Hellenic Petroleum's profits sapped by COVID-19
ATHENS, Feb 25 (Reuters) - Greece's biggest oil refiner Hellenic Petroleum was barely profitable last year, as the COVID-19 pandemic reduced global demand and led to record low refining margins.
Stripping out oil inventory holdings - Hellenic said on Thursday net profit was 5 million euros ($6.1 million) last year, down from 185 million euros in 2019.
Hellenic operates three refineries in Greece and exports more than half of its output to Mediterranean countries and the Balkans.
The COVID-19 pandemic cut operating profit by more than 350 million euros last year, Chief Executive Officer Andreas Shiamishis said in a statement. However, he said conditions could improve in the coming quarters.
Greece and Hellenic are jointly selling their combined 100% stake in the country's sole gas grid operator DEPA Infrastructure.
Greece is also selling a 65% stake in its biggest gas utility DEPA Commercial.
Hellenic, which holds the remaining shares in that business, said on Thursday a deadline for the submission of binding bids by qualified investors in both tenders will be extended beyond the middle of March due to COVID restrictions.
It did not provide a new date for the offers.
($1 = 0.8175 euros) (Reporting by Angeliki Koutantou; editing by Barbara Lewis)
