On September 17, a fire erupted at Greece’s Agioi Theodoroi oil refinery, temporarily halting operations at one of its two main crude processing units. The refinery, run by Motor Oil Hellas, is the country’s second-largest, typically processing about 175,000 barrels daily. Despite the incident, the refinery continues to function at over 50% capacity, thanks to its intricate setup, as per company insiders.
The fire prompted a significant emergency response, with multiple fire crews, helicopters, and emergency services attending the scene. This led to localized evacuations and disruptions to transportation in the vicinity, including road and rail closures near Kineta and Corinth stations. Fortunately, while three workers sustained minor injuries, there were no serious casualties. Authorities are ensuring a robust security presence until the fire is completely out.
The incident at this pivotal facility has sparked concerns about potential regional supply disruptions. However, the refinery’s continued, albeit reduced, operations may help prevent a complete shutdown. The fire also exacerbates pressure on European refining capacity during a period when global markets are particularly sensitive to supply fluctuations, emphasizing the importance of Agioi Theodoroi’s recovery and safety measures for the energy sector’s immediate future.
Motor Oil Hellas has not yet disclosed a timeline for the full resumption of services at the refinery, prompting the market to closely watch for updates.
In 2022, Greece’s refined petroleum product exports exceeded $16 billion, ranking the nation as the 18th largest exporter of petroleum products globally.
Petroleum is Greece’s leading export, although the country imports nearly all of its crude oil, which it then refines. The primary sources of crude oil for Greece are Iraq, Kazakhstan, and Libya.