Motor Oil CEO Vardinogiannis warns Europe’s fossil-fuel exit is strategic mistake, cites refining squeeze
Motor Oil CEO Giannis Vardinogiannis said at the group’s annual general meeting that Europe’s aggressive push away from coal and oil has left it with insufficient refining capacity and greater reliance on imports. He called the latest Middle East crisis a “warning bell” that underscores energy-security risks. Vardinogiannis argued that a transition based solely on electrification is not workable without weighing cost and supply security. He said the group is advancing renewable energy projects exceeding 900 MW, while maintaining that refining remains critical for Europe’s energy security.
