2017 Sustainable Development & Corporate Responsibility Report



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 and together combine 6.65 million m³ in storage capacity.

  • Production reached 15 million tonnes representing a new historical high/record  
  • Sales increased for the 7th consecutive year reaching 16 million tonnes
  • 52% of sales were exported
  • 11% sales increase in domestic sales to 4.9 million tonnes (diesel & fuel oil)
  • 6% increase in aviation fuel (745 thousand tonnes)
  • 19% increase in bunkering fuels (2 million tonnes)
  • Emphasis on Safety: Focusing on education, implementation of standards and improvement of procedures
  • "Five-Year Development Program 2018-2022" based on extroversion, enhancing international competitiveness, continuously improving know-how and introducing innovative methods and new technologies
  • Strengthening our export activity and exploring opportunities in new markets
  • Preparing the Group for low sulfur bunkering fuels in 2020
  • Implementing investments under the three-year program (2018-2020) regarding refining, improving the Group’s energy efficiency and its digital transformation 
MARKETING  The Group is active in the trading of petroleum products both in Greece and abroad through subsidiaries (Cyprus, Bulgaria, Serbia, Montenegro and FYROM).
In Greece, it has more than 1,700 petrol stations under the EKO and BP trademarks, of which more than 200 are COMO while 300 self-operating  300 EKO branded outlets operate overseas.
The consolidated company has the most comprehensive fuel supply network:
  • 15 fuel storage and distribution facilities
  • 23 aircraft refuelling stations at major airports
  • 2 LPG bottling plants
  • 1 lubricant production and packaging unit
  • The EKO and BP brands’ market share improved in motor fuels exceeding 31%
  • EKO's leading position in Aviation and Marine fuels continued with sales growing by 9%
  • 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 to the end of 2025
  • Increase in retail sales to most foreign companies operating in the Group (increased demand, expansion of retail network, marketing activities, new products)
  • Emphasis on the development of COMO petrol stations, as well as the range of products and services provided through points of sale.
  • Reduction of cost per unit (volume) in land transport and in larger-use installations (systems, procedures).
  • Increase market share for domestic traffic in motor fuels.
  • Implementing digital marketing transformation initiatives.
  • Maintaining a leading position in the markets of Cyprus, Montenegro and FYROM.
  • Continue growth in the Bulgarian and Serbian markets through targeted network development and supply chain optimization
SUPPLY 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, are 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. 

The oversupply of all types of crude oil continued in the first half of 2017, with a favourable price impact on the company, especially the heaviest types of crude in the region, also helped by the normalization of the production and movement of crude from Libya. The Group has taken advantage of international market opportunities and improved financial liquidity as well as significant benefits presented in the pricing structure of various types of Mediterranean crudes. Thus, the supply mix was adjusted as follows:

Iran and Iraq 22%, Russia 10%, Kazakhstan 10%, Saudi Arabia 5%, Libya 9%, Egypt 4%, other sources 13%.
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.
  • 70% of chemicals are exported
  • EBITDA to the tune of 95 million EUR
  • Petrochemicals sales reached 267 million EUR
  • International polypropylene margins fell by 3%  
  • Investigating increasing vertical integration and the distribution of new products.
  • Continuous improvement in products’ quality and the competitiveness of activities.
  • 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.


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.

  • The aforementioned companies’ contribution to the Group's results increased by 72.5% compared to 2016
  • ELPEDISON's EBITDA earnings amounted to €31 m.
  • DEPA’s contribution to the Group's results amounted to €46 m.
  • Invitation to tender by the two partners for the sale of 66% of the share capital of DESFA S.A. (100% subsidiary of DEPA S.A.)
  • 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.
  • Penetration of the retail natural gas market.
  • Feasibility study concerning the installation of a hybrid power system on the non-interconnected islands.

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.
  • Thracian Sea concesssion, totaling 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%) Performing marine seismic recordings (2D & 3D) and data processing.
  • Lease agreement in the two land areas "Arta-Preveza" and "NW Peloponnese".
  • Lease agreement: Total 50%, Edison 25%, HELPE 25% for Block 2 (marine) on the West Coast of Corfu.
  • Designation as preferred contractor (100%) for Block 10 in the Kyparissiakos Gulf region. The negotiation of the relevant Lease Agreement is in progress.
  • Awaiting the announcement of the preferred bidder for Block 1 in the Ionian Sea, north of Corfu.
  • Bidding: a) for two regions west and southwest of Crete through a consortium, Total of 40%, ExxonMobil 40%, HELPE 20% and b) for an area in the Ionian through another consortium: 50% Repsol, 50% HELPE.
  • Assessment of hydrocarbon potential by performing geophysical records and exploration drillings with absolute respect for the environment and the activities of 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 areas 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.
RES 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.). 

A total of 10 MW operating PV parks installed on Group owned real estate.

  • An operating 7 MW wind farm in Pylos, Messinia.
  • 3 PV projects of a total capacity of 8.6 MW that have been awarded through the pilot PV auction scheme were constructed in 2017
  • At various stages of development: 1 PV 2MW, 5 biomass power and heat generation units (using agricultural residues as raw material) with a total output of 25 MW.
  • 7 PV net-metering systems were installed (70 kW in total) on top of EKO and BP branded fuel stations

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 be at least 250,000 tonnes per year, offsetting a significant proportion of CO2 emissions corresponding to refinery and power and natural gas generation activities.

  • Submission of an application for a 1 MW Biogas power generation license
  • 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.
ENGINEERING ASPROFOS is a Group subsidiary and is the largest Greek provider of technical services, as well as energy advisory services in S.E. Europe.
  • Turnover amounted to EUR 9.7 million through the provision of services to 150 projects.
  • Major projects such as Poseidon, TAP, works at refineries in Croatia and Romania, as well as at the Aspropyrgos Industrial Installations.
  • In 2017, the company began its first project in Kuwait to study conversion units at the KNPC Mina Al Ahmadi (MAA) refinery.
  • 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.


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