A Motor Oil extraordinary general shareholders’ meeting on Monday approved a board plan to issue three bond loans, worth up to 300 million euros, as a part of a plan to restructuring the company’s existing short-term debt and its transformation to long-term debt.

The shareholders’ meeting also approved the issuing of two other bond loans worth 150 million euros as part to boost its cash flow following a rise in refinery production with the addition of a new crude distillation unit.