4 August 2022

Neste and HELLENIC PETROLEUM Group to supply sustainable aviation fuel in Greece and to Aegean Airlines

Neste Corporation, News Release, 4 August 2022

Neste and HELLENIC PETROLEUM Group have entered into an agreement for the commercial distribution of Neste MY Sustainable Aviation FuelTM on flights by Aegean Airlines, the leading air carrier in Greece. 

HELLENIC PETROLEUM Group, through its subsidiary EKO, will ensure the supply of Neste-produced sustainable aviation fuel (SAF) on AEGEAN flights departing from its Thessaloniki Airport “Makedonia” hub. Flights from Athens International Airport are expected to follow soon. 

This agreement brings together HELLENIC PETROLEUM Group’s expertise in the supply and distribution of jet fuel with Neste’s expertise in the production and supply of SAF to provide safe and reliable supply in Greece. SAF is recognized globally as the most feasible option to reduce the aviation sector’s carbon emissions in the near term. 

The agreement is in line with HELLENIC PETROLEUM Group’s strategic goal to become a provider of low-carbon energy solutions and to reduce its carbon footprint by 50% by 2030, while facilitating airlines and airports to align in a proactive manner with the upcoming European Union SAF targets by 2025.

“Our cooperation with Neste, a global leader in renewable fuels, is a significant part in the implementation of our strategic plan ‘Vision 2025’ for the energy transformation of our Group. This initiative is one of others to follow for the gradually increased use of sustainable fuels and we are proud to partner with Neste to help AEGEAN and the Greek aviation industry to reduce its carbon footprint,” commented Konstantinos Panas, HELLENIC PETROLEUM RSSOPP Supply & Sales General Manager

“We are delighted to be working together with HELLENIC to make our Neste MY Sustainable Aviation Fuel available in Greece and to Aegean Airlines. We share the ambition to contribute to reducing the carbon footprint of aviation and are committed to working together to achieve this. Neste is playing its part by increasing SAF production capacity to 1.5 million tons by the end of 2023 – more than the entire aviation fuel demand pre-Covid in Greece. We need to act now – SAF is a key and proven solution with clear climate benefits, and it is already available today,” commented Jonathan Wood, Vice President Europe, Renewable Aviation at Neste.  

Neste MY Sustainable Aviation FuelTM is produced 100% from sustainably-sourced, renewable waste and residue raw materials, such as used cooking oil and animal fat waste. In its neat form and over the life cycle, Neste MY Sustainable Aviation Fuel reduces greenhouse gas emissions by up to 80%* compared to fossil jet fuel use.

* Calculated with established life cycle assessment (LCA) methodologies, such as CORSIA methodology

Further information:           

Neste: Please contact Neste's media service, tel. +358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).

HELLENIC PETROLEUM Group Press Office: Mr. Panagiotis Dimou, PDimou@helpe.gr, tel. +30 210 6302 857

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com

HELLENIC PETROLEUM in brief

Hellenic Petroleum Group of Companies

HELLENIC PETROLEUM is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries. The Group’s main activities include Refining, Supply, and Trading of petroleum and petrochemical products, Fuels Marketing both in Greece and internationally, Renewable Energy Sources, Power Generation & Trading, as well as Supply, Distribution, and Trading of Natural Gas.

The Group is rapidly transforming itself, based on its new strategic business plan for sustainable growth, called ‘Vision 2025’. ‘Vision 2025’ aims to strengthen the Group’s position in the industry, making its activities compatible with the new international environment, enabling substantial growth in new, cleaner forms of energy and, at the same time, multiplying the value creation for its stakeholders. The Group’s strategic goal is to become a provider of low carbon energy solutions and to improve its carbon footprint by 50% until 2030.