The payment of a dividend of 1.4 euros per share, as well as the expansion of the company’s activities in the production and sale of electricity and hydrogen, was approved today by the general assembly of Motor Oil shareholders.

The total dividend for the 2023 financial year comes to €199.4m or €1.8 per share (a €0.4 ex-dividend was distributed in December) and is reportedly the highest the company has distributed since its listing in the Stock Exchange. The cut-off date is next Wednesday, June 26. The 5% tax is deducted from this amount while the dividend corresponding to the shares itself is added.

In relation to hydrogen the group’s managing director Giannis Vardinogiannis, referring to the Hellenic Hydrogen joint company established with PPC, emphasized that its use depends on the cost and that it is a future activity “but we have to be in the middle of the developments. We are, he added, fellow travelers with PPC on a difficult road that we do not know how it will develop”.

He clarified that the company will not only produce green hydrogen, primarily utilizing excess renewable energy, but also other forms.

Deputy CEO Petros Tzannetakis said the first and second quarters of 2024 will be better than last year due to extensive maintenance done last year at the Corinth refinery.