Helleniq Energy, Greece’s biggest oil refiner, said on Thursday it is close to a final decision on a pilot green hydrogen investment at its Elefsina refinery.

The group, which operates three refineries in Greece, is also active in fuel sales, renewables and exploration for hydrocarbons.

Looking to improve the carbon footprint of its core activities, it is implementing several projects for the production of biofuel at its refineries.

As well as the green hydrogen investment, it is also evaluating an investment in a carbon capture and storage (CCS) facility at its Elefsina refinery to produce blue hydrogen.

Green hydrogen is made using electricity from renewable sources, while blue hydrogen is mainly produced from natural gas with the use of carbon capture and storage.

It has applied for EU funding to help finance the CCS investment but prevailing conditions “are not conducive for an immediate investment decision”, it said, including funding priorities in Europe and storage.

The group on Thursday reported a more than quadrupling of its quarterly core profit on higher refining margins.

Excluding inventory holdings, Helleniq’s earnings before interest, tax, depreciation and amortisation came in at 404 million euros ($444.7 million) in the first quarter, up from 99 million euros in the same quarter in 2022.
Source: Reuters (Reporting by Angeliki Koutantou; Editing by Kirsten Donovan)