Greek Refineries: No problem with crude oil supply

Sources from HELLENiQ Energy and Motor Oil merely noted that they are closely monitoring developments in the oil market. The same sources said the war in the Middle East and Iran is not causing any immediate impact on the two refineries.

Fuel reserves

As sources at HELLENiQ clarified, “the events in the Middle East are not expected to have an immediate impact on the refinery’s supply…We have sufficient oil reserves. In fact, they exceed the mandatory 90-day requirement.”

Alternative crude oil supply sources
According to refinery sources, alternative crude oil sources have been secured to support fuel production for the Greek and export market.

Alternate sources emanate from Turkey – a transit country – and producers Libya, and Egypt, the sources emphasized.

Greek refineries have not imported Iran crude for nearly a decade.

According to a report published by AXIA – Alpha Finance on Monday morning:

“The routes and supply chains of the Greek refineries, HELLENiQ ENERGY and Motor Oil, are likely to shift to alternative sources if conditions persist. In the short term, both refining companies appear able to cover their input needs for several weeks…In the medium to long term, there may be a need for alternative supply sources, more so for Motor Oil than for HELLENiQ ENERGY, while the available time will allow for the planning of alternative solutions.”