HELLENiQ Energy strategic expansion and investment

HELLENiQ Energy has seen positive financial outlooks and strategic expansion plans. In August 2026, Goldman Sachs raised its target price for the company to €15.20, citing strong quarterly performance, higher EBITDA forecasts, and a well-positioned refining system capable of capitalizing on global demand for diesel and jet fuel.

CEO Andreas Siamisis has since detailed a major investment program valued between 3 and 5 billion euros over the next decade. This plan aims to upgrade refineries in Thessaloniki, Aspropyrgos, and Elefsina to increase high-value product production, such as diesel and gasoline, by 10-15%.

A central component of this regional strategy involves the reactivation of the 213-kilometer Vardax pipeline, which connects the Thessaloniki refinery to OKTA facilities in North Macedonia. Having been repurposed to transport refined products rather than crude oil, the pipeline currently supplies approximately 80% of North Macedonia’s diesel needs and serves markets in Kosovo and Serbia. The company describes this infrastructure as a strategic ‘vertical corridor’ intended to strengthen Greece’s role as an energy hub for the Balkans.

Further strategic considerations include potential upgrades to OKTA facilities to increase capacity via rail transport, exploring drilling in the Ionian Sea, and assessing the feasibility of an FSRU in the Thermaic Gulf. The group also noted its expanding export footprint, recently becoming a major diesel exporter to Ukraine.