The Group at a Glance

  • +300
    petrol stations overseas

  • +1,700
    petrol stations in Greece

  • 3 refineries
    in Greece

  • A Group with activities in
    6 countries
    (Greece, Cyprus, Bulgaria, Serbia, Montenegro, North Macedonia)

The Group
at a Glance

Corporate identity

The Group (registered headquarters at 8A Chimarras Street, Maroussi) is comprised of 41 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 Annual Financial Report for Fiscal Year (p. 207-210). The present legal form of the Group is the result of the initial merger which took place in 1998 when the parent company was first listed, as well as subsequent corporate transactions (acquisitions).


  • 6.65 mil. m3

    Storage tanks for crude oil and petroleum products located in Greece with a capacity of 6.65 million m3

  • 1

    lubricant production and packaging plant

  • 2

    LPG bottling plants

  • 23

    aircraft refueling stations

  • 15 fuel storage

    and distribution facilities

Με κύρια δραστηριότητα τη διύλιση (αντιπροσωπεύει περίπου το 75% του συνολικού ενεργητικού του Ομίλου)
Main activity is refining (representing approximately 75% of the Group’s total assets)

Κάλυψη του 65% της διυλιστικής δυναμικότητας της χώρας
Covering 65% of Greece’s refining capacity

The Group enjoys a leading position in the domestic market through its subsidiary EKO which is active in the domestic retail market and via LPG, industrial, aviation & bunkering fuels, and lubricants sales.

Shareholder Composition

Financial Performance

  • €9,769 mil.

    in turnover

  • €730 mil.

    Adjusted EBITDA

  • €7.38

    share price (31.12.2018)

  • €296 mil.

    in net profits

  • -19%

    in financial costs

Our Vision

To be an innovative, extroverted and competitive regional Group that will pioneer in the energy transformation that is taking place in the international environment in the context of Sustainable Development.

Our Mission

To be independent and exports oriented, as well as one of the most competitive regional energy Groups combining the business capacity for high performance with the early and effective adaptation of the ongoing EU energy transformation, in the context of sustainable economic and social development, focusing on people and protecting the environment.

Our Principles

Safety is always our First Priority
Providing Value to our Customers
Operating Responsibly towards Society and the Environment
Respecting our Colleagues and Partners, promoting Meritocracy, Teamwork, Innovation, Continuous Improvement and Results Oriented Thinking
Investing in Sustainable Development
Continuously enhancing our Competitiveness
Applying high standards of Corporate Governance
Creating Value for our Shareholders and focusing on the Continuous Improvement of our Results and Cash Flows

Group Distinctions 2018

  • 1st place in the FORBES 100 PLUS list (including companies based in Greece with a turnover of over €100 million)
  • TRUE LEADER Award awarded by ICAP Group, based on high profitability, high number and growth in staff, very high ICAP Credit Score and holding one of the top positions in its industry based on turnover
  • Viewed as a SUSTAINABILITY LEADER, as one of the leading companies according to the Sustainability Performance Directory
  • Golden Distinction at the Health & Safety Awards in the “Consolidated Corporate Health and Safety Culture Activities” category
  • Distinction at the European Business Awards for the Environment (by PASEPPE – Greek Association of Environmental Protection Companies) in the category “Process Award”
  • Corporate Social Responsibility Award at the Greek Energy Forum
  • Triple distinction at the Bravo Awards in the following categories: “Bravo in Action” for the “Youth4GlobalGoals” initiative related to the 17 Sustainable Development Goals and “EKO S.A.’s Green Spots” initiative related to the collection and recycling of batteries at selected petrol stations and “Bravo Market” with the “Diesel AVIO Double Filtered” initiative for greater performance and cleaner engines
  • “Great Enterprise” Excellence Award awarded by the Federation of Industries of Northern Greece, within the framework of the “HELLENIC VALUE AWARDS – NORTHERN GREECE”
  • Bronze Award at the International Galaxy Awards in the “Annual Reports – Online” category
  • Bronze Award at the STEVIE International Business Awards in the “Best Annual Report” category
  • The Aspropyrgos Refinery received the International Excellence in Quality Award for the 5th consecutive year (the only refinery in the world with the highest distinction, namely “excellent” and one of the ten international facilities globally to receive the highest distinction for five consecutive years 2013-2017)
  • The Aspropyrgos Refinery received the Sustained Performance Award at the JIG Members Technical Forum
  • Ermis Awards for Outdoor Advertising “We support culture with all our energy” (MSCOMM)
  • DIAXON received an award in the “Regional Excellence East Macedonia-Thrace” category from the Federation of Industries of Northern Greece, within the framework of the “HELLENIC VALUE AWARDS – NORTHERN GREECE”
  • HELLENIC PETROLEUM CYPRUS was awarded for its contribution to the empowerment of youth and society by the REACTION Excellence Awards
  • EKO Bulgaria received the TRUE LEADER Award in Fuel Retail from ICAP Bulgaria
  • OKTA received an award for Best Practices in Social Responsibility in the Field of Environmental Protection as part of the “From Muddy Hydrocarbon Residues through Plants to a Clean Environment” program
  • JUGOPETROL received first place for “FIRST PLACE FOR INCOME”, in the oil & petroleum companies category in the framework of the “100 largest in Montenegro” institution

Group Activities



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

Achievements in 2018

  • Production reached 15.5 million tonnes.
  • Sales increased for the 8th consecutive year reaching 16.5 million tonnes.
  • Exports increased to record new highs (+12%) to 9.4 million tonnes.
  • The Aspropyrgos and Elefsina refineries recorded a record of 8.9 million MT and 6.2 million MT respectively.
  • Aviation fuels increased for the 6th consecutive year by 11% (1.3 million tonnes).
  • Bunkering fuels increased by 4% (2.9 million tonnes).


  • Emphasis on Safety: Focusing on education, implementation of standards and improvement of procedures.
  • Five-year modernization program 2019-2023, focusing on energy transformation, improving energy efficiency, reducing emissions, developing Renewable Energy Sources, digital transformation, optimizing the procurement program and rationalizing operating costs.
  • Maximizing operational efficiency by exploiting synergies between the Group’s refineries and improving the efficiency of the refinery conversion units and energy performance.
  • Maintaining high export activity.
  • Preparing the Group for low sulphur bunkering fuels in 2020.



The Group is active in the marketing of petroleum products both in Greece and abroad through subsidiaries (Cyprus, Bulgaria, Serbia, Montenegro and North Macedonia).
In Greece, the Group has over 1,700 petrol stations under the EKO and BP trademarks, of which more than 200 are COMO while 300 EKO branded outlets operate overseas.

The consolidated company has the most comprehensive fuel supply network as follows:

  • 15 fuel storage and distribution facilities
  • 23 aircraft refuelling stations at major airports
  • 2 LPG bottling plants
  • 1 lubricant production and packaging unit

Achievements in 2018

  • Increase in sales of motor fuels, further boosting diversified fuel sales by 8%, contributing to profitability.
  • Improve EKO and BP’s market share in motor fuels, exceeding 32%.
  • Maintaining EKO’s leading position in Aviation and Marine fuels with sales growth, mainly due to increased tourist traffic.
  • Sales of lubricants and liquefied petroleum gas increase (+ 4%).
  • International sales volume increase by 4%.


  • Emphasis on the development of COMO petrol stations, as well as the range of products and services provided through points of sale.
  • Improvement of competitiveness and adaptation to customer requirements as well as to the challenges of the economic environment.
  • Increase market share for domestic traffic in motor fuels.
  • Implementing digital marketing transformation initiatives.
  • Maintaining the leading position in Cyprus and Montenegro, strengthening the profitability of OKTA’s commercial activity, and continuing growth in the Bulgarian and Serbian markets through the development of the network of petrol stations and the optimization of the supply chain.
  • Relocation of the Group’s storage tanks in Cyprus.
  • Upgrading of Group petrol stations in Montenegro.



Crude oil supplies are coordinated centrally and are covered by term contracts and spot transactions.

The accessibility of the Group’s refineries and the flexibility to process a wide variety of crude products are key competitive advantages that prove to be particularly important both for profitability and the Group’s ability to respond to abrupt reductions in the supply of specific types of crude, ensuring the uninterrupted supply of the markets in which the Group operates.

Achievements in 2018

  • In 2018, the crude oil market was affected by the resumption of US sanctions against Iran.
  • The crude oil supply mix adapted to the prevailing market conditions as follows: increased supply of crude from Iraq (29%) and Kazakhstan (18%), a reduction from Iran to 11%, a steady contribution from Russia (9%), Libya (7%), Saudi Arabia (6%) and Egypt (5%) and for the first time, crude was also sourced from the US.


  • Increase in refining margins, mainly through the expansion of direct procurement from producers and the exploitation of short-term spot market opportunities.
  • Utilization of the refineries’ location and capacity for both the supply and processing of a diversified raw material mix.

Petrochemicals / Chemicals


Petrochemical activities focus on the production and marketing of polypropylene, BOPP films and solvents and include the trading of imported plastics and chemicals.
Based on participation in financial figures, the BOPP propylene-polypropylene product chain is the main activity in petrochemicals.

The polypropylene plant in Thessaloniki is mainly supplied by propylene produced at the Group’s refinery in Aspropyrgos. Polypropylene production is based on Basel technology, which is considered to be one of the leading technologies globally. Part of the production of the produced polypropylene is the raw material for the BOPP film production unit in Komotini (DIAXON S.A.).

Achievements in 2018

  • 65% of chemicals are exported.
  • EBITDA to the tune of 100 million EUR.
  • Petrochemicals sales reached 315 million EUR.
  • International PP margins moved to 2017 levels.


  • Investigating increasing vertical integration and the distribution of new products.
  • Continuous improvement in products’ quality and the competitiveness of activities.
  • Decision to invest in a new Cast Film production line with a capacity of 7,000 MT/yr.
  • Feasibility Study to increase PP production to 300 kit/yr, either by increasing the vertical integration (OCT unit) in Aspropyrgos), or via imported propylene.
  • Conducting study regarding increasing BOPP film production capacity to 3 kit/yr.
  • Conducting study regarding the installation of a new metal film production line 4-5 kit/yr.
  • Increase Polypropylene bulk storage by 1,000 MT.

Power Generation & Natural Gas


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 2018

  • The sale of 66% of DESFA S.A. for €284 million was completed.
  • The participation of the aforementioned companies in the Group’s results, excluding the impact of the DESFA and Zenith transactions on DEPA Group’s results, amounted to a total of 30 million Euros in 2018.
  • ELPEDISON’s sales amounted to 1,710 GWh with a retail market share of approximately 3.5% to high, medium and low voltage customers.
  • ELPEDISON entered the liberalized Natural Gas supply market, expanding its clientele, mainly in the regions of Attica, Thessaloniki and Thessaly.


  • Design and implementation of alternative infrastructures in the country (electric vehicle charging points, supply points for compressed natural gas vehicles in cooperation with DEPA, etc.).
  • Preparing for the transition to the new regulatory framework for the four markets (Target Model), including cross-border trade.
  • Feasibility study concerning the installation of a hybrid power system on the non-interconnected islands.

Hydrocarbon Exploration & Production


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.

The areas of activity in Greece are:

  • The Thracian Sea concession, totalling 1,600 sq. km (HELPE 25% in a consortium with Calfrac Well Services Ltd. 75%).
  • The Patraikos Gulf, total area of 1,892 sq. km (50% HELPE PATRAIKOS, EDISON International SpA 50%).
  • The two land areas “Arta-Preveza” and “NW Peloponnese”.
  • Total 50%, Edison 25%, HELPE 25% for Block 2 (marine) on the West Coast of Corfu.

Achievements in 2018

  • Internal geological surveys are being conducted in the Thracian Sea area.
  • The primary geological objective was fully confirmed and mapped in the Patraikos Gulf.
  • In the “Arta-Preveza”, “North Peloponnese” research areas and Block 2 (west of Corfu), a program of geological and environmental investigations is being implemented under contractual obligations.
  • The Lease Agreement with the Greek State was signed for Block 10 in the Kyparissia Gulf region and for the consortium in the Western Greece “Ionian” Sea Region (Repsol 50% – Manager, HELPE 50%); the corresponding ratification by the Greek Parliament is expected.
  • Awaiting the announcement of the preferred bidder for Block 1 in the Ionian Sea, north of Corfu.
  • Αwaiting the sanctions for the Lease Agreements from the Greek
  • Parliament for the two areas
  • Southwest of Crete through the consortium Total 40% – Manager, ExxonMobil 40%, Hellenic Petroleum 20%.


  • Assessment of hydrocarbon potential by performing geophysical studies and exploration drillings with absolute respect for the environment and local communities.
  • Focus on Greece and the promotion of strategic partnerships.
  • Patraikos Research Project: Two drillings (2019) and in the case of hydrocarbon discovery, conducting further drillings (2020-2021).
  • Continuation of research on land and sea areas according to the Lease Agreements (geological studies, seismic recordings and at least two drillings in Arta (2021-2022) and blocks 2 and 10.
  • Participation in drilling and development of the Athos deposit in the Thracian Sea depending on the outcome of the negotiations.
  • Depending on the results of the surveys, optimization of the farm down-equity portfolio.
  • Exploring business opportunities in the broader geographic area (2020-2022).
  • Further staffing/creation of infrastructure and procedures for drilling in the role of Manager.



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.) diversifying the Group’s energy portfolio and contributing to balancing the Group’s greenhouse gas emissions.

A wind farm of 7 MW is in operation in Pylos, N. Messinia.

Achievements in 2018

  • A total of 19 MW PV parks in operation.
  • A 9 MW MWW project, acquired at the RAE pilot ceremony in December 2016, was acquired and constructed in Sofades, Karditsa.
  • At various stages of development: 2
  • PV 12MW, 4 power and heat generation units from biomass burning (from residual agriculture) with a total power of 20 MW and a 1 MW biogas plant.
  • 10 PV net-metering systems were installed (100 kW in total) on top of
  • EKO and BP branded fuel stations.
  • Applications for PV projects over 200 MW were submitted for production license


  • HELPE Renewables has set the goal of developing significant installed wind, photovoltaic and biomass power in the coming years, contributing to the Group’s greenhouse gas emissions balance. The reduction in its carbon footprint will reach 500,000 tonnes by 2025 through the development of a portfolio with an installed capacity of about 300MW, offsetting a significant proportion of CO2 emissions corresponding to refinery and power and natural gas generation activities.
  • Hellenic Renewables follows Group Safety and Environmental (S & E) procedures in relation to compliance, reporting, management and avoidance of risks and accidents during construction and operation.
  • For each new project, a responsible S & E engineer is appointed to monitor the relevant issues, oversee the work and the S & E licensing stage and the duration of the relevant permits subject to review.
  • A 130 MW photovoltaic portfolio, as well as wind and hybrid projects, are under various stages of development 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 2018

  • Turnover amounted to EUR 12.4 million through the provision of services to 90 new projects.
  • ASPROFOS is involved in major projects such as IGI Poseidon, refinery projects in Croatia as well as in the Aspropyrgos and Thessaloniki industrial plants, a change study for an aviation fuel pipeline route in Sri Lanka, and project management services for Serbia’s oil security system.
  • Supporting of the Group’s Corporate Social Responsibility program by restoring the Theater of Mandra-Idylia, affected by natural disasters.


  • Strengthening the company’s extrovert and competitive policy to expand services outside the Group.
  • Synergies with EPC companies.
  • Expansion of services within the HELLENIC PETROLEUM Group, to meet existing needs.
  • Investing in the productive core of the company and its high level of training and know-how.
  • Restoration of the special education complex in Rafina, affected by natural disasters.

Materiality Topics &
Sustainable Development Goals

  • 89

    of the 169 Sustainable Development Targets cover the Group’s activities

  • 13%

    integration increase of the Sustainable Development Targets over 2017

  • 10

    material topics emerged from 26 sustainable development issues related to the Group’s activities

Communication with Stakeholders

We regularly redefine who our stakeholders are, namely those who are significantly influenced and/or influence the Group’s business activities, aiming in establishing an effective two way communication.

Stakeholder Categories


Means of Communication/Participation Methods Communication Frequency
2 way communication, scheduled meetings, events/speeches, publications Periodic
Intranet (internal communication network), employee suggestion box Daily
Satisfaction surveys Periodic

Customers and Consumers

Means of Communication/Participation Methods Communication Frequency
Satisfaction surveys, loyalty surveys, specific surveys via questionnaires for acceptability of new products/services, focus-groups Monthly, Quarterly, Annual and on a case-by-case basis
Customer helpline, dialogue, marketing company websites, social media, newsletters, portals, android & IOS applications Daily

Petrol Station Managers

Means of Communication/Participation Methods Communication Frequency
Satisfaction surveys Monthly, Quarterly
Training, employee performance, dialogue Weekly, Daily

Suppliers and Partners

Means of Communication/Participation Methods Communication Frequency
Meetings, dialogue, answers to questions, resolving disagreements, procurement competitions, contracts When appropriate
Supplier registration questionnaire Periodic

Shareholders, Investors, Capital Markets and Other Capital Providers

Means of Communication/Participation Methods Communication Frequency
Road shows, meetings Periodic
General meetings, publications (annual, half yearly and quarterly reports, see here Annual, Bi-annual

Media and social media

Means of Communication/Participation Methods Communication Frequency
Dialogue, press/press releases, see here Daily
Public debates Periodic

Wider Society (Bodies, NGOs, etc.)

Means of Communication/Participation Methods Communication Frequency
Dialogue, opinion polls and collaborations (See here) Periodic
Public debates Daily

Local Society (Bodies, NGOs, etc. of neighbouring Municipalities)

Means of Communication/Participation Methods Communication Frequency
Debates, opinion surveys, newsletters, collaborations (See here) Periodic
2 way communication Daily

State and Regulatory Authorities

Means of Communication/Participation Methods Communication Frequency
Meetings, participations, consultations Periodic

Business Community

Means of Communication/Participation Methods Communication Frequency
Dialogue, public debates, collaborations Periodic

Scientific / Academic Community

Means of Communication/Participation Methods Communication Frequency
Dialogue, partnerships and collaborations, public debates Periodic

Materiality Topics & Sustainable Development Goals

In addition to regular communication and a clearly defined cooperation framework with each of our stakeholders, we conduct a materiality study, based on GRI Standards concerning Stakeholder Materiality, Comprehensiveness and Participation, with the participation of key representatives from stakeholder groups through focus groups, interviews and online surveys. The implementation phases of the analysis are described in detail in the Introduction of the Form (Methodology). The ten material topics highlighted in the study are presented in more detail below, in line with the Sustainable Development Goals, which the Group actively participates in with targeted actions for their integration and implementation.

Graphical Representation of the Material Topics (Materiality Matrix)

  • (1) Regulatory compliance

    We pursue ethical responsibility and integrity in every aspect of our business.
  • (2) Leaks & Oil Spills

    We continually reinforce all precautionary and risk reducing measures in order to manage the risk of spills, to provide environmental protection and maintain the company’s sustainability.
  • (3) Employee Health, Safety and Well-Being

    The health and safety of our people is our first priority. Our objective is to operate safely and accident-free.
  • (4) Air Quality

    We continuously invest in reducing air emissions, thereby contributing to the improvement of air quality. Maximizing gas fuel use, using fuels with higher environmental specifications and applying advanced technologies to the production process are indicative investments.
  •  (5) Fighting Corruption & Business Ethics

    We act honestly and ethically through a set of principles, policies and code of conduct.
  • (7) Εnergy & Climate Change

    We contribute to climate change mitigation by investing in energy management optimization, energy saving and the use of Renewable Energy Sources.
  • (8) Waste & Circular Economy

    We aim to continuously increase the utilization rate throughout the life cycle of the materials and natural resources we use by recycling and re-using them in our production process as well as through developing broader synergies for their use.
  • (9) Employment

    We strive for a safe work environment where people are treated with respect and equal opportunities to develop their skills and career.
  • (10) Product Safety, Quality & Accessibility

    We create value for our customers and consumers through providing safe and innovative high quality products and services that are competitively priced.
  • (17) Continuous Operation
    & Preparedness for Emergency Situations

    We ensure that we are prepared and can immediately respond to emergencies so that we can operate continuously – which is also linked to the Group’s sustainability.


6.Value Creation & Distribution to Stakeholders
11. Support and Consultation with Local Communities
12. Responsible Products
13. Anti-competitive Behavior
14. Biodiversity
15. Human Rights at Work
16. Oil & Natural Gas Stocks
18. Raw Materials & Materials
19. Innovation in Services
20. Water Consumption
21. Data Protection Privacy Policy
22. Employee Education & Training
23. Indirect Economic Effects
24. Responsible Supply Chain
25. Responsible Marketing
26. Diversity & Equal Opportunities

Sustainable Development Goals
(Targets Implementation Study)

The Sustainable Development Agenda, its 17 Sustainable Development Goals (SDGs) and 169 targets were adopted at the 70th UN General Assembly on 25 September 2015. The SDGs are of global nature and of general application with a timetable for implementation by 2030. They create implementation commitments for all developed and developing countries, taking into account different national realities, levels of development, national policies and priorities. The 2030 Agenda promotes the integration of all three dimensions of sustainable development – social, environmental and economic – into all sectoral policies while also promoting the interconnection and coherence of the policy and legislative frameworks on the SDGs.

The HELLENIC PETROLEUM Group recognizes the importance of the 2030 Agenda and actively participates in targeted actions for its dissemination and implementation. For 2018, the Group undertook initiatives for all 17 SDGs that can be linked with the 52% of the Targets, showing an improvement of 13% compared to 2017 (initiatives for all 17 SDGs, linked with the 39% of the Targets).

Targets that in 2018 showed the highest improvement
compared to 2017:

  • 37% increase
  • 37% increase
  • 40% increase

SDGs directly linked to the Group’s activities,
whose Targets in 2018 were 100% integrated:

The HELLENIC PETROLEUM Group recognizes the importance of developing actions to contribute to the achievement of the UN Global Goals on Sustainable Development and is committed to dialogue and cooperation with all its social partners for the implementation of the 2030 Agenda.

Targets implementation percentage for 2017-2018