Hellenic Petroleum sees stronger Q3 as refining margins rise

Greece's biggest oil refiner Hellenic Petroleum expects stronger financial results in the third quarter thanks to higher refining margins, it said on Thursday.

Hellenic, which runs three refineries and exports more than half its output, reported an 18 percent drop in second-quarter core profit.

Lower refining margins, a stronger euro against the dollar, provisions for carbon emission rights and maintenance costs for two of its refineries weighed on profits. But conditions have been improving in the third quarter.

"Clearly, third quarter margins have been very strong," Deputy Chief Executive Officer Andreas Shiamishis told an analysts call.

"We have been able to run the refineries at very high utilisation rates which means we would expect to see a very strong third quarter at the end of September," he added.

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