Friday, September 30

Aluminium producer Elvalhalcor examines replacing gas with LPG


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ATHENS — Greece-based aluminum and copper producer Elvalhalcor is considering switching from gas to another fuel, such as liquefied petroleum gas (LPG), to help cut its rising energy bill, it said on Wednesday.

Elvalhalcor has plants in Greece, Bulgaria, Turkey and the Netherlands and exports the vast majority of its production overseas. It uses gas to melt aluminum and copper and some other activities, Chief Financial Officer Spyros Kokkolis told an analysts’ call on Wednesday.

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“We’re examining the scenario of using LPG. However, it’s a lengthy process and it’s not something that can be done very fast,” he said.

Such a switch might take six months, depending on the availabity of parts and the time the firm will need to install them, Kokkolis added.

Firms were caught out by surging prices after Russia curbed gas supplies to Europe to counter Western sanctions following Moscow’s invasion of Ukraine. There are concerns that industrial users could face rationing if gas reserves prove inadequate over the winter.

(Reporting by Angeliki Koutantou Editing by Mark Potter)



financialpost.com

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