Hellenic Petroleum prepares for tougher global marine fuel rules

ATHENS,  (Reuters) - Hellenic Petroleum, Greece’s biggest oil refiner, said it is preparing its operations to adjust to tougher global marine fuel rules due in 2020.

UN agency the International Maritime Organization (IMO) will prohibit ships from using fuels with sulphur content above 0.5 percent from Jan. 1, 2020, compared with 3.5 percent today, unless they are equipped with exhaust gas cleaning systems.

It reported earnings before interest, tax, depreciation and amortisation (EBITDA) adjusted for oil inventory holdings at 156 million euros ($178 million) for the fourth quarter, an eight percent year-on-year drop but in line with analysts average forecast of 158 million euros in a Reuters poll.

Hellenic last year raised 284 million euros from the sale of a stake in Greek gas grid DESFA. The proceeds helped it reduce net debt by 19 percent last year to 1.5 billion euros.

It said it will pay a total dividend of 0.75 euros a share, up from 0.40 euros last year. ($1 = 0.8792 euros) (Reporting by Angeliki Koutantou Editing by Alexander Smith)

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