DOCSLIB.ORG

Annual Financial Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Financial Report ANNUAL FINANCIAL REPORT From 1 January to 31 December 2012 According to article 4 of L. 3556/2007 WorldReginfo - c9919244-266a-4ada-8bb0-8cf2f2faae25 OPAP S.A. Annual Financial Report 2012 TABLE OF CONTENTS I. Representation of the Members of the Board of Directors ........................................................... 5 II. Independent Auditor’s Report (Translated from the original in Greek) ............ 6 III. Board of Directors’ Report for the period 1.1.2012-31.12.2012 ..................................................... 8 A. Financial progress and performances of year 2012 ................................................................................... 8 B. Main developments during the year of 2012 and their effect in the financial statements ........................... 10 C. Main risks and uncertainties .................................................................................................................. 13 D. Prospects for 2013 ............................................................................................................................... 16 E. Related Parties significant transactions .................................................................................................. 18 F. Corporate Governance Statement .......................................................................................................... 20 G. Dividend policy – Distribution of net profit ............................................................................................. 49 H. Number and par value of shares ........................................................................................................... 49 I. Subsequent events ................................................................................................................................ 49 ANNEX ......................................................................................................................... 51 EXPLANATORY REPORT TO THE ORDINARY GENERAL MEETING OF OPAP S.A. SHAREHOLDERS PURSUANT TO ARTICLE 4 PAR. 7-8 OF LAW 3556/2007 ............................................................................. 51 IV. ANNUAL FINANCIAL STATEMENTS .................................................................................. 55 1. Statement of Financial Position ........................................................................................ 56 2. Statement of Comprehensive Income ................................................................................. 57 3. Statement of changes in equity ........................................................................................ 58 3.1. Consolidated statement of changes in equity ....................................................................................... 58 3.2. Statement of changes in equity of OPAP S.A. ...................................................................................... 58 4. Cash flow statement ...................................................................................................... 59 5. Information about the Company and the Group ..................................................................... 60 5.1. General information ........................................................................................................................... 60 5.2. Nature of operations .......................................................................................................................... 60 6. Basis of preparation ...................................................................................................... 60 6.1. New Standards, amendments to standards and interpretations ............................................................. 61 6.2. Important accounting decisions, estimations and assumptions .............................................................. 64 7. Summary of accounting policies ....................................................................................... 67 7.1. Basis of consolidation and investments in associates ............................................................................ 67 7.2. Foreign currency translation ............................................................................................................... 69 7.3. Operating segments ........................................................................................................................... 70 7.4. Income and expense recognition ........................................................................................................ 70 7.5. Property, plant and equipment ........................................................................................................... 71 7.6. Intangible assets ............................................................................................................................... 72 7.7. Goodwill ............................................................................................................................................ 73 OPAP S.A – 62 Kifissou Ave, 121 32 Peristeri, Greece, Tel : +30 (210) 5798800 2 WorldReginfo - c9919244-266a-4ada-8bb0-8cf2f2faae25 OPAP S.A. Annual Financial Report 2012 7.8. Impairment of assets ......................................................................................................................... 73 7.9. Leases .............................................................................................................................................. 73 7.10. Other non-current assets .................................................................................................................. 74 7.11. Financial assets ............................................................................................................................... 75 7.12. Inventories ...................................................................................................................................... 77 7.13. Cash and cash equivalents ............................................................................................................... 77 7.14. Restricted cash ................................................................................................................................ 77 7.15. Equity ............................................................................................................................................. 77 7.16. Income tax & deferred tax ............................................................................................................... 78 7.17. Provisions, contingent liabilities and contingent assets ....................................................................... 79 7.18. Financial liabilities ............................................................................................................................ 79 7.19. Retirement benefits costs ................................................................................................................. 80 7.20. Investment property ........................................................................................................................ 81 8. Structure of the Group ................................................................................................... 81 9. Dividend distribution ..................................................................................................... 81 10. Operating segment ...................................................................................................... 81 10.1. Business segments of OPAP Group of companies, for the years that ended on 31 December 2012 and 2011 respectively ...................................................................................................................... 82 10.2. Business segments of OPAP S.A., for the years that ended on 31 December 2012 and 2011 respectively .............................................................................................................................................. 83 10.3. Geographical segments .................................................................................................................... 84 11. Notes on the financial statements .................................................................................... 84 11.1. Cash and cash equivalents ............................................................................................................... 84 11.2. Restricted cash ................................................................................................................................ 84 11.3. Inventories ...................................................................................................................................... 85 11.4. Trade receivables ............................................................................................................................. 85 11.5. Other current assets ........................................................................................................................ 86 11.6. Intangible assets ............................................................................................................................. 87 11.7. Property, plant and equipment ......................................................................................................... 88 11.8. Investment in real estate properties .................................................................................................. 89 11.9. Goodwill .........................................................................................................................................
Load more

Recommended publications
  • AXIA Research
    Greece Outlook 2019: The year of the elections AXIA Research Table of Contents Start of a new era ......................................................................................................... 3 Early elections or at the end of the government’s term? ....................................................................... 3 Unexciting economic performance, while fiscal space shrinks without pro-growth ........................................... 4 Elections is the key catalyst for the markets .................................................................................... 5 Top picks ......................................................................................................................... 5 2019, the year of the elections ......................................................................................... 6 The day after the Prespa Agreement ......................................................................................................................................... 6 Timing of elections: May vs. September/October ...................................................................................................................... 7 Looking at recent polls ............................................................................................................................................................... 9 Strategies by Syriza and ND ahead and after the elections ...................................................... 13 Syriza to try to close the gap with ND as is already regrouping
    [Show full text]
  • ³Privatisation, Employment and Employees´ Nikiforos Manolas
    &RQIHUHQFHRQ ³3ULYDWLVDWLRQ(PSOR\PHQWDQG(PSOR\HHV´ 1LNLIRURV0DQRODV (FRQRPLVW 0LQLVWU\RI(FRQRP\DQG)LQDQFH *UHHFH 5HJXODWRU\ 5HIRUPV 6WUXFWXUDO &KDQJHV DQG 3ULYDWLVDWLRQ LQ *UHHFH GXULQJ V 3DSHU VXEPLWWHG EXW QRW SUHVHQWHG ± 2FWREHU $WDN|\ ,VWDQEXO 7XUNH\ 5HJXODWRU\5HIRUPV6WUXFWXUDO&KDQJHVDQG3ULYDWLVDWLRQLQ*UHHFHGXULQJV ,%DFNJURXQG During 90s, for the fist time in post-war history, Greek strategies for economic development shifted markedly reliance on market forces rather than on state-managed growth. In the pre-1974 period Greece’s state-led development strategy based on import substitution and credit allocation produced strong growth (7% with manufacturing on the average at 11.4% annually), combined with low inflation (4%) and small balance of payments deficits (2.1% of GDP) until 1974. From 1974 until 1995 the economy showed a completely different picture. GDP annual growth rate averaged 2%, manufacturing growth slowed to almost zero, annual inflation averaged 18%, and the average external deficit, as a share of GDP, doubled. This performance was much worse than that of its neighbors and the other countries of the European Union (EU). The economic slowdown can be attributed almost completely to two major factors, namely the decline in the share of total investments in GDP, and the decline in the productivity of new investments. In an environment which had led to a downward spiral in economic performance, ultimately resulting in crisis (of slowing growth) and many large private firms that had grown rapidly in
    [Show full text]
  • Constantinos Lambadarios
    Constantinos Lambadarios Constantinos Lambadarios is one of the leading transactional lawyers in Greece. He is the firm’s managing partner and head of the M&A, Real Estate and Competition/Antitrust practice groups. Under his bold and progressive leadership, Lambadarios has grown to become a modern, internationally minded firm and is increasingly recognized as one of the legal powerhouses in Athens. Constantinos himself is a dynamic and highly experienced corporate lawyer and is ranked and listed in the major legal directories. He has played a leading role in many landmark transactions, supporting domestic and international clients in realizing their strategic goals, and has a reputation for being relentless in his pursuit of practical solutions to even the most complex challenges. He is recognized by clients and directories alike as a thoroughly modern lawyer, combining acute commercial awareness and strategic thinking with deep technical expertise and outstanding communication, team and leadership skills. As well as advising on sophisticated financial arrangements and corporate transactions, Constantinos is also a highly skilled arbitrator and accredited mediator. He has also been instrumental in establishing the firm’s Epaminondas Lambadarios Scholarship, a scholarship set up in partnership with The Geneva LL.M. in International Dispute Settlement (MIDS) for aspiring Greek lawyers interested in pursuing a career in international dispute management. M&A As head of the firm’s M&A practice, Constantinos is an experienced and astute legal adviser and dealmaker. He has supported domestic and international clients from many sectors on a wide range of complex corporate transactions, from privatizations, domestic and cross-border mergers and acquisitions and restructurings to spin offs and disposals, joint ventures and share-purchase agreements.
    [Show full text]
  • Semi-Annual Financial Report
    SEMI-ANNUAL FINANCIAL REPORT OF THE GROUP AND EYDAP SA (COMPANY) FOR THE 1ST HALF OF 2019 IN ACCORDANCE WITH LAW 3556/2007 AND THE RELEVANT DECISIONS OF THE BOARD OF DIRECTORS OF THE CAPITAL MARKET COMMISSION Athens Water Supply and Sewerage Company S.A. GEMI NO. 121578960000 156 OROPOU GALATSI Semi-Annual Financial Report Period 01.01.2019 – 30.06.2019 Semi-Annual Financial Report Period from 1st January – 30th June 2019 The current Semi-Annual Financial Report was prepared according to Law 3556/2007 and the relevant decisions of the Board of Directors of the Capital Market Commission and includes the following: a) Statements of the Members of the Board of Directors b) Semi-Annual Board of Directors Management Report c) Interim Financial Statements for the period 01.01.2019 to 30.06.2019 d) Independent Auditor’s Report e) Data and Information for the period 01.01.2019 to 30.06.2019 It is declared that the current Semi-Annual Financial Report is the one which has been approved by the Board of Directors of “Athens Water Supply and Sewerage Company S.A.” on 25.09.2019 and is available on the internet at the web site address http://www.eydap.gr. 1 Semi-Annual Financial Report Period 01.01.2019 – 30.06.2019 Contents 1. STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS ---- ΣΦΑΛΜΑ! ΔΕΝ ΕΧΕΙ ΟΡΙΣΤΕΙ ΣΕΛΙΔΟΔΕΙΚΤΗΣ. 2. SEMI-ANNUAL BOARD OF DIRECTORS MANAGEMENT REPORT ------ ΣΦΑΛΜΑ! ΔΕΝ ΕΧΕΙ ΟΡΙΣΤΕΙ ΣΕΛΙΔΟΔΕΙΚΤΗΣ. 3. INTERIM CONDENSED FINANCIAL STATEMENTS --------------------------------------------------------------------------------------
    [Show full text]
  • FACTSHEET - AS of 27-Sep-2021 Solactive GBS Greece Large & Mid Cap USD Index PR
    FACTSHEET - AS OF 27-Sep-2021 Solactive GBS Greece Large & Mid Cap USD Index PR DESCRIPTION The Solactive GBS Greece Large & Mid Cap USD Index PR is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the Greek market. It is calculated as a price returnindex in USD and weighted by free-float market capitalization. HISTORICAL PERFORMANCE 30,000 25,000 20,000 15,000 10,000 5,000 0 Jan-2008 Jan-2010 Jan-2012 Jan-2014 Jan-2016 Jan-2018 Jan-2020 Jan-2022 Solactive GBS Greece Large & Mid Cap USD Index PR CHARACTERISTICS ISIN / WKN DE000SLA88M4 / SLA88M Base Value / Base Date 20567.58 Points / 08.05.2006 Bloomberg / Reuters / .SGRLMCUP Last Price 1007.83 Index Calculator Solactive AG Dividends Not included Index Type Price Return Calculation 8:00 am to 10:30 pm (CET), every 15 seconds Index Currency USD History Available daily back to 08.05.2006 Index Members 11 FACTSHEET - AS OF 27-Sep-2021 Solactive GBS Greece Large & Mid Cap USD Index PR STATISTICS 30D 90D 180D 360D YTD Since Inception Performance -3.79% -1.94% 3.19% 42.80% 9.25% -95.10% Performance (p.a.) - - - - - -17.80% Volatility (p.a.) 14.64% 18.14% 18.18% 24.49% 19.34% 39.78% High 1061.99 1061.99 1090.57 1090.57 1090.57 29018.58 Low 1005.59 934.88 934.88 615.28 842.27 523.70 Sharpe Ratio -2.57 -0.43 0.35 1.77 0.65 -0.45 Max.
    [Show full text]
  • Winter in Prague 144 Companies Representing 15 Countries Can Be Selected for Meetings Online
    emerging europe conference Winter in Prague 144 companies representing 15 countries can be selected for meetings online Atrium / X5 / Banca Transilvania / Torunlar REIC have recently signed up click here Registration closes on Friday Tuesday to Friday 4 November For more information please contact your WOOD sales representative: 29 November to 2 December 2016 Warsaw +48 222 22 1530 Prague +420 222 096 452 Radisson Blu Alcron Hotel London +44 20 3530 0611 [email protected] Companies by country Bolded confirmed Companies by sector Bolded confirmed Austria Hungary Romania Turkey Consumer Financials Healthcare TMT Atrium ANY Biztonsagi Nyomda Nyrt. Banca Transilvania Anadolu Efes Aegean Airlines Alior Bank Georgia Healthcare Group Agora AT&S Magyar Telekom Bucharest Stock Exchange Arcelik AmRest Alpha Bank Krka Asseco Poland CA Immobilien MOL Group Conpet Bizim Toptan Anadolu Efes Athex Group (Hellenic Exchanges) Lokman Hekim AT&S Conwert OTP Bank Electrica Cimsa Arcelik Banca Transilvania CME Erste Bank Wizz Air Fondul Proprietatea Coca-Cola Icecek Astarta Bank Millennium Industrials Cyfrowy Polsat S.A. Immofinanz Hidroelectrica Dogan Holding Atlantic Grupa BGEO Ciech LiveChat Software PORR Poland Nuclearelectrica Dogus Otomotiv Bizim Toptan Bank Pekao Cimsa Luxoft Raiffeisen Bank Agora OMV Petrom Ford Otosan CCC Bank Zachodni WBK Dogus Otomotiv Magyar Telekom RHI Alior Bank Romgaz Garanti Coca-Cola Icecek Bucharest Stock Exchange Ford Otosan O2 Czech Republic Uniqa AmRest SIF-2 Moldova Halkbank DIXY CSOB Grupa Azoty Orange Polska Vienna Insurance Group Asseco Poland Transelectrica Lokman Hekim Eurocash Erste Bank Grupa Kęty OTE Warimpex Bank Millennium Transgaz Migros Ticaret Folli Follie Eurobank HMS Group Turk Telekom Wienerberger Bank Pekao Pegasus Airlines Fortuna Garanti Industrial Milk Company Wirtualna Polska Holding Bank Zachodni WBK Russia Sabanci Holding Gorenje Getin Noble Bank Intercars Croatia CCC DIXY Teknosa Hellenic Petroleum Halkbank Mytilineos Atlantic Grupa Ciech Gazprom Tofas Kernel Hellenic Bank Pegas Nonwovens Podravka Cyfrowy Polsat S.A.
    [Show full text]
  • WOOD's Winter in Prague
    emerging europe conference WOOD’s Winter in Prague Tuesday 5 December to Friday 8 December 2017 Please join us for our flagship event - now in its6th year - spanning 4 jam-packed days. We expect to host over 160 companies representing more than 15 countries. Click here & For more information please contact your WOOD sales representative: Tuesday: Energy, Industrials and Materials Register Warsaw +48 222 22 1530 Wednesday: TMT and Utilities Now! Prague +420 222 096 453 Thursday: Consumer, Healthcare and Real Estate London +44 20 3530 7685 Friday: Diversified and Financials [email protected] Invited Companies by country Bolded confirmed Austria Hungary Kruk LUKOIL Aygaz AT & S ANY LPP Luxoft BIM Atrium Budapest Stock Exchange Mabion M.video Bizim Toptan BUWOG Gedeon Richter mBank Magnit Brisa DO&CO Graphisoft Park Medicalgorithmics MMK Cimsa Erste Group Bank MOL Group Orange Polska Moscow Exchange Coca-Cola Icecek Immofinanz OTP Bank Pfleiderer Group Mostotrest Dogus Otomotiv OMV Waberer’s PGE MTS Erdemir PORR Wizz Air PGNiG NLMK Garanti Raiffeisen Bank Iraq PKN Orlen Norilsk Nickel Halkbank Strabag DNO PKO BP NovaTek Is REIT Telekom Austria Genel Energy PKP Cargo O’KEY Isbank Uniqa Kazakhstan PLAY PIK Kardemir Vienna Insurance Group KMG EP Prime Car Management Polymetal International Koc Holding Warimpex Nostrum Oil & Gas PZU Polyus Lokman Hekim Croatia Steppe Cement Synthos Raven Russia Migros Ticaret Podravka Lithuania Tauron Rosneft Otokar Czech Republic Siauliu Bankas Warsaw Stock Exchange Rostelecom Pegasus Airlines CEZ Poland
    [Show full text]
  • Winter in Prague Tuesday 5 December to Friday 8 December 2017
    emerging europe conference Winter in Prague Tuesday 5 December to Friday 8 December 2017 Our 2017 event held over 4 informative and jam-packed days, will continue the success of the previous five years and host almost 3,000 investor meetings, with over 160 companies representing 17 countries, covering multiple sectors. For more information please contact your WOOD sales representative: WOOD & Company Save Warsaw +48 222 22 1530 the Date! Prague +420 222 096 452 conferences 2017 London +44 20 3530 0611 [email protected] Participating companies in 2016 - by country Participating companies in 2016 - by sector Austria Hungary Romania Turkey Consumer Financials Healthcare TMT Atrium ANY Banca Transilvania Anadolu Efes Aegean Airlines Alior Bank Georgia Healthcare Group Asseco Poland AT&S Budapest Stock Exchange Bucharest Stock Exchange Arcelik AmRest Alpha Bank Krka AT&S CA Immobilien Magyar Telekom Conpet Bizim Toptan Anadolu Efes Athex Group (Hellenic Exchanges) Lokman Hekim CME Conwert MOL Group Electrica Cimsa Arcelik Banca Transilvania Cyfrowy Polsat S.A. Erste Bank OTP Bank Fondul Proprietatea Coca-Cola Icecek Astarta Bank Millennium Industrials Luxoft Immofinanz Wizz Air Hidroelectrica Dogan Holding Atlantic Grupa BGEO Aeroflot Magyar Telekom PORR Nuclearelectrica Dogus Otomotiv Bizim Toptan Bank Zachodni WBK Cimsa O2 Czech Republic RHI Kazakhstan OMV Petrom Ford Otosan CCC Bucharest Stock Exchange Ciech Orange Polska Uniqa Insurance Group Steppe Cement Romgaz Garanti Coca-Cola Icecek Budapest Stock Exchange Dogus Otomotiv OTE Vienna
    [Show full text]
  • Business Review 2007
    BUSINESS REVIEW 2007 40 STADIOU, GR-102 52 ATHENS BUSINESS REVIEW 2007 Alpha Bank owns one of the most complete collections of ancient Greek coins with more than 10,000 items from the entire ancient Greek world. In 2007, the Bank organised, for the first time since its foundation, the exhibition “Hellenic Coinage: the Alpha Bank Collection” at the Benaki Museum. In the exhibition, which was viewed by more than 11,000 visitors, 500 ancient coins were shown, minted in regions ranging from the current Great Britain to India and from Ukraine to Africa, among which many unique ones. For this reason, it was decided to illustrate the Business Review of the Bank, for the year 2007, with some of the masterpieces and the rarities of the Alpha Bank Numismatic Collection. Aegina. Silver stater, 479-456 BC O: Turtle. R: Incuse square, divided into five compartments (skew pattern). The first city-state in Greece to struck its own coins was Aegina around 560 BC. The iconographic type distinctive of the staters of Aegina, from the beginning to the end of its coinage is the turtle. On the reverse of the early Aeginetan coins is an irregular incuse square, which as time passed acquired a definite shape, divided by cross-arms into quadrants. The schematic reverse type of these first coins in Greece has been the Alpha Bank logo since 1972. Table of Contents TABLE OF CONTENTS page. BRIEF HISTORY ........................................................................................................................... 5 KEY INDICATORS........................................................................................................................
    [Show full text]
  • Company Update Strategy to Penetrate New Markets Pays Off
    Metka Greece/ Basic Resources Company update Investment Research Reason: Estimates Revision 3 June 2013 Buy Strategy to penetrate new markets pays off Recommendation unchanged Share price: EUR 10.70 Despite the uncertain global economic environment, Metka’s strategy to closing price as of 31/05/2013 penetrate new markets in Africa and Middle East bears fruits, securing Target price: EUR 13.80 new EPC contracts that help replenish backlog. Metka’s attractive from Target Price: EUR 12.70 investment case remains intact due to: a) solid position in a broad region Reuters/Bloomberg MTKr.AT/METTK GA (SE Europe, Middle East, Africa) which is characterized by substantial Daily avg. no. trad. sh. 12 mth 46,695,000 opportunities due to rising demand and high infrastructure needs, b) Daily avg. trad. vol. 12 mth (m) 488,890.88 increasing importance of natural gas as the fuel of choice for thermal Price high 12 mth (EUR) 12.70 power plants, c) strong balance sheet estimating a net cash position of Price low 12 mth (EUR) 5.55 c.EUR 190m by the end of 2013 and c.EUR 260m by the end of 2014. In Abs. perf. 1 mth -7.2% this framework, we raise our target price to EUR 13.80 from EUR 12.70 Abs. perf. 3 mth -12.3% Abs. perf. 12 mth 82.9% previously, reiterating our Buy recommendation. Market capitalisation (EURm) 556 Metka’s backlog currently stands at around EUR 1.0bn, conservatively Current N° of shares (m) 52 excluding from our estimates the second awarded project in Syria with a budget of EUR 678m as opposed to the first project which is in an Free float 43% advanced phase.
    [Show full text]
  • EUROBANK ERGASIAS S.A. €5 Billion Global Covered Bond
    BASE PROSPECTUS EUROBANK ERGASIAS S.A. (incorporated with limited liability in the Hellenic Republic with registration number 000223001000) €5 billion Global Covered Bond Programme Under this €5 billion global covered bond programme (the Programme), Eurobank Ergasias S.A. (the Issuer) (formerly known as EFG Eurobank Ergasias S.A., which changed its name to Eurobank Ergasias S.A. on 2 August 2012) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities (as amended) (the Prospectus Act 2005) to approve this document as a base prospectus (the Base Prospectus). By approving this base prospectus, the CSSF does not give any undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer in accordance with Article 7(7) of the Prospectus Act 2005. Application has also been made to the Luxembourg Stock Exchange for Covered Bonds issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange’s regulated market and to be listed on the official list of the Luxembourg Stock Exchange (the Official List). This document comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC as amended (which includes amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area) (the Prospectus Directive) but is not a base prospectus for the purposes of Section 12(a)(2) or any other provision of or rule under the United States Securities Act of 1933 (as amended) (the Securities Act).
    [Show full text]
  • Motor Oil (Hellas) Not Planning to Invest in Sulfur Reduction Of
    In The MarkeTs Motor Oil (Hellas) Not Planning to Invest in Sulfur Reduction of Refinery Streams For the time being Motor Oil (Hellas) has ucts of 1.5 million cm, of which fuel oil elected not to invest in units designed to reduce accounts for 440 kcm. At its truck loading ter- the sulfur content of refinery streams. As such, minal, MOH has storage capacity of 31 kcm of MOH will continue to produce high sulfur which 3 kcm is for fuel oil. RMG (or heavier) type material as well as 0.1%S In 2014, Motor Oil (Hellas) imported a gasoil for bunker fuel and inland burning in the total of 2.1 million mt of fuel oil. Of that Mediterranean basin, according to an analysis amount, 150 kt was HSFO, 350 kmt SRFO, of Motor Oil (Hellas)’s Relina Kontoyiannis at and 1.6 million mt LSFO. MOH’s local sales World Fuel Oil Summit VIII in Athens on May amounted to 1.25 million mt, including 520 21-23, 2015. World Fuel Oil Summit VIII was kmt for bunkers, 690 kmt for the Public Power hosted by the Public Power Corporation of Corporation, and 40 kmt for the civil sector. In Greece and organized by Axelrod Energy 2014, MOH produced 3 million mt and Projects. The 200 kb/d MOH refinery is locat- exported 2.7 million mt of fuel oil. With ed near the city of Corinth, Greece, 80 km respect to the destination of MOH’s fuel oil southwest of Athens. Depending on runs and exports (HS RMG) in 2014, Saudi Arabia crude slate, the plant has the capacity to pro- accounted for 31 percent and Singapore 24 duce up to 8,200 mt per day and 3.00 million percent.
    [Show full text]