Motor Oil – The four pillars of the energy transition
How the energy group greens the activities in refineries and gas stations. RES projects, cooperation with GEK TERNA in electricity generation with natural gas, and investments in hydrogen
Motor Oil’s energy transition plan is in full swing.
Sources of the group note that the business activities are based on four pillars and management and its executives work within them in order to adapt to the green economy.
Thus, investments continue in the first pillar consisting of the refinery as its revenues are the main source of liquidity. According to information from the listed company, in the middle of next year, the investment of 320 million euros for the naphtha unit will be completed.
The second pillar of the group’s activity is the marketing and retail of fuels. “We are planning the gas station of the future”, typically note sources of Motor Oil, where in 15 to 20 years the supply of vehicles will be dominated by electricity. Chargers but also development of retail and small catering will compose the new gas stations.
The third pillar includes the subsidiary with activities in RES, electricity and gas. Motor Oil will have at the end of 2022 with the beginning of 2023 in operation RES projects with a total capacity of 364 MW.
At the same time, it has a portfolio with RES licenses with a capacity of 650 MW and in it the projects are evaluated in order to implement the most mature ones. Thus, in 2025, Motor Oil will have 500 to 600 MW in operation and at the same time has set a longer-term goal of 1 GW.
Motor Oil in collaboration with GEK TERNA is proceeding with the construction of the natural gas power plant in Komotini, while the NRG subsidiary is also developing in the energy supply.
The fourth pillar of the energy transition for the energy group is the investments in hydrogen by participating in two major projects but also the part of the circular economy where it participates in tenders through consortia.