With limited production for the next two years, the Motor Oil refinery will continue to operate until the damage caused by the recent fire is repaired. However, the refinery’s production capacity is estimated to be fully restored by the third quarter of 2025. Until then, its operation will range from 65%-80% of its nominal capacity, the company’s Deputy CEO Petros Tzannetakis said yesterday when presenting its nine-month financial results to analysts.

In fact, it was reported that just yesterday the company received the green light from the insurance company to grant the first part of the 50 million compensation, which is expected to be paid by the end of the year. The compensation will cover property damage and losses from the interruption of operations and will be paid in installments. As mentioned, the payment of the first installment is important to cover immediate needs and accelerate the rehabilitation work, while the total payment of the compensation will allow the company to return to maximum production capacity while limiting the financial impact on the group.

Yesterday Motor Oil management confirmed the strategic importance for the group of the acquisition of Elektor, the completion of which has been postponed to the first quarter of 2025 as the case is being investigated by the Competition Commission. This process began in late October with the Commission (under the law) required to issue its final decision within 90 days. Tzanetakis said that the company is not concerned about the progress of the transaction and estimated that the acquisition will be successfully completed.