Our Stategy
Our Transformation

The energy transition is changing the global energy sector at an accelerating pace

On the back of the accelerating energy transition, the Group has embarked upon a holistic transformation, named “Vision 2025”. “Vision 2025” sets an agenda to capitalize upon opportunities created by the changing energy landscaping.

“Vision 2025” consists of five key elements:

  • Setting clear environmental targets, including a 50% reduction in our GHG footprint by 2030 and a commitment to net zero by 2050
  • Adjusting the strategy and capital allocation in line with energy transition and GHG targets
  • Supporting this strategy with a fit-for-purpose Group legal structure
  • Upgrading corporate governance in line with the new legal framework and best-in-class practices
  • Relaunching our corporate identity

Our strategy is focused on creating a balanced portfolio across our core business and New Energy, allowing us to capitalize on opportunities afforded by the accelerated Energy Transition.

Our strategy is focused on creating a balanced portfolio across our core business and New Energy

Our strategy unfolds across 4 key pillars:

  1. Future proof our core business: Improve competitiveness and extend license to operate of our refining asset base, through the following key initiatives:
    • Decarbonization of operations through energy efficiency and optimization, use of renewables for electric energy needs, use of cleaner fuels and of blue/green hydrogen
      • As part of this effort the Elefsina refinery will become a testbed for energy transition and decarbonization through investments in energy efficiency, a co-generation unit to improve security of supply and enable investments towards energy efficiency, blue hydrogen through carbon capture, pilot production of green hydrogen through the use of RES electricity and on-site solar energy production
      • Furthermore, the Thessaloniki refinery will be upgraded with a 2G biodiesel coprocessing unit to increase sustainable feedstock in our fuel products
    • Improve our refineries’ competitiveness through:
      • Ongoing Digital Transformation Program applied to the Group's business units and centralized services
      • New procurement optimization program
      • Optimization of the new refining operation model, maximizing the capabilities of all three refineries as well as the synergies between them
      • Growing exports to the Mediterranean and the Balkans and developing international oil trading capabilities
    • Development of fuels marketing and petrochemicals:
      • Growing petrochemical activities through investments to increase capacity, vertical integration with refining, expanding high value products’ output
      • Transformation of fuels marketing towards new energy services and products
  2. Manage our E&P portfolio: Consider strategic options for our E&P portfolio, aiming to focus efforts on natural gas prospects in collaboration with credible partners that have the necessary capabilities:
    • Consider strategic options for our oil-focused prospects
    • Continue exploration program on natural gas focused prospects
  3. Growth in RES and New Energy: Establish a material business in renewable energy, follow the technology frontier in New Energy and integrate energy products and services, through the development of a significant Renewable Energy Sources portfolio, targeting 600 MW operational capacity in 2023-2025 and over 2 GW by 2030
  4. Consolidate position in power and gas: Participate in national and regional power and gas markets through:
    • Utilization of ELPEDISON's position in power generation, energy management and retail sales
    • Complete divestment from DEPA Infrastructure