Message from the Executive Vice President and CEO
Following the restrictions the pandemic brought to our lives, 2021 was the year of recovery, when society and economy were revitalised.
At Motor Oil Group, we remained staunchly committed to achieving a gradual transition to the new energy environment, setting dynamic goals:
- We are investing in large-scale projects, with a clear vision and responsibility.
- We are driving the transition to new forms of energy.
- We are expanding in the field of circular economy.
Operating with environmental and social sensitivity, we are furthering our investment and development plan.
We are at the final planning stage for the construction of the Floating Storage and Regasification Unit (FSRU). Dioriga Gas will significantly enhance the security of Greek and European supply, consolidating Greece as an energy hub in the wider region.
We are developing a state-of-the-art natural gas-fired Combined Cycle Gas Turbine Power plant, in cooperation with GEK TERNA, in the Industrial Area of Komotini.
We are committed to create a large portfolio of Renewable Energy Sources.
We are systematically building the program for production and provision of hydrogen with a low or zero carbon footprint, which will enter our lives within the next five years.
Having established the largest network of electric car chargers in Greece, we are now in the process of adding 2,000 additional charging stations.
We are implementing innovative solutions and digitising our operations and applications, starting from the refinery and extending to every area of our services and business activities.
We are targeting more operations in the field of circular economy. LPC, our subsidiary, already operates one of the largest and most technologically advanced lubricant regeneration refineries in Europe. At the same time, we are developing plans in order to become more active in the collection, treatment and utilization of waste from various activities.
At Motor Oil Group, we remained staunchly committed to achieving a gradual transition to the new energy environment, setting dynamic goals.
From the outset our core focus has always been anthropocentric. Our actions always encompass our employees and their safety, local communities and their empowerment, the financially and socially vulnerable.
2022 is a milestone year for the Motor Oil Group as we celebrate 50 years of operation.
Guided along our path by our vision to contribute to the Greek economy, we have always evolved by spearheading and shaping developments.
Yannis V. Vardinoyannis
Executive Vice President
and Managing Director
Message from the Head of ESG
2021 was the year that the global economy recovered strongly, supported by unprecedented fiscal and monetary stimulus in major economies, pent-up demand and increased public and private investments.
The large-scale vaccination campaigns that took place during the year put pandemic in relative check since new variants forced governments, on several occasions, to implement restrictive measures to limit contagion. Furthermore, early 2022 brought new uncertainties and challenges: The dramatic Russian – Ukraine conflict, apart from leading to intolerable loss of human life, has put the world in a significant risk of energy crisis and associated economic costs.
Indeed, the energy crisis has curbed some of the momentum behind sustainability in the interest of energy security but the direction for Motor Oil Group remains the same: As the world faces new challenges, we must not lose sight of the significance of taking clear action on climate change and designing a sustainable energy transition.
In light of the above, MOTOR OIL Group has developed an effective strategy, to support a sustainable development. We implement a holistic approach to sustainable development, with specific target, goals, action plans, goal alignments and related impacts. Our energy transition strategy is based on resilience and sustainable growth. We continue to operate our refinery while making investments aiming to improve operational efficiency and flexibility as we implement digital transformation projects and assess carbon capture and storage investments.
We continue to invest in E-Mobility by developing strategic partnerships and equipping our retail gas stations with EV charging points – we expect almost 1,000 EV charging points by 2023 and 4,000 in the longer term. We continue to diversify in Renewable Energy Sector through a series of acquisitions in RES leading to an expanded energy portfolio. In this context, in 2021 MORE owned a RES operating portfolio of 279MW. The total energy production from RES resulted to 585 GWh with CO2 avoidance of 360,000 tonnes of CO2e while our portfolio in 2030 is expected to exceed 2GW.
Finally, the Group is working to enhance its value proposition by expanding its product offering and manufacturing processes into the area of alternative energy sources where we invest in the field of natural gas, with the construction of a CCGT plant in Komotini and we continue with the development of a floating storage and regasification unit (FSRU).
Furthermore, Motor Oil Group is paving the way in investing and operating in renewable and alternative fuels sector and circular economy through the utilization of bio-based products, and waste products to produce energy and more environmentally friendly fuels. Moreover, we are planning an integrated large-scale hydrogen project while we will establish the Hellenic Hydrogen SA, (JV with PPC) with main objective the production and storage of green Hydrogen.
Our energy transition strategy, as briefly described above, is inextricably linked with our decarbonization targets which aim to absolute GHG emissions reduction (Scope 1&2) by 2030 and supporting a net zero target by 2050 (vs. 2021).
In Motor Oil Group we believe that this is the path to a sustainable energy transition, and we pivot our efforts towards a future that embrace both sustainability and a shared value for all stake-holders.
Head of ESG, Sustainability and Climate