Motor Oil Group GS meeting approves 0.95€ per share dividend for 2018, on top of 0.35€ pre-dividend

Thursday, 06 June 2019 22:26
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By J. Kanoupakis

A general shareholders' meeting of Motoroil Group, one of the two biggest petrochemical producers in Greece and the only fully privately held concern, on Wednesday announced an additional dividend for 2018 of 0.95 euros per share, which follows a previous pre-dividend f 0.35 euros per share for the same year.

The disbursement will commence on July 3, 2019.

Speaking at the general shareholders' meeting, Motoroil Group president Vardis Vardinogiannis, one of Greece's most influential businessmen, expressed a wish, as he said, "for them to try and be able to fix the country as it should be..." His very high-profile comment came with just more than a month left before a snap July 7 election, although he declined to elaborate.

Moreover, the general assembly voted in favor of allocating a 10.6-million-euro bonus to the group's personnel.

In other news from the meeting, Motoroil's management said the operation of a refinery in Izmir, Turkey will not affect the market in Greece, as Turkey's still posts periodic shortages in petrochemical products. Company officials also downplayed the impact of new international standards for bunkering (maritime) fuel, despite the fact that the group has not invested in infrastructure to produce low-sulfur fuels.

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