MOTOR OIL

Developing an effective sustainability strategy to support our energy transition and continuous improvement of our ESG performance

Investors, financial institutions, shareholders, regulatory bodies, government, public

on going 

The Group’s Sustainability Strategy is designed around the following pillars:

1. Decarbonization and Energy transition

2. ESG impact assessment

3. Stakeholders’ engagement and Materiality

4. EU taxonomy Alignment

5. Targets and KPIs monitoring

6. Transparency, Reporting and Communication 

Results on Decarbonisation and Energy Transition:  

1. Set up GHG emissions reduction targets by 2030: Scope 1+2 GHG by 30 percent and Scope 3 by 25 percent from 2021 base year while supporting a net zero target by 2050. The targets are set, and the economic impact is assessed based on IPCC climate scenarios and under the Science Based Targets Initiative (SBTi). 
2. Operational excellence of the Refinery
3. On site RES and Battery storage installations
4. Innovative processing and Digital technologies
5. E- mobility development with an increased number of EV charging stations - 1st company in the EV (Electrification Vehicle) charging market (with a goal of 1000 charging points by the end of 2022and 2000 by 2025)
6. The retail station of the future with differentiated bundled products and services
7. Renewable energy production with solar and wind power- 1st in RES market (800 MW) with a pipeline almost 2GW •
8. Transition energy through CCGT plant in Komotini  
9. Construction of FSRU in Corinth- consists of an LNG Floating Storage and Regasification Unit (FSRU) to be connected to the National Natural Gas Transmission System (NNGTS).
10. Hydrogen production (Blue and Green)
11. Sustainable production of E – fuels 
12. Advanced and recycled fuels production
13. Carbon capture and storage projects

Results on ESG impact assessment

1. ESG impact assessments were actively carried out at 30 projects

2. The Group developed a Climate Risk Management framework as part of an Integrated Risk management model which includes policies, procedures, and tools to identify, assess and manage climate related risks. The framework is designed based on TCFD and SASB guidelines for the Oil & Gas sector and applies to investments, operations, and supply chain activities.

3. Specifically, the Group includes metrics on climate-related risks associated with water, energy, land use, and waste management where relevant and applicable (see ESG table), including: a. Proportion of executive management remuneration linked to climate issues. b. Amount of capital expenditure, financing, or investment deployed toward climate related risks and opportunities. c. GHG Emissions Absolute Scope 1, Scope 2, and Scope 3; emissions intensity. d. Total fresh water withdrawn; total fresh water consumed. e. Proportion of revenue, assets, or other business activities aligned with climate-related opportunities. f. Internal carbon pricing

4. All community contribution projects went through ESG impact assessment 

 Results on EU taxonomy Alignment

The translation of environmental performance into financial variables (Turnover, CapEx and OpEx KPIs) allows our investors and financial institutions to have clear and comparable data to help them with their investment and financing decisions. 

Taxonomy eligible activities: Turnover (0,6%) -  Capex (47,1%) - Opex (2,9%)

Taxonomy Non Eligible Activities:  Turnover (99,4%) -  Capex ( 52,9) -  Opex (97,1%)

Results on Targets and KPIs monitoring

• Reduced the amount of GHG emissions (Scope1,2,3)
• Produced lesser amount of waste (especially hazardous)
• Incorporated circular economy processes in all aspects of our operations
• Increased investments in renewable energy sources and advanced energy technologies
• Developed low-carbon products and/or improved existing ones
• Met “Goal Zero” objective for eliminating occupational accidents
• Upgraded the H&S system through the implementation of a SAP electronic platform
• Enhanced the Group’s safety culture through stricter safety regulations
• Enhanced the Group’s employment strategies to achieve competitive employment
• Provide to employees ESG related incentives
• Conducted employees satisfactory survey
• Developed Community contribution budget, policy and procedure
•  Established a Diversity policy
• Developed a Human Rights policy
•  Enhanced suppliers’ assessment according to ESG criteria
• Improved our whistleblowing mechanism
• Improved our current practices for dealing with emergencies and security issues
•  Enhance product quality assessment methods
• Increased number of inspections in the retail stations to safeguard customers’ Health & Safety
• Implemented  Group’s digital transformation through technological innovations, analytics, cybersecurity, smart devices, additive manufacturing
• Developed decarbonization plan with ambitious targets
•  Improved our Corporate Governance
• Established Sustainability Committee
• Provided ESG training to employees
• Increased our Low-carbon investments & portfolio climate resilience

Upgraded to A at the MSCI 
Improved rating by 47% on S&P
Improved rating by 30% on ISS