HelleniQ CEO Shiamishis queried over group’s potential interest in Lukoil refinery in Bulgaria; strong 9-month results announced

Helleniq Energy on Thursday reported strong nine-month results on the back of what it called a favorable refining environment, while also unveiling higher operating performance and exports.

HelleniQ cited robust adjusted EBITDA at 400 million euros and adjusted net income of 218 million euros for the third quarter.

Nine-month EBITDA reached 968 million euros; 496 million euros in adjusted net income.

In briefing market analysts on Thursday, HelleniQ CEO Andreas Shiamishis also fielded a question over the group’s potential interest in the large Lukoil refinery in Burgas, on the Black Sea.

The HelleniQ chief merely responded that the group is closely following the development, reminding that the unit in Bulgaria is no longer run by Lukoil, following the Russian invasion of Ukraine. The refinery has passed into the hands of the Bulgarian state.

At the same time, he said the HelleniQ group is committed to reducing its carbon footprint, as cited in its Vision 2025 investment plan, in tandem with boosting investment in RESs and «clean energy».

In a related development, media reports this week again referred to the prospect of revisiting the decades-old Burgas-Alexandroupolis pipeline project. However, in a significant difference from the previous plan, a new pipeline would ship crude oil to Bulgaria after off-loading at the northeast Aegean port of Alexandroupolis, instead of off-loading in Burgas and transporting by pipeline to Alexandroupolis.

Unconfirmed reports cited interest by HelleniQ Energy and the Copelouzos group.