Annual Report 2018
60 Years Producing Energy

Production and Trading of Petrochemicals

Financial Data and key operational indicators

€ m. 2018 2017
Sales 315 267
Adjusted EBITDA 100 95
Performance Indicators
Sales Volumes (ΜΤ ΄000) – Total 279 243
International Polypropylene Margin (€/ΜΤ) 481 477

Petrochemical activities mainly focus on the propylene-polypropylene-BOPP value chain. The Aspropyrgos refinery produces propylene, which meets a significant part of the raw material demand of the Thessaloniki refinery. The Group’s petrochemical plant at the refinery of Thessaloniki also produces solvents and minerals, with its output being directed to Mediterranean markets.

Based on its financial contribution, the propylene-polypropylene-BOPP value chain represents the main activity for petrochemicals. Export activity is particularly important, as 65% of sales volumes are directed to Turkey, Italy, the Balkans and the Iberian where they are used as a raw material in a range of manufacturing applications.

The production of polypropylene amounted to 243 thousand MT, while the respective propylene output at Aspropyrgos refinery was 199 thousand MT, both record highs.

Of petrochemical’s sales volumes are exported

In 2018, petrochemical sector profitability remained strong, with Adj. EBITDA at €100 million.

Petrochemical Sales

Evolution of benchmark PP margins 2017-2018