Message to the Shareholders
Dear Shareholders,
In 2016, after seven years of recession, the Greek economy has shown signs of stabilization, with growth at +0.4% compared with 2015. Although some uncertainties remain, regarding the implementation of funding programs, especially in regards to reforms, the ground for the gradual return of the economy to growth has been laid.
With regard to the international environment, the international crude oil prices recovery towards the end of the year - following a change in OPEC’s policy for the control of production and exports - was the main development in 2016, despite prices averaging the lowest since 2004.
The evolution of the euro against the dollar, reflected monetary policy and, in the last months of 2016, political developments in Europe and North America; the dollar remained strong against the euro, favoring European refiners.
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