Hellenic Petroleum expects big drop in transport fuel demand

Greece’s biggest oil refiner Hellenic Petroleum expects a double-digit drop in demand for transport fuel in Greece this year as the coronavirus restrictions have hurt travel, its chief executive officer said on Wednesday.

Greece expects tourist arrivals to fall sharply this year due to Covid-19. This will consequently impact demand for gasoline, aircraft and ship fuel in the country, Andreas Shiamishis told a virtual news conference.

“A drop of 20-30% in demand for transport fuel in Greece would be a favorable scenario taking into account its heavy reliance on tourism,” he said.

Hellenic Petroleum and the Greek government are jointly selling a 100% stake in state-controlled gas distribution network DEPA Infrastructure to help open up the gas sector, part of an agreement between the country and its lenders after it exited its latest bailout in 2018.

Greece has short-listed six investors in the sale and Shiamishis said a preferred bidder could be named later in the year or in the first quarter of 2021.

[Reuters]