ELPE (Hellenic Petroleum) must accept that the world and energy markets are changing, and adjust accordingly without delay, chief executive ELPE chief executive Andreas Siamisiis has told analysts, during a presentation of the petroleum group’s 1Q results.

The company will strive to accelerate the progress of its energy transformation effort through a strategic plan dubbed “Vision 2025”, focused on five key pillars, the ELPE chief noted.

The implementation of Environmental, Social and Governance (ESG) criteria for a carbon emission reduction of 50 percent – a 30 percent cut by 2030 and a further 20 percent cut through the group’s increased RES investments – stands as one of the plan’s five key pillars.

A total of 1.7 billion euros in RES investments is planned for the period concerning ELPE’s “Vision 25” strategy. The sum will cover development of new RES units and takeovers.

The group’s updated investment plan promises to greatly exceed annual amounts invested in recent years, the administration noted.

Half of the amount comprising ELPE’s updated investment plan is expected to focus on upgrades of refineries, the group’s main activity, with investments in eco-friendly fuel, biofuel, energy efficiency and hydrogen. The other half of the investment amount will be used for RES units.

The company also plans to transform its corporate structure with the establishment of a holding company as an umbrella for separate subsidiaries representing the fuel trading, electricity, gas and RES sectors.

Implementation of this corporate restructuring plan is expected to begin about two months after a general shareholders’ meeting in June.