Committed to the goal of a gradual transition to the new energy environment, Motor Oil is setting dynamic targets. With an overall presence in the "energy" scene of the country and the wider Eastern Mediterranean region over the last 50 years, Motor Oil remains a leading force gazing decisively into the future. Looking into 2030, the company is moving forward with the largest energy transition investment plan in Southeastern Europe.
Strategic Priorities with a "green" perspective
In the shadow of the broader geopolitical and economic instability, as well as major environmental challenges, the Group's long-term dynamic goals show a strong commitment to secure energy supply, accelerate energy transition, and drive sustainable shareholder returns, while simultaneously being in full alignment with the strategic priorities of the Group which are expressed as follows:
- Commitment to acting responsibly
- Enhancement energy efficiency
- Acceleration of the renewable energy penetration
- Investment in new sustainable technologies
- Provision of energy & mobility solutions to customers
With the largest energy transition investment plan in Southeast Europe, Motor Oil Group is committed to strategic investments on two axes.
Firstly, the Group will invest more than €2.5 billion for investments regarding growth and energy transition. Under this umbrella are investments in RES which are of strategic importance for the Group, petrochemical products, natural gas, biofuels, hydrogen and of course decarbonization.
Secondly, the Group plans to invest more than €1.5 billion to strengthen its infrastructure and resilience, such as: facilities maintenance, logistical improvements, digitalization, efficiency and HSSE projects, i.e., in projects that enhance the safety of infrastructure and employees. It should be noted that the Group's Refinery, one of the most advanced in Europe, is undergoing major projects to improve its energy efficiency.
It is worth noting that significant progress is being made in achieving a shift to cleaner forms of energy, improving efficiency, and strengthening e-mobility. However, the Group's management has adopted an investment and development plan that supports this shift while creating jobs, growth, and value for all stakeholders, sustainably, responsibly, and consistently, with environmental and social awareness while contributing significantly to the country's GDP.
The path to a more sustainable future is realized through four strategic pillars for Motor Oil
The first pillar concerns the expansion of the renewable energy portfolio. The newly established subsidiary MORE is growing dynamically, with investments and projects of high value and pivotal importance. At the same time, it is strategically advancing and expanding its production units and services for a better and more sustainable future. Already within four years the Group has a capacity of about 800 MW. It is noted that after the agreement with ELLAKTORAS, the Group is closer to its next target of an installed capacity of about 1 GW, which will be able to supply green energy to about half a million households. At the same time, MORE will have a portfolio of projects in various stages of development with a capacity of more than 2.2 GW. Over a ten-year period, MORE aims to maximise value and further expansion by targeting an installed capacity of 2 GW by 2030.
The second pillar in which the Management focuses on, is the electromobility network, incharge. The Group continues to invest in E-mobility developing strategic partnerships and continuously equipping its gas stations with charging points. In fact, 1,000 electric vehicle charging points and installation of fast chargers are expected by 2023. By 2030, the target is to reach 4,000 charging points. With a market share of more than 30%, Motor Oil through its brands Coral and Avin (in Greece, North Macedonia, Serbia, Croatia, and Cyprus) intends to develop attractive customer destinations across the retail network, facilitating the penetration of e-mobility into the lives of citizens.
The third pillar concerns the circular economy and the renewable and alternative fuels. In the last two years significant investments have been made in these two areas. Indicatively, the acquisition of Verd, the joint venture with PPC to produce green hydrogen, the construction, in cooperation with GEK TERNA, of the Combined Cycle Gas Turbine (CCGT) power plant fueled with natural gas in Komotini and the acquisition of Thalis in the field of solids and waste management, water and wastewater treatment, resource and energy saving and the use of renewable energy sources in infrastructures.
The fourth pillar concerns the improvement of the resiliency and sustainability of Motor Oil's Refinery. It is noted that the It is recalled that the Group's Refinery, located in Ag. Theodoroi in Corinth is the largest purely private industrial complex in Greece and is considered one of the most modern refineries in Europe with a complexity index of 12.61 (Nelson Complexity Index). The construction of the Naphtha Treatment Complex was recently completed and the investment in a new propylene unit will soon begin. At the same time, investments are continuing in the energy upgrade and infrastructure optimization at the Refinery.
The ambitious operating and financial targets
- 30% CO2 emissions reduction (Scope 1, 2) by 2030
- Net zero emissions (Scope 1, 2, 3) by 2050
- €2.5 billion in energy transition investments by 2030
- Over 40% of Group EBITDA will come from non-fossil activities
- Over 2.0 GW RES operating capacity by 2030
- More than 4,000 EV charging points by 2030
Green investments are well and truly under the Group's microscope. As the world faces new challenges, the Group remains committed to taking clear action on climate change, as well as planning for a sustainable energy transition.
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Motor Oil (Hellas) Corinth Refineries SA published this content on 25 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2022 09:13:09 UTC.
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