In 2017, Sines contributed €6m in revenues: +40% yoy, refining products +80%, accounting for 65% of the top-line. The unit delivered a 25% EBITDA margin and a positive EBIT.

The revenues were broadly in line with our expectations.

Sines benefited from the increasing value-added of its products, through contracts with large clients such as GALP Energia (which bought five batches of gasoil and became the largest client) and SOPREMA.

The industrial performance also helped: production was at 22kt (+30% yoy; design capacity is 30kt/year).

Marseille: construction of this 30 kt/year unit should start in mid-2018 and operations start in early 2019; the supply contracts already signed should fill 65% of the unit’s potential. Antwerp (60kt/year) should follow with a 12 months time lag.

The prospective Suez Canal project and the Mini-P2R technology are part of the company’s growth runway.

The results confirm our upbeat view on the opportunities related to Ecoslops’ business model and development potential.