Release date: 16 November 2009
Promoter – Financial Intermediary
Hellenic Petroleum SALocation
Description
Construction and operation of new oil conversion units at the existing refinery of Hellenic Petroleum at Elefsis.
Objectives
The upgrade will result in the elimination of heavy fuel oil, a higher production of clean fuels in line with EU specifications, and a significant improvement of the refinery’s environmental performance.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 400 million
Total cost (Approximate amount)
EUR 1 200 million
Environmental aspects
The project concerns the upgrading of an existing refinery to improve competitiveness by converting heavy oil products to high quality fuels. It falls under Annex II of the EIA directive 85/337/EEC and its amendments. Due to its technical characteristics and potential impacts on the environment, an EIA was conducted by the promoter and approved by the environmental authorities that issued the environmental permit in 2008.
Procurement
The project is a private sector operation. Procurement followed procedures identified by the promoter as suitable to ensure an appropriate level of competition, project quality and transparency.
Status
Signed - 12/05/2010
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).