Excessive taxation of profits, not taxation of excessive refinery profits, says Motor Oil Deputy CEO Petros Tzannetakis the imposition of a “Temporary Solidarity Contribution of 33% on the surplus profits of refining companies” of the 2023 financial year, as provided for in the respective amendment presented last night in Parliament.
“This is,” said Mr Tzannetakis, “an excessive taxation of our profits, responding to a related question, within the scope of the general meeting of shareholders of the company that met today.
“And I will refer to two specific parameters that differentiate Motor Oil from any other Greek company listed on the stock exchange,” Mr. Tzannetakis continued.
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First, The gains are largely due to the international situation of the last two years. We are an international company. A refinery with a clear export orientation since our creation.
Noteworthyfrom 2018 to the first quarter of 2024, only 19 to 24% of our sales are domestic sales. The remaining percentage is for international sales.
In second place, Motor Oil has made investments over the years. From 2019 to 2022, we invested 682 million euros in the refinery alone, mainly for its modernization. If we also add investments only at the refinery in 2023, these become 890 million.
So why is Motor Oil doing well?
Why are you exporting, taking advantage of the international situation and continuing to invest in Greece and Europe, when most refineries in Europe have stopped investing and are left to languish?” concluded Mr Tzannetakis.