Renewables

Hellenic Petroleum becomes HELLENiQ Energy to move into sustainability era

Hellenic Petroleum HELLENiQ Energy sustainability

Photo: HELLENiQ Energy

Published

September 21, 2022

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Published:

September 21, 2022

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Hellenic Petroleum changed its brand identity including the name. The company now called HELLENiQ Energy said it wants to leave behind a legacy structure and clear the way for renewables.

Shareholders of Hellenic Petroleum adopted the decision at an extraordinary meeting to change the name to HELLENiQ Energy. Following in the footsteps of the likes of Total – now TotalEnergies, British Petroleum (BP) and Statoil, which became Equinor, the oil refiner and petrochemicals producer said its umbrella brand reflects the intention to clear the way for renewable sources, emission cuts, e-mobility and new areas outside the core activity.

“We plan and implement a cleaner and more sustainable future for everyone. So as the energy market changes, so do we, to promote cleaner forms of energy,” Chief Executive Officer Andreas Shiamishis said.

Makeover includes corporate restructuring

HELLENiQ Energy revealed that it would also work to upgrade its governance and organizational structure. The iQ in the new name stands for ingenuity, according to the announcement.

The vision accompanying the change in the brand identity is to provide long-term access to sustainable energy for all, the company said. “Providing sustainable energy for the people and becoming carbon neutral as a company means we leave behind a legacy structure and commit to a new clear value proposition,” it added.

HELLENiQ Energy – from utility-scale solar power to offshore oil exploration

HELLENiQ is traded on the Athens Exchange, with a secondary listing on the London Stock Exchange. The company has built the biggest solar power park in Europe with two-sided (bifacial) panels. At the same time, it is conducting hydrocarbon exploration in the Ionian Sea and the Mediterranean.

Its competitor Motor Oil recently founded a clean energy subsidiary called MORE (Motor Oil Renewable Energy). Both refiners participate in a major green hydrogen project and are buying solar and wind farms and projects. Both companies are interested in offshore wind power projects in Greece. Motor Oil is also active in the geothermal energy business.

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