29 May 2018
minutes read

Cooperation with the Hellenic Railways Organization

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that it has entered into a Memorandum of Understanding (MoU) with the HELLENIC RAILWAYS ORGANIZATION (OSE) regarding an investment project concerning the modernization of the part of the approximately 9.5 km long existing railway line connecting the Company’s Agioi Theodoroi Refinery with the Isthmos station at Korinthos. More specifically, the Company has undertaken the task to turn the currently metric width railway line into a regular width railway line in accordance with the international railway standards. The project will be effected by MOTOR OIL under the technical supervision of OSE staff. Upon completion of the project, the railway line will belong to OSE and form part of the National Railway Infrastructure.

The modernization of the railway line is expected to facilitate the transportation of petroleum products to Northern Greece, Balkan countries and Central Europe through the Rail Freight Corridor 7 of which OSE is a member.

The Company will provide update to the investment community regarding the progress of the project with subsequent announcements.

Maroussi, May 29, 2018.

The Board of Directors