2016 Sustainable Development & Corporate Responsibility Report


  • A Group that is active in 6 countries
  • 1,700 petrol stations in Greece
  • 300 petrol stations abroad
  • 3 high complexity refineries
  • Tanks for storage of crude oil and petroleum products in Greece with a capacity of 6.65 million m3
  • Covering 65% of the country's refinery capacity
  • 15 bulk storage and supply terminals
  • 23 aircraft refuelling stations
  • 2 LPG bottling and 1 lubricant production and packaging plant

The Group (registered headquarters at 8A Chimarras Street, Maroussi) is comprised of 44 companies, including the parent company, which is listed on the Athens and London Stock Exchanges. The list of subsidiaries, the nature of their business, the percentages of ownership and consolidation method for each one of them, can be seen at http://www.helpe.gr/userfiles/8ea1f0cb-9e62-48e4-b947a27b00fb14bb/BoD%20Report-2015-ENG-NEW, p. 175-177.
The present legal form of the Group is the result of the initial merger that took place in 1998 when the parent company was first listed, as well as subsequent corporate transactions (acquisitions).

Refining is the main activity, accounting for approximately 75% of the Group’s total assets. The Group has a leading position in the domestic market through its subsidiary EKO which is active in the domestic retail market and the sales of LPG, industrial, aviation & marine fuels and lubricants.

HELLENIC PETROLEM, founded in 1998, is one of the most important Groups in the energy sector in South-Eastern Europe and operates in 6 countries (Greece, Cyprus, Serbia, Bulgaria, Montenegro and FYROM through a total of 2,000 petrol stations).


Shareholding Structure

Main shareholders (>2%)

(on 31.12.2016) % of total
Paneuropean Oil & Industrial Holdings S.A. 45.47
Greek State 35.48
Investment Community 19.05


Group’s Main Activities


The Group’s main activity conducted by three refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 65% of the country’s total refining capacity and together combine 6.65 million m³ in storage capacity.

Achievements in 2016

• 16% increase in production (14.8 million tonnes) - historical high/ record

• 25% of produced petrol is exported (8.6 million tonnes)-historical high

• 51% increase in middle distillates performance (diesel, jet)

• 22% increase in gasoline production

• 80% increase in production of high added value products


• Emphasis on Safety: Focusing on education, implementation of standards and improvement of procedures

• Optimizing operational performance by exploiting synergies between the Group's refineries, improving conversion units’ efficiency and our refineries’ energy performance

• Maintaining our export activity at high levels

• Improving the refineries’ energy efficiency in the context of maintenance programs


The Group is active in the marketing and distribution of petroleum products, both in Greece through its subsidiaries ΕΚΟ and HELLENIC FUELS, as well as internationally through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and FYROM.

In 2016, the merger was completed by the absorption of "EKO S.A." by "HELLENIC FUELs"; the Group has a total of 1,700 service stations with EKO and BP trademarks in the Greek market. Over 180 belong to the COMO network.

Combined, the two companies possess:

-15 bulk storage and supply terminals,

-23 aircraft refuelling stations located at the country’s main airports,

- 2 LPG bottling plants and one lubricant production and packaging unit.

Achievements in 2016

• Significant improvement in both EKO and BP’s market shares in most products

• In motor fuels, the total market share has exceeded 30%

• EKO's leadership in Aviation and Marine Fuels has been maintained

• Agreement with BP plc. for the exclusive use of its trademarks for ground fuels in Greece until the end of 2020, with the possibility of further renewal

• Increased retail sales in most of the Group's foreign companies (increased demand, expansion of retail outlets, marketing activities, new products)


• Increase the market share of the Group's marketing company while improving its operating profitability and liquidity. The main axes are the further development of the petrol stations network, the production and marketing of lubricants, the marketing of LPG, as well as further improving competitiveness and optimizing operations through further increasing the value offered to consumers via innovative high quality products and services at competitive prices

• Increase the market share of the Group's marketing while improving its operational profitability and liquidity. The main axes are the further development of the network of service stations for the production and marketing of lubricants, the marketing of LPG, as well as the improvement of competitiveness and the optimization of operations by further increasing the value offered to the consumer with innovative high quality products and services at competitive prices

• Maintain a leading position in the Cypriot and Montenegrin markets

• Strengthen the profitability of commercial activity in FYROM

• Continuing development in the Bulgarian and Serbian markets through targeted network development and supply chain optimization


Crude oil supplies are centrally coordinated and are covered through term contracts and spot transactions.
Both the Group’s ability to access and its refineries’ flexibility to process a wide range of crude oil types, proved to be particularly important in terms of driving profitability. The Group’s ability to respond to sharp supply shortages of specific types of crude oil also ensures uninterrupted supply into the markets where the Group operates.

Achievements in 2016

Oversupply of all crude types continued in 2016 with a positive impact on pricing, especially in regards to the heaviest types of crude in our region, mainly due to Iran's return to the international market. The Group has taken advantage of international market opportunities and improved financial liquidity, and has entered into direct agreements with suppliers. As a result, the supply mix was adjusted as follows:

Russia 17%, Iraq 24%, Kazakhstan 25%, Iran 16%, Saudi Arabia 5%, Egypt 10%, Libya 2%


Increase in refining margins, mainly through the expansion of direct procurement from producers and the exploitation of short-term spot market opportunities.


Petrochemicals activities mainly focus on further processing refinery products such as propylene, polypropylene, solvents and minerals, and sales in the domestic market. Polypropylene production is based on Basel technology, considered to be one of the leading global technologies.

Achievements in 2016

• 60-65% of chemicals are exported

• EBITDA to the tune of 100 million EUR – a historical high

• 16% increase in petrochemicals sales

• Historically high polypropylene production

• Historically high BOPP film production


• Emphasis on polypropylene quality applications

• Sales focus turning towards European markets demanding high quality

• Maintaining high internal market shares for PP and BOPP

• Continuing to promote new types of film (higher added value)

• Production of phthalate free polypropylene products and BOPP films


These two activities concern ELPEDISON BV (50% HELLENIC PETROLEUM S.A., 50% EDISON) and DEPA S.A. (35% HELLENIC PETROLEUM S.A., HRADF, 65%) respectively. 

Achievements in 2016

• 84% participation of the aforementioned companies in the Group's results compared to 2015

• ELPEDISON BV's EBITDA gained more than doubled as the company's two units’ production increased due to the improved competitiveness of Natural Gas as a fuel for electricity generation

• DEPA S.A.’s results improved, contributing € 36 million to the Group's results of due to increased sales (despite the BOTAS dispute and bad debts) as sales increased by 37% compared to 2015, reaching 3.8 bcm


Design and implementation of alternative infrastructure in the country (electric vehicle charging points, gas supply points in cooperation with DEPA, etc.).


The company monitors and participates in developments in the field of Hydrocarbon Research and Production in Greece by submitting bids on international government tenders for the acquisition of rights in selected areas either independently or in a consortium with other international companies in the sector, also taking into account market conditions.

Achievements in 2016

• Thracian Sea concession, total area of 1,600 sq. km (HELPE 25% - in a consortium with Calfrac Well Services Ltd. 75%)

• Lease agreement with the Greek State in the Patraikos Gulf, total area of 1,892 sq. km (50% HELPE PATRAIKOS, EDISON International SpA 50%)

• Preferred Bidder for the exploration and exploitation of hydrocarbons in the Arta-Preveza and NW Peloponnese land areas. The Lease Contracts were signed on 25 May 2017 for ratification by the Greek parliament.

• Establishment of the consortium, Total 50% -Edison 25% -HELPE 25%, chosen as preferred bidders for Block 2 (marine) on the West Coast of Corfu. The negotiation of the Lease Contract and signing are pending.

• Preferred Bidder for the exploration and exploitation rights for hydrocarbons in Block 10, in the Kyparissiakos Gulf area. The negotiation of the relevant Lease Agreement is in progress.


Assessment of hydrocarbon exploitation potential by performing geophysical research and drillings with absolute respect for the environment and local communities.


ΗELLENIC RENEWABLES S.A. was founded in 2006 and is a 100% owned subsidiary of HELLENIC PETROLEUM Group. The purpose of the company is to produce, distribute and market energy products from the exploitation of renewable energy sources, as well as the study, trading of equipment, construction and installation of renewable energy systems (wind, photovoltaic, biomass, etc.).

Achievements in 2016

• A 1.4 MW PV station located on Group owned property

• A 7 MW wind park in Pylos, Messinia.

• At various stages of development: 5 biomass power and heat generation units (from residual agriculture) with a total output of 25 MW and 4 other PV projects - 11.6 MW.

• 7 PV own production systems were activated - 70 kW total power at an equal number of EKO and BP liquid fuel stations.

• Following the relevant tender, in December 2016 HELPE Renewables took over the implementation of three (3) photovoltaic system projects in which it participated, for the 8.6 MW of the aforementioned 11.6 MW. In particular, the following projects were awarded:

- 3.6 MW PV System of a total power of 3.6 MW at HELPE’s Industrial Installations in Aspropyrgos (BEA)

- 4.0 MW PV System at HELPE’s Industrial Installations in Thessaloniki (ΒΕΘ), and

- 1.0 MW PV System in the Industrial Area of Kavala

It is expected that ΗELPE RENEWABLES will complete the above projects during 2017.


HELLENIC RENEWABLES has set itself the goal of developing significant installed wind, photovoltaic and biomass power in the coming years, contributing to balancing the Group's greenhouse gas emissions. The reduction in its carbon footprint will be at least 250,000 tonnes per year, offsetting a significant proportion of CO2 emissions corresponding to refinery and gas generation activities.

• In 2017, it will apply for a 1 MW electricity generation license from a biogas plant.

• A portfolio of 143 MW photovoltaic, as well as wind and hybrid projects are being developed in cooperation with LARCO

• At the same time, it is continuing to assess investments in self-production self-consumption at the Group's premises, which are connected to the low and medium voltage networks.


ASPROFOS is a Group subsidiary and is the largest Greek provider of technical services, as well as energy advisory services in S.E. Europe.

Achievements in 2016

In 2016, the company's turnover amounted to € 11.2 million. The company provided its services to 155 projects


• Strengthening our company’s extrovert and competitive policy to expand our services outside the Group

• Synergies with EPC companies

• Expansion of actions within the Group, in areas where there are needs and we can offer quality and value

• ASPROFOS being involved in the main projects taking place in our region - TAP, Projects in Cyprus, Project Management for DEPA projects, Hellinikon project

• Investing in the productive core of the company and its high level of training and know-how.



HELLENIC PETROLEUM SARegistered Address: 8A Chimarras str., 151 25-Maroussi/Greece
S.A. Registration Number.: 2443/06/B/86/23
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