Greece can become hydrogen hub and synthetic fuel production centre


Investments totalling up to 650 billion euros are estimated to be required by 2050 in Europe to convert refineries so as to produce advanced biofuels and new production units so as to produce synthetic fuels from green hydrogen, water and renewable electricity, general director at the European Fuel Manufacturers Association(Fuels Europe & Concawe), Liana Gouta, said in an interview with AMNA published on Tuesday.

She added that European refineries are now required to find a balance to remain competitive and profitable, continuing the smooth and secure supply of fuels during the transition period and, at the same time, making huge investments to produce a specific range of renewable fuels.

"This may create serious risks for the survival of European refineries, affecting the energy security of European citizens and leading to an increase in dependence on imported fuels, which have not been calculated," she estimated.

Gouta, who was until recently director of Energy Policy and International Relations of HELLENiQ ENERGY, is at the helm of a body representing 40 companies and the 98% of refining capacity in Europe, the UK, Norway and Switzerland.

She also noted that the realism brought by crises such as the Russian invasion of Ukraine should also be reflected in choices of the European Union.

In reply to a question about how she sees the energy profile of Europe and Greece in 2050, she pointed out: "The Europe of 2050 will need not one or two, but a wide range of green technologies.

"Apart from green electrification, hydrogen, carbon storage, renewable fuels will play a critical role, offering significant advantages: production from domestic sustainable raw materials, supplying every corner of Europe with the existing wide infrastructure network, contributing to energy security, the circular economy, decentralised energy production and distribution.

"Central and northern Europe will have advantages in biomass production, while southern European countries, including Greece, in synthetic fuel production, with the development of abundant and cheap green electricity and green hydrogen will play an important role towards this direction.

"Greece must take advantage of this opportunity, and with its rich renewable potential and its geostrategic position to become a hub, not only for wind and solar energy but also for hydrogen and a centre for the production of synthetic fuels (efuels), which can be produced in the country and to transport green energy throughout Europe."

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