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ONEX Group: Added value in the Greek economy can reach 1% of GDP

The full operation of the Elefsis and Syros Shipyards is expected to bring revenues of at least 500 million euros per year to the ONEX Group.

As the president and CEO of ONEX, Panos Xenokostas, explained in an interview with “Naftemporiki”, the specific estimate does not even take into account any acquisitions and possible synergies with other branches of the group.

“ONEX Group is going through a new five-year investment cycle with an emphasis on ‘Safety, Environment, Energy Transition’,” Xenokostas said and added:

“During this period of time, a medium-long term investment plan has already been formulated in order to transform the shipyards in Elefsis and Syros into a choice of excellence and quality, towards a constantly expanding clientele. Through the upcoming investments in two new Aframax & Suezmax class floating tanks, we are going to cover every class of ship in the Mediterranean and the general needs of the European continent, expanding by 35%-50% the existing capacity of the Shipyards.”

The CEO of the group underlined that an integral part of the investment plans and new partnerships for the entire group is the gradual transition to new technologies, aiming at minimizing the environmental footprint and gradually facilitating the energy security. “Starting from continuous upgrades of the existing infrastructure and networks, we are at a steady pace leading to the replacement of the existing ones with state-of-the-art hydraulic systems, automation, electrification in the shipyards, photovoltaic installations, and even the adoption of robotic equipment, aiming to completely transform the country’s shipbuilding industry, but also have a catalytic effect on the technological modernization and economic development of the country, participating in increasingly important energy and defense projects.”

Moreover, he stated: “In fact we define ourselves as a ‘one stop shop’ in the field of development of floating wind turbines, both through verticalization of the production capability and through an industrial ecosystem that ensures their complete manufacture and subsequent connection and technical support. After all, the needs for Greece, and each Mediterranean country individually, are several tens of GW, which translates into shortages of hundreds of GW in total for the wider region and indicates the need to create reliable production units, with proximity to the specific areas but also with a clear geopolitical orientation, which will clearly support the energy transition and independence of the Mediterranean countries.”

He also said that based on international research indicators, the effect on the GDP of each country varies according to the sector of economic activity. “One of the top influential branches in general is that of shipbuilding. Taking into account Greece’s conditions and opportunities at the moment, combined with the existing capabilities and prospects of the ONEX Group and the continuous investments that will follow, we estimate that our own added value to the Greek economy will reach 1% of GDP, leaving a clear positive a sign to the local communities of Syros and Elefsis, which are already aware of the benefits and the great socio-economic impact of the restructuring project.”