Oil and Gas

UPDATE 2-Hellenic Petroleum commits 50% of spending to clean energy

(Adds planned change of charter)

ATHENS, May 6 (Reuters) - Hellenic Petroleum, Greece’s biggest oil refiner, plans to spend half of a total capital expenditure of between 3.5 billion 4 billion euros ($9.03 billion) on clean energy projects in the coming years, its top executive said on Thursday.

Hellenic operates three oil refineries in Greece but has been boosting its renewable energy portfolio under Greece’s plan to increase its share of green energy as part of a binding European Union target for a 55% cut in CO2 emissions by 2030.

“We have a plan at the order of 3.5 to 4 billion euros,” Chief Executive Andreas Shiamishis said of the group’s spending plans by 2030 at an online briefing presenting the group’s strategy for 2020-2025.

Shiamishis said half of that would go into traditional activities and the other half in projects that will help the group’s transition to cleaner energy.

In a bid to improve its corporate governance, Hellenic will also seek shareholders’ approval later this month to change its charter and allow the election of a leaner board of directors which will be chosen by the general assembly of shareholders based on specific criteria.

The group is also looking to change its corporate structure to improve financing and reduce its carbon footprint.

“Our aim is to reach a 50% improvement (of our carbon footprint) by 2030,” Shiamishis said. “To achieve that, we need to transform our business strategy.” ($1 = 0.8304 euro) (Reporting by Angeliki Koutantou in Athens Editing by David Goodman and Matthew Lewis)