Announcement of Business Developments

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. announces that its subsidiary under the legal name MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. (MORE) acquired 75% of the share capital of the company with the legal name UNAGI S.A. which engages in the production of electricity and which, in the context of its corporate objectives, may participate in other companies engaging in the same or similar business endeavors.

UNAGI S.A. participates with a 51% stake in the share capital of the companies BALIAGA IKE, TEICHIO S.A and PIVOT SOLAR SINGLE MEMBER IKE which are in possession of a portfolio of photovoltaic projects at various stages of total nominal capacity 1.9 GW located in Macedonia and Central Greece.

The transaction forms part of the strategy of the Group of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. for its expansion and establishment in the Renewable Energy Sources (RES) sector.

Maroussi, 26 May 2023

The Board of Directors


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