HELLENiQ Energy announces 5 billion euro refinery investment plan

HELLENiQ Energy CEO Andreas Siamisis has announced a major investment program aimed at upgrading the company’s refineries in Thessaloniki, Aspropyrgos, and Elefsina. The planned investments, estimated between 3 and 5 billion euros over the next decade, focus on increasing the production of high-value products such as diesel and gasoline by 10-15%.

A central component of the company’s regional strategy is the reactivation of the 213-kilometer Vardax pipeline. This infrastructure connects the Thessaloniki refinery to the OKTA facilities in North Macedonia. After being inactive for several years, the pipeline has been repurposed to transport refined products rather than crude oil. It currently supplies approximately 80% of North Macedonia’s diesel needs and also serves markets in Kosovo and Serbia.

The company views this pipeline as a strategic “vertical corridor” that strengthens Greece’s role as an energy hub for the Balkans. Additionally, HELLENiQ Energy is considering further upgrades to the OKTA facilities to allow for increased capacity via rail transport. The group also noted its growing export presence, recently becoming a major diesel exporter to Ukraine.