Helleniq Energy CEO Andreas Siamisis referred to the imposition of a special levy on refinery profits, saying that the amount of the levy is not yet known and that it will not affect the dividend for 2023 but for 2024 and 2025.

He said the extraordinary levy is not a Greek phenomenon but a European directive; however, it is based on the mistake that it refers to excess profits. "There are no excess profits; we do not charge more than we should. The basis of comparison is the years when we had coronavirus, and one euro coming out today will look like an excess profit. It is a construct of Europe," he said.

He also said that 50% of the group's profits come from exports. "Our company is already operating as an energy hub; we are investing billions in it. 50% of the profitability does not come from Greece. Together with Motor Oil, we add value to the Greek economy in terms of profits, taxes, jobs, and influence in the region. The timing is not the best; it is a bit of a surprise, but we will deal with it," he said.

EXPLORATIONS

On the hydrocarbon exploration underway in the Ionian Sea and west-southwest of Crete, Siamisis said that if we are lucky, in 2027 we will have a different shareholders' meeting. He reiterated, however, that no decision has been taken yet on the implementation of exploratory drilling. "Seismic surveys have been completed in all areas, and the interpretation of the data from these surveys is ongoing, which needs another 6–12 months. We will look at the technical, environmental, and political issues, and within 12–18 months we will take a decision whether to go ahead with exploratory drilling," he said.

Shiamisis made extensive reference to institutional issues in the fuel market, with an emphasis on the cap on profit margins, which he called for the removal of, and delinquency. "There is theft at a very high, double-digit percentage of service stations in Greece. We are trying to operate with the right quality and quantity, and we have to compete with petrol stations that sell lower than what they buy from the refinery. Only a miracle can explain buying 1 cubic and selling 1.5. Controls have increased, but the issue is serious and affects healthy business in the industry that does not steal from customers and pays taxes to the state," he said.

In relation to prices, he pointed out that of the approximately 2 euros that are the price at the pump, 1.2 euros are taxes, and of the remaining 80 cents, 60–65 cents are the cost of crude, "so our possibilities to support consumers are limited," he said.

DEPA

In regards to DEPA, in which Helleniq still holds a 35% stake (the state owns 65%), Siamisis claimed that the most likely outcome is to leave the business, which has changed from being a gas company to an energy company that competes with Helleniq. Also pending is the takeover (or exit) by Elpedison, in which Helleniq and Edison each have a 50% stake.