Energy – Motor Oil Strategic Partnership with PPC on Green Hydrogen

Motor Oil Refineries announced a strategic partnership in green hydrogen with PPC Greece, the county’s largest electric power company. The company also approved a record 199.4-million-euro dividend distribution to its shareholders, or 1.80 euros per share, in a general meeting to be paid out on Wednesday, July 3rd.

This marks the highest amount the company, a leader in the Greek petroleum industry in oil refining and fuel trading, has distributed since its listing on the Athens Stock Exchange.

Ioannis Vardinogiannis, Vice President and CEO of the company announced the company would be entering into a strategic alliance with Greece’s Public Power Corporation (PPC) in green hydrogen.

“Green hydrogen mainly concerns the future, and our strategic alliance with DEI (Public Power Corporation) provides us with ample development opportunities. The decision for the uses of hydrogen will be determined by its cost,” noted Ioannis Vardinogiannis, Vice President and CEO.

The decision came in light of Motor Oil’s expanding portfolio in renewable energy sources (RES), increasing involvement in alternative fuels and the cyclical economy.

Petros Tzannetakis, Deputy CEO of the company, highlighted that Motor Oil was constantly evolving and is called upon to take a leading role in the new era. “Its subsidiary in renewable energy, “MORE”, has a portfolio of 839 MW in renewable energy sources, with 93% being wind power,” he stated.

Recently, Motor Oil announced its subsidiary “MORE” would be participating in a joint venture with a 49% stake, where the majority stakeholder with a 51% stake is “Alive Renewable Holding Limited”, a subsidiary of the Bucharest-listed company “PREMIER ENERGY PLC”.

Source: tovima.com