To us, sustainability is at the very heart of long-term value creation. It represents a continuous journey to cover the needs of a low-carbon global economy while deepening commitment to the growth and well-being of our people and communities.
At KMG International, we are fully committed to collaborating with all stakeholders and playing our part in combatting climate change. We are constantly working to transform our governance and practices to reduce our operational environmental footprint and improve resource efficiency, contribute to sustainable economic growth and develop sustainable solutions supporting the energy transitions.
Considering the provisions of the European Green Deal and the Paris Agreement we recognize the urgent call for action to achieve a better and more sustainable future for all and to look for more circular and sustainable solutions to meet carbon-neutral targets.
Our Decarbonization Strategy and our commitments toward climate change mitigation continue to guide our efforts.
We have classified our projects into medium and long term initiatives, our main immediate priorities addressing the production of biofuels and the extension of the electrical energy value chain. Projects of approximately 600 million USD include the expansion of the Group’s retail network, charging electric vehicles in own network, on-site generation, renewable energy production, biodiesel and bioethanol production.
One of the major projects to fall under the scope of this strategy is the cogeneration plant on the Petromidia platform, which was initiated in 2021. The plant will have a major role in stabilizing the production and distribution of electricity in the region, by ensuring the energy needs of the platform, but also by injecting the surplus electricity into the national system.
The use of biocomponents in our products is in full compliance with legislative requirements and the company has aligned to the general trend of using biofuels as one of the key solutions to decarbonizing the transportation sector.
Through this strategy, the first directions set forward aimed at reducing CO2 emissions involve:
CO2 recovery from the current Hydrogen Production Plant, 120 kt/year capacity
Renewable energy generation - 100 MW solar PV and 100 MW wind
Co‑processing of vegetable oils to produce HVO
Building a new bioethanol plant.