The Group at a Glance

  • 13
    Photovoltaic Systems on the roofs of EKO/bp fuel station

  • 45
    Electric vehicle charging facilities at EKO/ bp fuel stations and points of interest

  • 3
    Wind Farms in Greece

  • 17
    Photovoltaic Parks in Greece and abroad

The Group
at a Glance

Corporate Identity

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).

  • 6

    Countries of operation
    (Greece, Cyprus, Bulgaria, Serbia, Montenegro, Republic of North Macedonia)

  • 3

    Refineries in Greece

  • 1,682

    Fuel stations in Greece

  • 314

    Fuel stations abroad

  • 6.65 mil. m3

    capacity of crude oil and petroleum products storage tanks in Greece

  • 15

    Fuel storage and distribution facilities

  • 24

    Aircraft refueling stations at the main airports

  • 2

    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.

Shareholder Composition

  • 75%

    Refining activity of the Group’s total assets

  • 65%

    coverage of Greece’s refining capacity

Financial Performance

  • €9,222 mil.


  • €401 mil.

    Adjusted EBITDA

  • €6.22

    Share price (31.12.2021)

  • €144 mil.

    Comparable net profits

  • 52%

    Reduction in financial costs over five years

Business Model

Our Vision

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.

Our Strategy

Creation of an integrated portfolio across our core business and New Energy, allowing us to evolve into a zero carbon footprint Group by 2050.

OUTPUTS Natural Capital >200,000 tons total avoided CO2 emissions so far from RES Financial Capital € 2.7 bil. taxes paid € 1.69 bil. 2 contribution to the national GDP Manufactured Capital 204 MW total capacity of the PV park in Kozani, one of the largest parks in Europe 45 facilities in electric vehicle charging at EKO/bp fuel stations and points of interest so far Intellectual Capital € 50 mil. annual benefit from the digital transformation program Human Capital € 254 mil. μισθοί και παροχές εργαζομένων 2 >30,000 jobs are supported directly and indirectly in Greece Social Capital € 8.7 bil. added value into the supply chain >315,000 pupils and students have benefited from Corporate Responsibility programs Activities Renewable Energy Sources Crude Oil Supply Fuels Marketing Refining Power Generation and Natural Gas Petrochemicals Engineering Exploration and Production Electromobility Services Our Vision Our Strategy 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. VALUE CREATION Environment Our goal is to reduce our carbon footprint (50% by 2030) in order to contribute to addressing the causes and impacts of climate change, drive energy transformation. Our goal is the implementation of corporate governance best practices, the transparency, the lawful operation and the digital transformation. Governance Our goal is a working environment with zero accidents, as well as the development of the local communities in which we operate. Society Financial Capital Manufactured Capital Natural Capital in RES programs and projects that reduce the environmental footprint € >260 mil. total assets € 7.79 bil. net dept € 1.93 bil. total Group equity € 2.12 bil. INPUTS Intellectual Capital Human Capital Social Capital investements in digital transformation program (the program beginned in 2020) € 42 mil. direct jobs 3,390 1 hours of training > 102,000 1   in social actions € 5.85 mil. active suppliers > 14,000 CAPEX € 400 mil.

The above data refer to the Group.

  1. The data refer to the Group’s companies mentioned in the Report Methodology
  2. The data refer to the Group’s companies based in Greece

Group Activities

Refining and Supply

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%).

Achievements 2021

  • 4.3% increase

    in refinery production
    (14.4 mil. MT)

  • 6% increase

    in total sales of products and commodities of the Group’s refineries
    (15.2 mil. MT)

  • 2% increase

    in exports
    (9 mil. MT)

  • 80% rate of production of high value-added products, which is one of the highest rates in the European refining industry.
  • The planned shutdown of the Elefsina refinery for catalyst replacement was successfully completed.
  •  59% of total sales came from exports, which is the second highest rate in the Group’s history.


Fuels Marketing

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:

  • 15 fuel storage and distribution facilities
  • 24 aircraft refuelling stations at the main airports
  • 2 LPG bottling plants
  • 1 lubricant production and packaging plant

Achievements 2021

  • 96% increase

    in aviation fuel sales (517 thousand tons)

  • 18% increase

    in marine fuel sales (1.6 mil. tons)

  • EKO Unleaded 98

    Introduction of 98 octane gasoline
    at EKO fuel stations in Greece

  • 15% increase in OKTA sales in the Republic of North Macedonia (763 thousand tons)
  • Increase of sales in Cyprus and Montenegro compared to 2020 through the Group’s subsidiaries
  • In Cyprus, the Group entered into a joint venture with other oil companies to build a new LPG terminal
  • Increase in profitability in Bulgaria and Serbia compared to 2020 through the Group’s subsidiaries

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.

Achievements 2021

  • 68% of chemical sales

    are exported to other countries

  • 52% increase

    in petrochemical sales (€379 mil.)

  • €131 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.

Achievements 2021

  • +100 projects

    in Greece and abroad (e.g. EastMed, TAP etc.)

  • €11.3 mil.

    turnover of ASPROFOS

Renewables Energy Sources

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:

  • 8 PV plants on Group properties, including the refineries, with a total nominal capacity of 21 MW
  • 3 wind farms with a total capacity of 44 MW in Messinia and Evia
  • 17 self-production PV systems with net metering, with am total capacity of approximately 270 kW, at 17 EKO and bp fuel stations
  • 5 PV systems in OKTA (Republic of Northern Macedonia), total power 440 kW

Achievements 2021

The construction of the photovoltaic park in Kozani, the largest RES project in operation in Greece, has been completed:

  • 204 MW

    total capacity of the PV park in Kozani, one of the largest parks in Europe

  • 350 GWh

    of energy production per year, with an annual benefit in terms of carbon dioxide emissions of more than 300,000 tons

  • €130 mil.

    total investment and creation of more than 350 jobs during construction

Electromobility Services

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.

Achievements 2021

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

  • Power management

    services platform and application for smartphones

Power Generation & Natural Gas

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.

Achievements 2021

  • 6.06%

    market share of ELPEDISON

  • 840 MW

    installed capacity of ELPEDISON

  • €26 mil. contribution of ELPEDISON to the Group’s profits (compared to €7 mil. in 2020)
  • €53 mil. contribution of DEPA MARKETING and DEPA INFRASTRUCTURES to the Group’s profits
Exploration & Production of Hydrocarbons

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:

  • The marine area 10 (Block 10) of the Ionian Sea in the Kyparissia Gulf (HELPE KYPARISSIA GULF 100%, operator)
  • The Ionian marine area in Western Greece (HELPE IONIAN 100%, operator)
  • The two land areas “Arta-Preveza” and “NW Peloponnese”
  • The marine area of Patraikos Gulf (West) with a total area of 1,419 sq. km. (HELPE PATRAIKOS 50% – manager in an international business partnership with EDISONENERGEAN International E&P SpA 50%)
  • The Ionian marine area of the Ionian Sea (Repsol 50%, Operator, HELPE 50%)
  • The Thrace marine exploration area of the Thracian Sea in the North Aegean, with a total area of 1,600 sq. km. (HELPE THRACIAN SEA 25% in a joint venture with Calfrac Well Services Ltd. 75%)
  • Marine Area 2 (Block 2) west of Corfu (HELPE WEST CORFU 25% in a business partnership with Energean Hellas 75%)
  • The two marine areas west and south-west of Crete (Total – operator 40%, ExxonMobil 40%, HELPE WEST AND SOUTHWEST OF CRETE 20%

Achievements 2021

  • In Block 10, in the Kyparissia Gulf area, marine works were completed in order to study potential geo-hazards, and extensive geological and environmental sampling and studies were carried out.
  • In the “Arta-Preveza” and “NW Peloponnese” exploration areas, geological, geophysical and environmental studies and work are ongoing, as well as the issuance of permits for the acquisition of geophysical logs in the marine area.
  • For the marine area 1 of the Ionian Sea north of Corfu (Block 1) the Group has submitted a bid and is expected to be declared a Preferred Contractor.
  • In January 2022, in the Ionian Sea area, the transfer of Repsol’s stake (50%) to HELPE IONIAN was completed, with the latter becoming the Operator with a 100% stake. In the period February – March 2022, the acquisition of the geophysical logs in the “Ionian” marine area was completed. In addition, during the same period, a comprehensive environmental monitoring program was carried out before, during and after the geophysical surveys. The geophysical surveys were carried out successfully and with the highest level of protection that such a process could have for the marine environment.
  • In the marine areas “West of Crete” and “Southwest of Crete”, geological and environmental studies and issuance of permits are in progress as part of the contractual obligations of the First Exploration Phase.
  • In Block 2 (West of Corfu), preparations are underway for the execution of the geophysical survey program.
  • In the Patras Gulf, the environmental and social impact study was completed and submitted in view of the first exploratory drilling