Greece

Key facts

CHEMICAL INDUSTRY SNAPSHOT

The chemical industry represents 5.5% of the Greek industry but provides 13% of the country’s exports. 60% of the chemicals produced are exported. 

Its plants are largely divided between the North Greece region around Thessalonica, responsible for 20% of output and the Central and South Greece region, where the prefectures of Voiotia and Attica account for almost 50% of total output. Nationwide, the chemical industry employs almost 13000 people. 1 job in the chemical industry is linked to 5,7 jobs of the whole economy. The industry comprises almost 939 companies, 22% of which employ more than 50 persons. A few big companies produce basic chemicals, fertilizers, petrochemicals, and polymers. Many SMEs focus on construction and isolation materials, consumer products and agrochemicals, while a handful of micro-enterprises are active in nanomaterials. 

Greek universities train a significant number of chemists and chemical engineers. The presence of well-educated scientists should enable the development of further collaboration between universities and industry. Government R&D spending and EU funds together account for 1,7 % of GDP, still below the EU average. 

HOW ARE WE DOING?

Strengths

• Located in southern Europe close to the Middle East and the Balkans 
• The fast-growing port of Piraeus and its rail connections provide good market access. Many multinationals use Piraeus as a logistics hub. 
• Well educated chemists, engineers etc. Well educated and experienced scientists are willing to return in Greece. 
• High potential for investments in renewable sources of energy and energy storage installations. 
• Installed storage capacity to receive increased  LNG quantities. 
• Hydrocarbon exploration ongoing in the Ionian Sea and Crete area, 30 areas have been identified for exploration. 
• An interesting and preferred place to receive investment of R&D centers, business, and data centers etc.             
• Improved taxation system and digitalization of the services on going 
• Greece is focused on the climate change target. 

Weaknesses

• Heavy reliance on imported raw material  
• Increased cost of energy 
• Located in geographical area affected by geopolitics 

OUR CONTRIBUTION TO A COMPETITIVE EUROPE

Ambitious 2030 and further targets in line with the EU Green Deal targets, plan for the decarbonization of the energy by 2028.

Untapped oil reserves are estimated to include 22 billion barrels in the Ionian Sea off the coast of Western Greece and more than 4 billion barrels in the Northern Aegean.

Greece has a growing role in supplying natural gas to Europe. The Trans Adriatic Pipeline (TAP) from Greece, via Albania and the Adriatic Sea to Southern Italy, is operative since 2020. It allows gas to flow from the Caspian region to European markets. 

IGB pipeline is going to connect to TAP, it is the beginning of a Vertical Gas Corridor which facilitates the connection of the Greek, Bulgarian, Romanian and Hungarian markets. It is expected to be ready by the end of 2021.

FSRU Alexandroupolis:  the floating terminal in area of Alexandroupolis in Northern Greece, in connection with IGB, is going to secure additional natural gas supply in the South East and Central Europe.