Buyers expect normal bitumen truck supply from Greek refiner Hellenic Petroleum’s 66,500 b/d Thessaloniki refinery to resume next week, after the facility restarted from a lengthy turnaround on 7 November.
Road construction activity and bitumen demand have surged in some regional markets, most notably Romania, over the past few weeks, as constructors look to finish work before costs rise. Utility costs for running bitumen storage depots, mixed asphalt plants and road paving machinery typically increase in winter. This winter costs are expected to escalate more than usual because of restrictions to Russian energy flows as well as rising costs for imported alternatives such as LNG shipments.
Meanwhile, regional refinery supply has been limited, partly because of the Thessaloniki halt but also as a result of sharply reduced bitumen production and lack of truck export availability from the 96,000 b/d Nis refinery in Pancevo, Serbia. Supply from Hungarian firm Mol’s 161,000 b/d Szazhalombatta refinery has also been limited, with Mol saying last month maintenance work was underway and scheduled to last until mid-November.
Market participants expect an increase in Thessaloniki bitumen truck flows to Romania over the next few weeks, with truck freight rates from Thessaloniki, northern Greece, to the Bucharest area estimated at €50-55/t compared with €105-110/t from Hellenic’s Aspropyrgos and Motor Oil Hellas’ Agio Theodori refineries near Athens.
By Keyvan Hedvat
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