the company familiar with the situation Thursday.
The refinery will run at around 75% of its full capacity until refining margins - the difference between the price of the crude refiners buy and the price of the products they sell - recover.
"We are cutting back refinery production at our Elefsina refinery because of the pressure on margin. The Elefsina refinery is an old refinery and there is pressure on margins, it's not economically worthwhile to run it at full capacity, so we are slowing down production," the source said.
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