Greece Seen Well Protected Against Fuel Shortages as Middle East Crisis Deepens
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HELLENiQ ENERGY highlighted Greece’s energy resilience amid ongoing Middle East tensions, noting that the country remains among the few in Europe with fuel production exceeding domestic demand and secure energy supplies.
Greece is among only a handful of European countries considered well protected against potential fuel shortages despite ongoing instability in the Middle East, according to figures and market assessments presented by HELLENiQ ENERGY.
During the presentation of its first-quarter 2026 financial results, the company highlighted Greece’s strong fuel production capacity and energy resilience at a time of heightened volatility in international energy markets and growing concerns over supply security across Europe.
Company sources noted that Greece remains largely self-sufficient in refined petroleum products, with domestic production of gasoline, diesel and aviation fuel exceeding local demand.
“Since the end of February, the international energy market has faced a new and severe crisis in the Middle East, significantly impacting the global supply of crude oil, petroleum products and natural gas, while pushing uncertainty and prices to exceptionally high levels,” said HELLENiQ ENERGY CEO Andreas Shiamishis.
HELLENiQ ENERGY CEO Andreas Shiamishis said the company has secured crude oil supplies and maintains fuel reserves above EU safety requirements amid ongoing Middle East tensions. Photo source: HELLENiQ ENERGY
Shiamishis added that the company’s refineries have already secured crude oil supplies through at least early July and maintain reserves exceeding the European Union’s mandatory 90-day safety threshold.
The company also confirmed sufficient aviation fuel supplies, considered particularly important during the peak summer tourism season as air traffic and travel demand increase across the region.
The update comes as European officials continue to monitor fuel market pressures linked to the Middle East crisis. Earlier this month, EU Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas said no jet fuel shortages are currently expected in Europe, although airlines are facing mounting cost pressures due to rising fuel prices.
Regional energy security and strong Q1 results
HELLENiQ ENERGY reported stronger first-quarter 2026 financial results, with adjusted EBITDA rising 63 percent year-on-year to 293 million euros and net income reaching 284 million euros. Photo source: HELLENiQ ENERGY
HELLENiQ ENERGY, which covers approximately 60 percent of the Greek fuel market, exports more than half of its annual production, totaling over 8 million tons per year.
According to management, the company swiftly replaced crude oil volumes previously sourced from the Persian Gulf following the latest regional tensions, ensuring uninterrupted supply both in Greece and neighboring markets.
“In this context, the reopening of the Thessaloniki–Skopje fuel pipeline is also of particular importance, enabling us to serve neighboring Balkan markets more effectively,” Shiamishis said.
On the financial side, HELLENiQ ENERGY reported stronger first-quarter results, supported by higher refining margins and rising international oil prices.
Comparable EBITDA increased by 63 percent year-on-year to 293 million euros, while comparable net profit rose to 140 million euros from 55 million euros during the same period last year.
Reported net profit reached 284 million euros, mainly driven by higher crude oil prices and inventory valuation gains.
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