Rahul Sharma

Hellenic Petroleum

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Traded as  Athex: ELPE LSE: HLPD
Area served  SE Europe
Revenue  7.303 billion EUR (2015)
Net income  46.7 million EUR (2015)
Type  S.A.
Industry  Energy industry
Headquarters  Marousi, Greece
Founded  1958
Total assets  8.029 billion EUR (2015)
Hellenic Petroleum httpsuploadwikimediaorgwikipediaenthumbb
Key people  Eystathios Tsotsoros (Chairman) Griogorios Stergioulis (CEO)
Products  Oil and Gas Exploration Natural Gas Trading and Transportation Oil Refining Petrochemicals Electricity Generation
Services  Fuel Stations, planes, ships
CEO  Ioannis Kostopoulos (Dec 2007–)
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Hellenic Petroleum S.A. is one of the largest oil companies in the Balkans and with its roots dating to 1958 with the establishment of the first oil refinery in Greece (Aspropyrgos).

Contents

It adopted its current name in 1998, changing from the Public Petroleum Corporation S.A. (DEP), as the result of a corporate reorganization. It is a consortium of 9 subsidiaries and a number of additional companies of which it has varying degrees of management control.

youngrefiners marios krystalis operations engineer at hellenic petroleum


Refineries and gas stations

Hellenic Petroleum operates three refineries in Greece, in Thessaloniki, Elefsina and Aspropyrgos, which account for 57% of the refining capacity of the country (the remaining 43% belongs to Motor Oil Hellas), and one in Skopje, Former Yugoslav Republic of Macedonia, the OKTA refinery, which is supplied by crude oil through pipelines from Thessaloniki and covers approximately 85% of the country's needs. Crude oil for the refineries is supplied from Saudi Arabia, Iraq, Iran, Libya and Russia. The company also operates over 1400 gas stations in Greece and about 350 gas stations in Albania, Georgia, Serbia, Bulgaria, Cyprus, Montenegro and the Former Yugoslav Republic of Macedonia. It also has a network which sells LPG, jet fuel, naval fuels and lubricants.

Petrochemicals

Being the most important company that produces petrochemicals in Greece, Hellenic Petroleum has a very significant (over 50% in most cases) share of the market. Their basic products are plastics, PVC and polypropylene, aliphatic solvents and inorganic chemicals, such as chlorine and sodium hydroxide. The petrochemicals department is a part of the Thessaloniki refinery.

Electricity

Hellenic Petroleum operates a 390 MW natural gas power station in Thessaloniki. It opened in 2005 and it is operated through a subsidiary, T-Power. The fixed investment for this plant amounted to 250 million Euros.

Oil exploration

With law 2289/95, Hellenic Petroleum holds the exclusive rights for exploration and production of hydrocarbons in 62000 km² in Greece. The company is also active abroad, in cooperation with foreign companies, in Albania and Libya.

Other

Hellenic Petroleum subsidiaries include the engineering company Asprofos and the polypropylene film production company, DIAXON, whose factory is situated in the industrial area of Komotini. The company also controls a shipping company and has 35% shares in DEPA, the Greek natural gas company, and VPI, which produces PET resin.

Ownership

The company is transitioning from a government-owned enterprise to a privately held enterprise. 21.8% of its shares are available to the public through a float on the Athens Stock Exchange, with the Greek government retaining 35.5% and Paneuropean Oil and Industrial Holdings S.A. (a Latsis family holding company) owning the remaining 42.7% of outstanding shares.

The Chairman of the Board of Directors is Eystathios Tsotsoros, and the Chief Executive Officer of the company is Grigoris Stergioulis, who also serves on the board of directors.

References

Hellenic Petroleum Wikipedia


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