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First reported Nov 14 2013 - Updated Nov 14 2013 - 1 reports

3rd Quarter Results

? PRESS RELEASE 14November, 2013 THIRD QUARTER / NINE-MONTH 2013 FINANCIAL RESULTS Positive 3Q13 results, on Elefsina refinery optimization, increased exports and improved operational performance across all our businesses, despite the challenging international ... [Published TrustNet - Nov 14 2013]


"The already challenging environment has deteriorated in 3Q13. Crude supply was further curtailed with a negative impact on our margins. Despite the adverse external environment, the Group recorded a positive result, achieving improvement in all controllable areas. The performance of our refineries is constantly improving; the yield of high value products ranks among the top in the European refining sector, highlighting the competitiveness of our asset base, following the significant investments of the 2007-2012 period. Our sales to international markets are consistently increasing, enhancing our export orientation. Our strategy and efforts in our Marketing business, both Domestic and International, as well as in Petchems are yielding improved results. Furthermore, focus on our efforts to improve competitiveness continues to produce significant tangible benefits, with increased contribution vs previous quarters and a positive effect on performance across our activities." Key highlights and contribution for each of the main business units were: REFINING, SUPPLY & TRADING - Domestic Refining Adjusted EBITDA amounted to...

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3rd Quarter Results [Published TrustNet - Nov 14 2013]
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