Greek refiner Hellenic Petroleum SA (ELPE.AT) expects to complete an upgrade of its 75,000 barrel-a-day Thessaloniki refinery at the end of February 2011, the company's Chief Executive John Costopoulos said Monday.
Greek refiner Hellenic Petroleum SA (ELPE.AT) expects to complete an
upgrade of its 75,000 barrel-a-day
Thessaloniki
refinery at the end of February 2011, the company's Chief Executive John
Costopoulos said Monday.
The refinery is expected to shut down in mid-January or early February to tie
in new units to existing equipment.
Meanwhile, an upgrade of Hellenic's 100,000-barrel-a-day Elefsina refinery is
expected to be completed by the end of 2011, Costopoulos said.
The upgrade programs are aimed at producing more middle distillate products. They
will enable Hellenic to convert two million metric tons a year of low-quality
fuel oil into ultra low-sulfur diesel, which has a higher value.
"The market conditions are very tough and will remain so,"
Costopoulos said, but the investments are justified by an anticipated rise in
Mediterranean diesel consumption through 2025.
The Mediterranean region consumes more diesel than it produces - and this
deficit is expected to persist in the medium term, he added.
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