Hellenic Petroleum will submit an offer in a tender for hydrocarbon exploration rights in field 1 of northwestern Ionian Sea, which has raised doubts from Albanian authorities. Addressing a general shareholders’ meeting, Hellenic Petroleum CEO Grigoris Stergioulis said the company has discussed the issue of field 1 with the Greek Foreign Ministry and decided to submit an offer -although it is not the most interesting project- to avoid any questioning of the country’s territorial rights. Chairman Efstathios Tsotsoros expressed the Group’s full support to the families of the four workers who lost their lives during a fire accident, “the worst accident in the company’s history” as he noted. Referring to current developments, Tsotsoros said that completion of the negotiations will limit uncertainty, although the measures currently discussed will possible affect economic growth. Stergioulis added that with a euro-bond issue in 2014, Hellenic Petroleum is prepared to face any difficult situations and underlined the challenge of operating in international markets while the domestic banking system is facing liquidity problems. Tsotsoros said the Group’s strategy envisages a further strengthening of export activities (Hellenic Petroleum already exports 50% of production), evolving into a significant energy group in Eastern Mediterranean, strengthening safety, raising retail market shares from 30% to 40% over the next five years. Domestic market losses total 42% since 2009. Hellenic Petroleum plans to lower its debt by selling non-strategic participations by 2017. (Source: ANA-MPA)
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