Sustainable Development

  • Adopting a new corporate identity

  • Establishing an appropriate corporate structure

  • Upgrading corporate governance

  • Adjusting the business strategy and capital allocation

  • Redefining the ESG strategy and the greenhouse gas emission reduction targets

Sustainable Development

The Group's Strategy

In response to the accelerating energy transition, the Group has launched a holistic transformation called “Vision 2025”. The formulation and implementation of this new strategy is an ambitious plan for the Group, aimed at improving its operations and changing its strategic direction towards green energy. At the same time, the Group seeks to protect its core activities and exploit the opportunities created by the energy transition.

“Vision 2025” sets priorities in five key pillars:

  • Redefining the ESG strategy and the greenhouse gas emission reduction targets
  • Adjusting the business strategy and capital allocation
  • Upgrading corporate governance
  • Establishing an appropriate corporate structure
  • Adopting a new corporate identity

Through this plan, the Group will continue to be a leader in the energy market, with the central objective of improving its environmental footprint by 50% by 2030 and gradually moving towards greener forms of energy and more environmentally friendly fuels. In this context, emphasis is placed on electromobility, blue/green hydrogen production, biodiesel from the recycling of used cooking oils, and initiatives to modernise the traditional liquid fuels business. At the same time, major breakthroughs that are redefining the Group’s transformation include the modernisation of the governance framework, corporate restructuring, procurement optimisation and the digital transformation program.

Through this strategic plan and taking into account the topics identified as material by its stakeholders, the Group seeks to further strengthen the best practices that it applies with respect to the ESG (Environmental-Social-Governance) pillars, actively demonstrating its commitment to Sustainable Development.


The Group aspires to reduce its carbon footprint in order to contribute to addressing the causes and effects of the phenomenon of climate change. By diversifying its portfolio, it is transforming itself into a low-carbon energy solutions Group. It also seeks to continuously reduce its gas emission indicators in all its activities, to increase the rate of utilisation of materials and natural resources throughout their life cycle, and to seize the opportunities associated with climate change.


The Group seeks to ensure a working environment, in all its activities, with zero accidents and absence of occupational diseases, as well as prevention and protection of the health of employees and external partners. Best practices are applied to ensure product quality and create value to society and the country’s economy, emphasizing the implementation of Corporate Responsibility actions.


The Group aims to establish comprehensive corporate governance mechanisms and management practices to ensure the proper functioning of the Board of Directors and sound communication with shareholders and stakeholders. It also demonstrates zero tolerance for incidents of corruption, and aims to conduct its business in accordance with the principles of healthy competition and governed by principles and values that define a lawful and ethical way of operating. In addition, it implements an appropriate Crisis Management Plan to deal with possible emergencies and exploits the potential of digital technology and innovation, which are tools to achieve its energy transformation.


The Group seeks to maintain continuous and meaningful communication with all its stakeholders in order to record any concerns and needs and to communicate information about its activities. To this end, it uses all available communication channels as shown in the table below. Periodically, and in accordance with its principles and values, strategy, activities, market, geographical proximity and community, it redefines the stakeholders who influence and/or are significantly affected by the Group’s business activities, with the aim of ensuring a two-way and effective communication. In this context, the following groups have been identified:

Means of communication/Participation Methods Communication Frequency
Dialogue, scheduled meetings, qualitative & quantitative surveys,
webcasts /speeches, publications, newsletters.
Intranet (internal information & communication network), corporate updates, events, information & awareness campaigns, employee suggestion box. Daily
Business Customers
Means of communication/Participation Methods Communication Frequency
Dialogue, scheduled meetings, Q&A, contracts, events, focus groups. Daily and periodically
Means of communication/Participation Methods Communication Frequency
Satisfaction surveys, loyalty surveys, special surveys via
questionnaires on the degree of acceptance of new products/services, focus groups.
Monthly, quarterly, annually and on a case-by-case basis
Customer helpline, dialogue, websites of marketing companies, social media, newsletters, portals, android & IOS apps. Daily
Fuel Stations Owners
Means of communication/Participation Methods Communication Frequency
Satisfaction surveys. Monthly, quarterly
Training, evaluation of employee performance, dialogue, publications. Weekly, Daily
Suppliers and Business Partners
Means of communication/Participation Methods Communication Frequency
Meetings, dialogue, answering questions, participation in procurement tenders, contracts. Whenever appropriate
New supplier on-boarding questionnaire. Whenever appropriate
Shareholders and Investors
Means of communication/Participation Methods Communication Frequency
Roadshows, meetings. Periodically
General assemblies, presentation of results, publications (annual, biannual and quarterly reports, see Investor Relations). Annually, biannually, quarterly
Means of communication/Participation Methods Communication Frequency
Public debates, public opinion surveys, corporate responsibility programs (see Corporate Responsibility). Periodically
Dialogue, press publications / statements, see Media Center Daily
Local Communities
Means of communication/Participation Methods Communication Frequency
Public debates, public opinion surveys, newsletters, synergies (See Corporate Responsibility) Periodically
Dialogue, press publications / statements, (see Media Center) Daily
State & Regulatory Authorities
Means of communication/Participation Methods Communication Frequency
Meetings, participations, consultations. Periodically

Material ESG Topics

The analysis of material ESG topics is a key tool for identifying the Group’s key priorities for sustainable development. For this reason, at the beginning of the year 2022, the Group carried out a new materiality study to identify and assess the most important ESG topics for its responsible operation, with the participation of senior management and representatives of all stakeholders. More specifically, a total of three (3) focus groups in Athens and Thessaloniki, with the participation of the main representatives from all stakeholder groups, six (6) meetings with representatives of the local government of the neighbouring municipalities, twelve (12) meetings with executives of the Senior Management and an online survey with the participation of 892 main representatives from all stakeholder groups, were organised. It should also be noted that for the first time, all members of the Executive Committee participated in the process.

The evaluation of the topics was based on their degree of impact on the Group’s overall corporate performance and sustainable development, as well as their external impact on the economy, society and the environment (“Double Materiality”). The 21 issues were identified taking into account the Group’s field of activity and the impacts that arise or are likely to arise from its activities, while covering the three ESG pillars (Environmental, Social, Governance). Based on the assessment carried out, 6 issues (Category 1) emerged that were identified as the most material for the sustainable development of the HELLENIC PETROLEUM Group, as presented in the following chart. The results of the assessment were validated by the Group’s Management, namely by the Group’s CEO and the Board of Directors’ Sustainability Committee. It is worth mentioning that all the issues presented in the chart are important for Group and that best policies and actions are applied for all of them.

Materiality Map

Noted that the materiality assessment was carried out by KKS Advisors A dss+ COMPANY.

Contribution to Sustainable
Development Goals

At the same time, the Group has incorporated the UN’s global Sustainable Development Goals (SDGs) into its strategy. It has set as a priority the diffusion of the goals of the 2030 Agenda and it actively participates in achieving them with targeted actions. Based on the results of the recent materiality assessment, it has aligned its strategy with the Goals as follows:

ESG Goals

50% Reduction of total CO 2 emissions Scope 1 & 2 &
offsetting via RES
1 GW
Total installed capacity in RES.
Initial focus on onshore wind and PV
2 GW
Total installed capacity in RES.
Medium-term focus on offshore wind, energy and hydrogen storage
250 Electric car-charging facilities at EKO/bp fuel stations
15% Maximum percentage of waste sent for final disposal – burial
0 Cases of non-compliance with regulations and legislation in
economic, environmental, labour and social issues
100% Rate of coverage of annual internal audit program
42 εκατ. € Completion of Group Digital Transformation action plan

Group Awards & Memberships
in Organisations

Group Awards

  • Health + Safety Awards 2021
    Safety Team of the Year and 5 Gold Awards for HELLENIC PETROLEUM Group in the categories “Upgrading & modernization of facilities”, “Mobile Emergency Response Unit”, “Covid-19 prevention actions”, “Innovation in Health & Safety issues” and “Technology utilization”.
  • Hellenic Responsible Business Awards 2021
    3 Gold Distinctions for HELLENIC PETROLEUM Group in the pillars “Business & Local Community/ State Cooperation”, “Emergency Response” and “Sustainable Cities & Communities”.
  • Annual Report Award
    5 Diamond, Gold, Silver and Bronze Awards for the 2020 Annual Report in international competitions: ARC Awards International 2021, Galaxy Awards 2021, STEVIE International Business Awards 2021 and IADA.
  • Cyprus Retail Excellence Awards
    2 Gold and 1 Silver Award for EKO Cyprus highlight the “EKO Smile” application as the best in the Cypriot market.
  • 6th “Corporate Social Responsibility and Volunteering” Competition
    EKO Cyprus was awarded a Distinction for “Action related to the Covid-19 pandemic” by the Pancyprian Coordinating Council for Volunteerism.
  • “ISKRA” National Philanthropy Awards
    Award for EKO Montenegro for its multifaceted contribution to society.
  • Bravo Sustainability Awards 2021
    3 Distinctions for HELLENIC PETROLEUM Group in the pillars “Bravo Environment”, “Bravo Market” and “Bravo in Action”.
  • In the top 10 companies in the energy sector based on ESG criteria
    HELLENIC PETROLEUM Group was named as one of the top 10 companies in the energy sector based on ESG criteria, at an event organized by the Hellenic Energy Exchange and the CSE Sustainability Center.
  • Plaque of Honour
    Plaque of Honour from the Hellenic Paralympic Committee for the contribution of HELLENIC PETROLEUM Group, as Major Sponsor of the Greek Paralympic Team at Tokyo.
  • Great Place to Work®
    EKO Cyprus is certified as a Great Place to Work®.
  • FARA Creative Advertising Fest
    Bronze Award for EKO Bulgaria and the advertising campaign “Stay at home” during the pandemic period.

Membership in Organisations

The Group, to better operate and implement its sustainability strategy, cooperates with its stakeholders and thus, participates in organisations, associations and bodies. The Group sponsors and/or participates in the governing bodies and committees of the organisations/associations and regards as part of its sustainable development strategy its active participation in the following organisations:

  • SEV (Hellenic Federation of Enterprises) Business Council for Sustainable Development CONCAWE (scientific department of the FuelsEurope European Refinery Association)
  • UN Global Compact
  • Global Compact Network Hellas
  • CSR Europe
  • CSR Hellas
  • International Fiscal Association
  • Environment and Health & Safety Committees of SEV
  • SEEPE – Hellenic Petroleum Marketing Companies Association
  • Hellenic Association of Chemical Industries
  • eFuel Alliance
  • Union of the European Lubricants Industry (UEIL)/ Sustainability Committee
  • Greek Exporters Association (SEVE)


Assessment of Performance on ESG Topics

  • Improvement in ranking

    for climate change issues to Management Level B, based on the CDP international organization

  • 15 th

    out of 100 companies in the industry in the assessment of World Benchmarking Alliance – Oil and Gas Benchmark

  • Silver Recognition Level

    for EKO SA by the EcoVadis rating body

In 2021, the HELLENIC PETROLEUM Group participated for the 4th consecutive time in the CDP (continuation of the Carbon Disclosure Project) benchmarking process, the largest program for collecting and evaluating data on greenhouse gas emissions, energy consumption and assessing how companies are responding to the challenges and opportunities of climate change, globally. The Group’s approach and the significant progress made in achieving the quantitative targets it has set (reduction of its CO 2 emissions intensity index and continuous reduction of its carbon footprint) were positively assessed, as it managed to improve its rating to B (level “Management – Taking coordinated action on climate issues”) from B-, that it had received at the previous assessment in 2020.

Furthermore, the Group was ranked 15th out of the 100 companies in the industry in the World Benchmarking Alliance – Oil and Gas Benchmark assessment. It was assessed for the degree of alignment with the transition to a low-carbon world in line with the 1.5°C target of the Paris Agreement. Also, the Group achieved a significant improvement in the rating of S&P Corporate Sustainability Assessment (CSA), compared to the previous time. It is also worth mentioning that the Group from 2019 is evaluated based on the ATHEX ESG criteria and has been included in the ATHEX ESG Index.

Finally, for the second consecutive year, the Group’s subsidiary EKO SA, was awarded a “Silver Recognition Level” for its business practices and commitment to sustainable development by EcoVadis, one of the largest and most trusted global supplier assessment bodies on corporate responsibility issues. EKO SA was assessed in the four following sections: Environment, Labour Practices & Human Rights, Ethics & Business Conduct, and Sustainable Procurement. It is worth noting that EKO SA has been participating in the EcoVadis assessment platform since 2015, giving its entire range of customers access to its relevant reports and performance, so that they can be utilised as a criterion for cooperation.

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