The Group (registered headquarters at 8A Chimarras str., Maroussi, Athens) comprises 72 companies, including the parent company that is listed on the Athens and London Stock Exchanges. The list of the subsidiaries, their scope of activity, shareholder composition, percentages of ownership and other relevant information are presented in the Annual Financial Report for Fiscal Year 2021, pp. 304, 305. The current legal form of the Group is the outcome of the initial merger in the context of the Parent Company’s listing on the stock exchange, which took place in 1998, and subsequent corporate transactions (acquisitions, mergers, and the recent corporate reorganization of the Parent Company with the spin-off of the Domestic Reﬁning and Petrochemicals business into a new company).
Countries of operation
(Greece, Cyprus, Bulgaria, Serbia, Montenegro, Republic of North Macedonia)
Reﬁneries in Greece
Fuel stations in Greece
Fuel stations abroad
6.65 mil. m3
capacity of crude oil and petroleum products storage tanks in Greece
Fuel storage and distribution facilities
Aircraft refueling stations at the main airports
LPG bottling plants and 1 lubricant production and packaging plant
HELLENIC PETROLEUM Group offers a wide range of low carbon footprint energy products in Greece and in the wider region of SE Europe. Our strategy focuses on creating a balanced portfolio between our core activities and growth in New Energy, enabling us to capitalize on opportunities offered by the energy transition.
Reﬁning activity of the Group’s total assets
coverage of Greece’s reﬁning capacity
Share price (31.12.2021)
Comparable net proﬁts
Reduction in ﬁnancial costs over ﬁve years
To be an adaptive, extroverted and pioneering energy Group that will be a leader in energy transition and will make the most of the opportunities that arise from it.
Creation of an integrated portfolio across our core business and New Energy, allowing us to evolve into a zero carbon footprint Group by 2050.
Reﬁning is the Group’s main activity, with 3 reﬁneries in Aspropyrgos, Elefsina and Thessaloniki, which cover 65% of Greece’s reﬁning capacity, with storage facilities with a total capacity of 6.65 mil. m3.
As of 2019, the Aspropyrgos reﬁnery started producing marine fuels of new IMO speciﬁcations, adapted to market trends to ensure the supply of clean fuels. At the same time, with the completion of the conversion of the MTBE and TAME gasoline additives production units into ETBE and TAEE units at the end of 2019, the Aspropyrgos reﬁnery started producing bioethers. The conversions are carried out with the aim of improving the quality and environmental footprint of the ﬁnal product. All the Group’s reﬁning products meet the current European standards (Euro VI).
The accessibility and ﬂexibility of the reﬁneries to process a wide variety of crude types is the Group’s key competitive advantage, in terms of both proﬁtability and their ability to respond to sharp supply reductions of speciﬁc crude types to ensure smooth market supply. In 2021, the Group sourced crude from the Caspian Pipeline Consortium (23%), Iraq (22%) and Russia (20%). This was followed by Egypt (8%), Saudi Arabia (8%), Algeria (8%), Libya (6%), Norway (3%) and Azerbaijan (2%).
in reﬁnery production
(14.4 mil. MT)
in total sales of products and commodities of the Group’s reﬁneries
(15.2 mil. MT)
(9 mil. MT)
In wholesale fuel marketing, the Group mainly supplies oil marketing companies in Greece and abroad, including the Group’s subsidiary EKO SA.
In retail marketing, the Group is active in the marketing of petroleum products both in Greece, through its subsidiary EKO SA, with 1,682 EKO and bp fuel stations (more than 220 belong to the network of self-operated stations), and abroad with 314 fuel stations, through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia.
The Group has the most complete fuel supply network with:
in aviation fuel sales (517 thousand tons)
in marine fuel sales (1.6 mil. tons)
EKO Unleaded 98
Introduction of 98 octane gasoline
at EKO fuel stations in Greece
Petrochemicals’ activities focus on the production and marketing of polypropylene, BOPP ﬁlms and solvents, as well as the marketing of imported plastics and chemicals.
In terms of contribution to the ﬁnancial results, the propylene – polypropylene – BOPP product chain is the core activity of Petrochemicals. Polypropylene production is based on Basell technology, one of the leading technologies internationally. The polypropylene production plant located in Thessaloniki is mainly supplied with propylene produced at the Group’s reﬁnery in Aspropyrgos. Similarly, part of the polypropylene produced is the raw material for the BOPP ﬁlm production unit in Komotini.
68% of chemical sales
are exported to other countries
in petrochemical sales (€379 mil.)
ASPROFOS, a subsidiary of the Group, is the largest Greek company providing engineering and consulting services in the energy sector in SE Europe. It operates according to internationally accepted standards and practices and is certiﬁed according to ISO 9001, ELOT 1429, ISO 14001 and OHSAS 18001.
in Greece and abroad (e.g. EastMed, TAP etc.)
turnover of ASPROFOS
HELLENIC RENEWABLES S.A. was founded in 2006 and is a 100% subsidiary of the Group. It has set the goal to develop signiﬁcant installed capacity from wind and photovoltaic parks, as well as biomass utilization projects in the coming years, diversifying the Group’s energy portfolio and contributing to balancing the Group’s greenhouse gas emissions.
At the end of the year the following facilities were in operation:
The construction of the photovoltaic park in Kozani, the largest RES project in operation in Greece, has been completed:
total capacity of the PV park in Kozani, one of the largest parks in Europe
of energy production per year, with an annual beneﬁt in terms of carbon dioxide emissions of more than 300,000 tons
total investment and creation of more than 350 jobs during construction
ELPE ELECTROMOBILITY SERVICES PROVIDER S.A. (distinctive title: ElpeFuture) was founded in 2020 and is a wholly owned subsidiary of the Group. ElpeFuture is active as a Provider of Electromobility Services, as a Charging Infrastructure Operator, and as a Transaction Processing Entity. The company has installed 8 chargers of 22kW power in the parking areas of the Group’s buildings and facilities and has set the goal of being established in the fast charging market through the development of an extensive network of electric vehicle (EV) charging stations and the provision of corresponding electro- mobility services.
Increase in the number of charging points on motorways and in urban areas as follows:
30 50kW fast chargers
at KALYPSO service stations (EKO & bp)
7 22kW charging points
in shopping centre car parks
services platform and application for smartphones
In the power generation sector, the Group participates in the ELPEDISON BV joint venture (50% HELLENIC PETROLEUM SA, 50% EDISON International), while in the gas sector it participates in DEPA MARKETING S.A. and DEPA INTERNATIONAL PROJECTS S.A. (35% HELLENIC PETROLEUM, 65% HRADF). During 2021, the Group also participated in DEPA INFRASTRUCTURES S.A.
ELPEDISON S.A. is currently the second largest independent electricity producer in Greece, with a total installed capacity of 840 MW of combined cycle Natural Gas technology (420 MW in Thessaloniki and 420 MW in Thisvi, Viotia). Elpedison has also been granted a power generation license for a new combined cycle power plant in Thessaloniki, using natural gas, with a total capacity of 826 MW.
The company aims to strengthen its position in power generation and retail marketing, and to diversify its portfolio with new activities and green energy.
market share of ELPEDISON
installed capacity of ELPEDISON
The Group monitors and participates in developments in the sector of Hydrocarbon Exploration and Production in Greece by submitting bids in international tenders of the Greek State for the acquisition of exploitation rights in selected areas, either independently or in joint ventures with international companies in the sector, taking into account market conditions.
The hydrocarbon deposit assessment activities through the execution of geophysical surveys are carried out with full respect for the environment and the activities of local communities. The Group focuses on Greece and seeks to promote strategic partnerships with international companies in the sector.
The areas of activity in Greece are: