The uncertain geopolitical environment and reclassifications in the global energy market were at the heart of the positions of Mr. Giannis Vardinoyannis, CEO of Motor Oil at the regular general meeting of the company.
As he said, the international community has faced two wars over the last four years, while the last crisis in the Middle East is a "khanaki" for Europe.
He argued that the European strategy in the field of fossil fuels proved to be wrong, as the continent found itself without sufficient dualistic capacity and with increased dependence on imports.
Mr Vardinoyannis noted that Greece is in a more favourable position, as it has significant refining potential and can process different types of crude oil. At the same time, the company is considering alternatives, assessing that the country, due to its geopolitical position, can play an important role in the new energy landscape.
Referring to developments in the Middle East, he expressed the hope of deescalating tension between Iran, the US and Israel in order to restore stability in the region. He stressed, however, that political balances have changed completely and that Europe has been operating for years "as an economy sterile from what is happening in the rest of the world.".
Mr Vardinoyannis also stressed that the energy transition it cannot rely solely on electrification without taking into account both economic costs and security of supply, factors which, as he said, had not been sufficiently assessed so far.
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