Hellenic Petroleum ELPE has begun preparations for the establishment of a new subsidiary as part of the group’s wider restructuring plan, dubbed Vision 2025. The subsidiary will be attached to a holding company to serve as an umbrella for subsidiaries representing the group’s activities.
As a first step, ELPE’s administration has decided to establish a new division for its refining, supply and petroleum and petrochemicals sales. ELPE plans to offer 130.1 million new shares for 10 euros each, which results in a total value of 1.3 billion euros for this new subsidiary.
The restructuring plan is expected to be completed by the end of the year with the establishment of all other subsidiaries, representing Commerce (EKO, BP), ELPE Upstream, ELPE Renewables, as well as a subsidiary hosting the group’s electricity and natural gas interests.
The Vision 2025 plan includes investments worth 4 billion euros to facilitate the group’s entry into the renewable energy sector and support new technologies for cleaner energy production.