Yannis Vardinoyannis sent a strong message to Europe regarding the direction of energy policy, as well as to the investment community regarding Motor Oil’s prospects, during the annual general meeting of shareholders.
Developments in the Middle East and the new geopolitical upheavals were at the center of the remarks made by the Group’s chairman and CEO, who emphasized that Europe must now- reexamine critical decisions made in recent years in the energy sector.
According to Yannis Vardinoyannis, the European strategy of the previous period placed disproportionate emphasis on rapid decarbonization, while simultaneously limiting a significant portion of the capacity of European refining groups.
Recent geopolitical developments have demonstrated just how critical a factor security of supply remains for the stability of economies and markets, one of the conclusions drawn by the head of Motor Oil, who, in responding to shareholder questions regarding the impact of the conflicts on the energy market, noted that in just four years, the international community has faced two large-scale wars, a fact that, as he pointed out, has brought the issue of security to the forefront.
A potential agreement in the Middle East could help restore calm to international markets, mitigating the risks that conflicts pose to the economy and the energy supply chain. Nevertheless, as long as Europe continues to address energy policy in isolation from geopolitical developments, the risks to energy supply will remain very real.
Petros Tzannetakis, for his part, reiterated the group’s position and assurance that it is in a strong operational position, with the capability to process different grades of crude oil and adapt to changing market conditions.
This flexibility, he noted, constitutes a significant competitive advantage during a period of heightened uncertainty. He had also elaborated on this position during the group’s presentation to fund managers and analysts as part of the announcement of its 2025 financial projections.
According to Motor Oil’s deputy CEO, management will continue to invest in new sectors, shaping a more resilient business model in the face of changes in the international environment. Motor Oil has emerged as one of the strongest players in Greece’s renewable energy market, ranking second in the sector. Investments in renewable energy will continue, with careful evaluation of opportunities and the goal of creating sustainable value for shareholders and the company.