Hellenic Petroleum eyes new markets; examines cooperation with PPC

Hellenic Petroleum (ELPE) is open to collaborations with PPC that will facilitate the deregulation of electricity market and at the same time will allow the company to offset losses suffered from the reduction of market share.

Hellenic Petroleum CEO Grigoris Stergioulis underlined in an event on Tuesday that the company is planning to enter new energy markets, adding that according to estimates the liquid fuel will only be used for long distance transport in ten years, while new energy resources such as electricity and possibly hydrogen will dominate urban transportation. This implies changes in the structure of the retail network, namely petrol stations, that should be redesigned in order to meet the new needs.

 In relation to the prospects of cooperation with PPC, Hellenic Petroleum officials stressed that according to the memorandum, PPC's market share should be limited to 50 percent by 2020. They added that the best option for PPC in order to compensate for these losses would be to proceed with partnerships in energy production, the construction of new units together or create joint-ventures in which each side will contribute with its production capacity.

 Hellenic Petroleum operate in the production of electricity and retail supply through Elpedison, a joint venture with Italy's Edison.

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