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Motor Oil Reduces Initial Half Loss

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Motor Oil, the second largest oil refinery in Greece, reduced its initial half loss, which was assisted by decreased oil inventory taxes and deficits.

The corporation confirmed that its net loss decreased to 16.6 million euros, compared to last year's same timeframe that finalized at 31.6 million euros. A Reuters poll determined that the figure was less than the average analyst prediction, that was set at 9.4 million euros.  Experts predicted 64.7 million euros in gains, that actually held 61.5 million euros, prior to tax, depreciation, interest and EBITDA.

The nation has experienced a frail oil demand, along with a small refinery margin in the region, during its economic turmoil. Hellenic Petroleum who presides as the nation's largest oil refinery, confirmed a second quarter loss in July, which held an bigger figure than what was predicted.