“We cannot move to full electrification without taking into account cost and supply security,” he stressed during the company’s annual general shareholders’ meeting, adding that “Europe operated for years like an economy sterilised from what is happening in the rest of the world.”

Uncertain geopolitical conditions and shifts in the global energy market were at the centre of remarks made by Mr. Giannis Vardinogiannis, CEO of Motor Oil, during the company’s annual general meeting.

He noted that the international community has faced two wars over the past four years, while the latest crisis in the Middle East serves as a “warning bell” for Europe.

He argued that Europe’s fossil fuel strategy has proven misguided, as the continent found itself without sufficient refining capacity and increasingly dependent on imports.

Mr. Vardinogiannis added that Greece is in a more favourable position, as it has significant refining capabilities and can process different types of crude oil. At the same time, the company is exploring alternative solutions, estimating that Greece—due to its geopolitical position—can play an important role in the new energy landscape.

Referring to developments in the Middle East, he expressed hope for de-escalation between Iran, the United States and Israel, in order to restore stability in the region. However, he emphasised that political balances have shifted completely and that Europe has long operated “like an economy sterilised from what is happening in the rest of the world.”

He also stressed that the energy transition cannot rely exclusively on electrification without considering both economic cost and supply security—factors, he said, that have not been adequately assessed so far.

Regarding Motor Oil’s activities in renewable energy sources, he noted that the group is now the second-largest renewable energy company in Greece and will continue investing in the sector, but with caution and selectivity.

He concluded by saying that management is constantly evaluating which activities are strategically useful for the group and which initiatives can further support the company’s growth in both the Greek market and abroad.

The shareholders’ meeting approved a dividend distribution of €1.40 per share, following an interim dividend of €0.35 per share already paid. The ex-dividend date is June 26, and payment will begin on July 3.

Statement by Mr. Petros Tzanetakis
Motor Oil Deputy CEO Petros Tzanetakis also took the floor, stressing that “in an era where certainties are overturned at unprecedented speed and crises follow one another, success is no longer defined only by growth, but by the ability to maintain balance—between performance and sustainability, today and tomorrow, stability and change.” He highlighted resilience and adaptability as key factors shaping the new framework for businesses and economies.

He added that the company’s transformation from a refining leader into a diversified energy group is the result of a deliberate strategy based on three pillars: fuels, electricity, and circular economy.

He also referred to investments in infrastructure, technology and human capital, as well as targeted acquisitions and expansion into new activities such as retail networks and aviation fuels. Since 2018, Motor Oil has been investing in renewables, building a portfolio exceeding 900 MW across wind, solar, and energy storage projects.

The group’s €4 billion investment plan until 2030 reflects a balanced growth strategy combining traditional refining with new energy activities. Refining, he said, will continue to play a critical role in Europe’s energy security, while the group accelerates its shift toward more sustainable energy sources.

He also highlighted strong financial performance in 2025 and nearly €3.8 billion in investments over the past nine years, underscoring long-term commitment to value creation.

Finally, he stressed the importance of a stable regulatory framework, faster licensing procedures, and stronger infrastructure to support Greece’s investment cycle, noting the role of the private sector in driving innovation and growth.

He concluded that artificial intelligence and digitalisation are reshaping the energy and industrial sectors, and that Motor Oil is investing in digital transformation, data-driven efficiency, and skills development.

Looking ahead, the priority remains sustainable growth, competitiveness, and contributing to a balanced and realistic energy future.

“Life, like business, is not a straight line—it comes in cycles. The key is to learn from each cycle and move forward.”