Message from the Vice Chairman and CEO
Undoubtedly, 2023 was a turbulent year; but it was also a year that brought forward the prospect of change, more than ever before.
In 2023, the world experienced significant geopolitical challenges and persistent economic uncertainty. Conflicts globally fueled the forces of fragmentation and protectionism while the subsiding energy crisis left behind rampant inflation, dislocated markets and anemic growth prospects amongst the European economies.
On the other hand, the challenges of 2023 reminded us to appreciate the importance of our values and the resilience of our established systems, while being captivated by new drivers of growth and positive change such as artificial intelligence and clean energy technologies.
As we stand at the precipice of monumental change in the global energy landscape, we are faced with a difficult equation. In an era where the imperativeness of sustainability and environmental preservation intersects with the increasing need for affordable and secure energy , Motor Oil Group has embraced the challenge with unwavering determination and a forward-thinking approach.
We, at Motor Oil Group, have realized that the only path towards a future powered sustainably, is through a present powered by affordable and secure energy, alongside a deliberate and ambitious transition program.
We intend to pursue a balance between energy sustainability, affordability and security which we believe will guide us through to a sustainable future This is why we are deploying 1.5 billion Euros towards the resilience and enhancement of our traditional energy infrastructures, in order to ensure a smooth and stable transformation.
This amount is part of a 4 billion Euro investment plan, a cornerstone initiative aiming to lead our transition towards a more energy-sustainable future in Southeast Europe. This is one of the largest energy transition plans in the region and underscores our unwavering dedication to balancing the imperatives of energy security, environmental stewardship, and the affordability of energy for future generations.
In the face of geopolitical challenges that often shape investment decisions, we recognize the critical importance of diversifying energy sources and supply routes while at the same time investing in renewable energy and advancing energy efficiency technologies. Through strategic initiatives and partnerships, we are actively refocusing our Oil & Gas portfolio on projects with low-carbon emissions while expanding into renewable electricity, alternative fuels, and circular economy.
Our development strategy revolves around four pillars:
1. Energy Stability: We are enhancing the efficiency and sustainability of our refinery operations, leveraging digitization and innovation to minimize our carbon footprint, while ensuring the energy security of our country in a rapidly evolving geopolitical landscape.
2. More Energy, Less Emissions: Our commitment towards more renewable energy sources is evident through our ambitious target of 2.0 GW, which will drive forward our transition towards a low-carbon energy future. The vehicle to accomplish this is MORE (Motor Oil Renewable Energy). MORE operates a modern portfolio of 839 MW installed capacity, 94% of which is wind-based power generation units.
3. Energy Beyond: Embracing the potential of alternative fuels, and biofuels we are pioneering new frontiers in energy. Our initiatives lead to the development of a low-carbon energy hub at our Corinth refinery and have been facilitated by European programs such as IRIS, EPHYRA, and TRIERES.
4. The Circle of Growth: Through our circular economy subsidiaries, we managed to minimize waste, maximize resource efficiency, and foster a regenerative ecosystem for future generations. By closing the loop on production and consumption, we mitigate environmental impact while unlocking new avenues for innovation and growth.
Our people are the driving force behind our success. More than 6.000 people are directly or indirectly employed by the Group’s companies. In 2023, not less than 250 people have joined our workforce with direct employment. We are fostering a culture of innovation harnessing the talents and ideas of the younger generation in order to drive positive change. Moreover, with a social product of 1.2 billion Euros in 2023 and a measurable social footprint we have contributed significantly to the well-being of the local communities.
For over 50 years, Motor Oil Group has operated with a pioneering spirit, navigating the complexities of the energy landscape with resilience and foresight. As we look towards the future, we remain solid in our commitment to creating a more resilient, sustainable, and inclusive energy system for the generations to come. An energy system that will produce low-cost cleaner energy for all.
Yannis V. Vardinoyannis
Vice Chairman and CEO
