ELPE (Hellenic Petroleum), to post financial results today amid the pandemic’s adverse conditions, seen also impacting the global petroleum industry throughout 2021, is expected to announce adjusted losses of 14 million euros for 4Q in 2020, following a profit of 24 million euros in the equivalent period a year earlier, according to an Optima Bank estimate.

The petroleum group’s adjusted EBITDA for 4Q is expected to be 62 million euros, a 48 percent reduction from the previous year.

As for 2020, overall, ELPE’s adjusted EBITDA is expected to be 318 million euros, a 44 percent reduction. Adjusted losses are expected to be 1.5 million euros following a profit of 182 million euros in 2019.

The petroleum group intends to move ahead with a transformation plan and green-energy investment plans this year.

ELPE, as an initial goal, aims to develop a RES portfolio totaling 300 MW capacity in 2021 and 600 MW by 2025.

The corporate group has already begun work on a 204-MW project in Kozani, northern Greece, following a takeover deal.

Any prospect of a recovery by the global petroleum industry appears distant. Many facilities around the world have continued to restrict their operations.

A recent Wood Mackenzie report projected the European refining industry will register losses measuring 1.4 million barrels per day until 2023 as a result of the pandemic’s ongoing lockdown measures.

At least two refineries in the Mediterranean region are currently examining the prospect of closing down.