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Hellenic to Shut Okta Refinery in Macedonia for Work September 12, 2010

Posted by Yilan in Macedonia, Yunanistan.
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Hellenic Petroleum SA, Greece’s largest refiner, plans to shut its Okta oil refinery in Macedonia in the “next few weeks” for maintenance.

The plant will be halted for 20 to 25 days, Hellenic Chief Financial Officer Andreas Shiamishis said today in an interview in London. A second shutdown will take place during the same period next year, also for as long as 25 days, he said.

The refinery has the capacity to process 65,000 barrels of oil a day, according to a company presentation handed to Bloomberg News at the interview. Hellenic also has three refineries in Greece, able to handle 315,000 barrels of oil daily, the presentation showed.

The company’s 140,000 barrel-a-day Aspropyrgos plant is running at full capacity, Shiamishis said. Its 100,000 barrel-a- day Elefsina facility and 70,000 barrel-a-day Thessaloniki refinery are running at 60 percent to 70 percent, he said.

Hellenic is building a hydrocracker at the Elefsina plant to produce more diesel and construction is expected to be completed in July, the CFO said. Output of diesel will rise to 64 percent from 24 percent, according to the presentation.

Profit margins from turning crude oil into fuels in the Mediterranean fell to an average of $2.81 a barrel in the quarter to Sept. 2 compared with $3.92 in the second quarter, according to data by BP Plc. Margins were estimated at $1.59 in the third quarter of 2009, according to the data.

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