There is no sign of energy prices deescalating any time soon, Hellenic Petroleum (ELPE) group CEO Andreas Siamisiis has noted during a conference call staged for a presentation of the group’s 3Q results.
The ELPE chief executive expressed concern over the sharp rise in energy costs, which have impacted the recovery of the group’s results, despite nearly doubled operating profit in the third quarter.
Higher energy costs are subduing, to some extent, ELPE’s positive results, the chief executive noted, adding that figures in 4Q are expected to be just as good, if not better.
The group’s restructuring plan is progressing at a rapid pace for completion by the end of this year, in accordance with the initial schedule, Siamisiis pointed out.
ELPE, whose revised business plan incorporates major green-energy investments, is expected to be rebranded in early 2022.