Fire at Greek Refinery: Crude Unit Down

A fire broke out at Greece's Agioi Theodoroi oil refinery on September 17, disrupting operations at one of its two key crude processing units. The facility, operated by Motor Oil Hellas, is Greece's second-largest refinery, processing around 175,000 barrels per day. Despite the damage, the refinery is operating at over 50% capacity due to its complex configuration, according to company sources.

The fire, which saw multiple fire crews, helicopters, and emergency vehicles respond, led to localized evacuations and disrupted transportation in the area, including road and rail closures near Kineta and Corinth stations. While three workers were reported with minor injuries, no serious casualties occurred. Authorities are expected to maintain a strong security presence until the fire is fully extinguished.

The disruption at this key facility has raised concerns about potential supply impacts in the region, although the refinery's reduced, yet ongoing, operations may help mitigate a full shutdown scenario. The fire also adds pressure on European refining capacity at a time when global markets are already sensitive to supply shocks, making the recovery and safety measures at Agioi Theodoroi crucial to the energy sector's short-term outlook.

Motor Oil Hellas has yet to provide a clear timeline for full restoration of services at the facility, leaving the market to monitor developments closely.

In 2022, Greece exported more than $16 billion in refined petroleum products, making the country the 18^th largest exporter of petroleum products in the world.

Petroleum is Greece's top export by far, although it imports almost all of its crude that it then refines. The country's top sources for Crude are Iraq, Kazakhstan, and Libya.

By Julianne Geiger for Oilprice.com

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