Helleniq Energy, the premier oil refiner in Greece, is nearing a decision on its pilot green hydrogen investment at its Elefsina refinery.
With three refineries in Greece and interests in fuel sales, renewables, and hydrocarbon exploration, the company is keen on lowering its carbon footprint. Besides the green hydrogen venture, Helleniq Energy is assessing the viability of a carbon capture and storage (CCS) facility at the Elefsina refinery for blue hydrogen production.
Green hydrogen is made via renewable-generated electricity, whereas blue hydrogen is primarily produced from natural gas through CCS techniques. By pursuing these investments, Helleniq Energy is committed to environmentally friendly practices and the reduction of greenhouse gas emissions.
The company is seeking European Union (EU) funding for the CCS investment. However, it acknowledged that present conditions are not supportive of an immediate investment decision, pointing out issues like EU funding priorities and storage limitations.
Helleniq Energy’s Q1 financial report disclosed a marked rise in quarterly core profit, with EBITDA soaring to 404 million euros ($444.7 million), up from 99 million euros in 2022’s same period, excluding inventory holdings.
Helleniq Energy’s green hydrogen investment and potential CCS facilities for blue hydrogen production could have significant impacts. Green hydrogen provides an emissions-free alternative to fossil fuels, contributing to a greener energy mix and sustainable future. Blue hydrogen allows for the exploitation of existing natural gas resources while diminishing carbon emissions through CO2 capture and storage.
Nonetheless, there are challenges in carrying out these initiatives. Gaining adequate funding and navigating changing EU funding priorities could obstruct the company’s investment decisions. Also, the development and availability of storage infrastructure are vital for successful CCS facility deployment.
Helleniq Energy’s commitment to exploring sustainable solutions and diversifying its operations underlines the increasing importance of green and blue hydrogen in the global energy transition. As the company moves closer to its final decision on the pilot green hydrogen investment and the evaluation of a potential CCS facility, it leads Greece’s drive towards decarbonization and cleaner energy alternatives.
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