The Group at a Glance

  • +300
    Fuel stations abroad

  • +1,700
    Fuel stations in Greece

  • 3
    Refineries in Greece

The Group
at a Glance

Corporate Identity

The Group (registered headquarters at 8A Chimarras Street, Maroussi), operating in 6 countries (Greece, Cyprus, Bulgaria, Serbia, Montenegro, Republic of North Macedonia), comprises 68 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 shareholder composition, the percentages of ownership and other relevant information, are presented here (pp. 230-233).

The 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).

  • 23 aircraft refueling stations

    at the main Greek airports

  • 6.65 mil. m3

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

  • 2 LPG bottling plants

    and 1 lubricant production and packaging plant

  • 15 fuel storage

    and distribution facilities

The Group holds a leading position in domestic marketing through its subsidiary HELLENIC FUELS & LUBRICANTS SA (EKO SA), which is active in the domestic retail marketing and sale of LPG, industrial, aviation & bunkering fuels, and lubricants.

Shareholder Composition 

The main activity is refining
(representing approximately 75%
of the Group’s total assets) 

Covering 65% of
Greece’s refining capacity

Financial Performance

  • Turnover:
    € 5,782 mil.
  • Adjusted EBITDA:
    € 333 mil.
  • Share Price (31.12.2020):
    € 5,40
  • Comparable Net Profits:
    € 5 mil.
  • Reduction in Financial Costs in last four years:

Vision, Mission, Principles

Our Vision

To be a flexible, extroverted and innovative Energy Group that will be a leader in energy transition and the new industrial model of the country, continuing our powerful legacy with a clear future-oriented perspective.

Our Mission

To produce and supply top quality products, as well innovative and competitive low-carbon energy solutions, adding value to our customers in the Greek and international market.

Our Principles

  • Safety is always our Top Priority.
  • We plan and operate towards fulfilling the Group’s Sustainable Development goals, acting responsibly towards the Society and the Environment.
  • We apply high standards of Corporate Governance with Reliability and Transparent Procedures.
  • We create Value for our Shareholders and focus on the constant Improvement of our Results and Cash Flow.
  • We provide Value to our Customers and contribute actively to the Development of Local Societies.
  • We respect our Colleagues and Partners, promoting Meritocracy and Participatory Procedures while securing Equal Opportunities.
  • We constantly strengthen Extroversion and improve Competitiveness.
  • We invest in the Development and Incorporation of New Technologies and Innovation, and constantly improve our Knowhow through International Collaborations and Educational Programs.

Group Distinctions in 2020

  • Top Company of the last decade in Greece 
    Special distinction for HELPE as the Top Company of the last decade in Greece at the “Diamonds of the Greek Economy” Business Excellence Awards.
  • Health + Safety Awards
    Pride Award for HELPE Group and 6 Gold and Silver Awards at the “Health + Safety Awards 2020”.
  • Hellenic Responsible Business Awards
    Gold Distinction for HELPE Group in the categories “Responsible Companies & SDGs – Sustainable Cities & Communities” at the “Hellenic Responsible Business Awards 2020”.
  • Mobile Excellence Awards
    GOLD Award for the EKO App and BRONZE Award for ΕΚΟ Mobile Payments at “Mobile Excellence Awards 2020” for ΕΚΟ.
  • Cyprus Retail Excellence Awards
    Silver award in the “Corporate Social Responsibility” category for EKO Cyprus at the “Cyprus Retail Excellence Awards 2020”, in recognition of its actions in the field of road safety.
  • Safe Company of the Year
    “Safe Company of the Year” Award for HELPE Group and 9 Gold and Silver Awards at the “Fire and Emergency Awards 2020”.
  • Environmental Awards
    Environmental Team of the Year for HELPE Group and 6 Gold and Silver Awards at the “Environmental Awards 2020”.
  • Awards for the Annual Report 
    6 Gold and Bronze Awards for the 2019 Annual Report at international competitions: ARC Awards International 2020, Galaxy Awards 2020, STEVIE International Business Awards 2020 and IADA.
  • Innovation Award
    Innovation Award in the Services Sector for the “ΕΚΟ Smile” app at the Cyprus OEB Innovation Awards for EΚΟ Cyprus.
  • Honorary Sign
    Honorary Sign to EKO Cyprus for its contribution to Scouting.

Value Chain

For the HELLENIC PETROLEUM Group, the creation of added value for the economy and the society confirms the responsible attitude and the long-standing contribution of the Group and its subsidiaries.

*Active suppliers: Suppliers who have collaborated with the Group in the last three years.

Group Activities

Our strategy focuses on creating a balanced portfolio between our core business and New Energy Development.


This is the Group’s main activity with 3 refineries at Aspropyrgos, Elefsina and Thessaloniki, with a capacity of 6.65 mil. m3, which account for approximately 65% of the country’s total refining capacity.

All the Group’s refining products meet the current European specifications (Euro VI). In 2019, the Aspropyrgos refinery started the production of marine fuels of new IMO specifications, adapted to market trends in order to ensure the supply of the market with clean fuels. The Elefsina and Thessaloniki refineries do not produce high-sulphur fuel oil, so no adjustments to their operation were required.

At the same time, with the completion of the conversion of the MTBE and TAME gasoline additives production units into ETBE and TAEE units respectively, the Aspropyrgos refinery started producing bio-ethers. The conversions were carried out in order to be able to meet the obligation to supply E5 gasoline to the domestic market, without the addition of bioethanol, to improve the quality of the final product and to substitute imports.

Achievements in 2020

  • Aspropyrgos and Elefsina refineries’ yields on high value-added products (gasoline, aviation fuel and diesel) increased slightly compared to 2019 levels, with the yield of white products exceeding 83%, one of the highest in the European refining industry.
  • Energy consumption remained at the low levels of 2019, despite planned refinery shutdowns. Natural gas use remained at high levels, substituting LPG and naphtha for hydrogen production at the Elefsina refinery as well as for own consumption at all refineries, with a significant economic contribution.
  • Production was at the same level as in 2019, at 13.8 mil. tonnes (-3%).
  • Total product and commodity sales at 14.4 mil. tonnes.
  • 61% rate of exports on total refined product sales, maintaining the Group’s position as one of the most extrovert in the Eastern Mediterranean region.


  • Reducing carbon emissions through energy efficiency and energy use improvement projects, use of renewable energy sources for electricity needs, use of cleaner fuels and installation of blue/green hydrogen.
  • As part of this effort, the Elefsina refinery will become a model of energy transition and carbon reduction through investments in energy efficiency improvement activities, a cogeneration unit to meet energy needs and facilitate energy efficiency improvement projects, a blue hydrogen unit through carbon capture in existing hydrogen production, a pilot green hydrogen production unit through the use of electricity from RES and a solar energy production unit in the facilities.
  • At the same time, the Thessaloniki refinery will be upgraded through a 2nd generation biodiesel cogeneration unit to increase sustainable raw materials for our products.
  • Emphasis on Health and Safety, focusing our efforts on education, implementation of standards and improvement of procedures.
  • Ongoing Digital Transformation program implemented in the business units and central services of the Group.
  • New program for procurement optimisation.
  • Optimisation of the new refinery operation model, maximizing all the capacities of the three refineries and the synergies among them.
  • Increase exports to the Mediterranean and the Balkans and develop international oil trading opportunities.

Fuels Marketing

The Group is active in the marketing of petroleum products both in Greece and abroad through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and Republic of North Macedonia.

In Greece, the Group has over 1,700 EKO and BP branded fuel stations, of which more than 230 are COMO, while 300 fuel stations operate abroad.

The consolidated company has the most comprehensive fuel supply network with:

  • 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 2020

The EKO and BP brands in Greece, despite the unprecedented conditions, maintained their market share at high levels in most products, ensuring the company’s leading position in service station fuels, industrial fuels and aviation and bunker fuels.

  • Significant 24% increase in heating oil sales. Strengthening of diversified motor fuels (98 & 100 octane gasoline, enhanced diesel).
  • Completion of the relocation of the Group’s storage tanks in Cyprus.
  • In Cyprus and Montenegro the local subsidiaries have a leading position in their markets.
  • In Bulgaria and Serbia, the Group’s subsidiaries have recorded rapid growth since 2005 and are now among the top five companies in their respective sectors.
  • In Serbia, profitability increased marginally due to improved retail margins.


  • Transformation of fuel marketing with an emphasis on new energy services and products.
  • Improvement of competitiveness and adaptation to modern customer requirements.
  • Implementation of actions for the digital transformation of marketing.
  • Maintenance of the leading position in the markets of Cyprus and Montenegro, strengthening of the profitability of OKTA’s marketing activity, and continuation of growth in the markets of Bulgaria and Serbia through the development of the network of fuel stations and the optimization of the supply chain.
  • Extensive program for the refurbishment of fuel stations, applying the new environmental terms and the new corporate image of the fuel station network in Montenegro.
  • Implementation of the program for the upgrading of the corporate image of the fuel station network in Serbia and Bulgaria.

Crude Oil Supply

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

The accessibility of the Group’s refineries and their flexibility to process a wide variety of types of crude constitute the key competitive advantage that has been proven to be particularly important for both the profitability and the ability of the Group to respond to abrupt fluctuations in the supply of specific types of crude, thereby ensuring the uninterrupted supply of the markets in which the Group operates.

Achievements in 2020

  • The Group adapted to the market conditions and the impact of the COVID-19 pandemic and exploited for yet another year the opportunities presented by the crude oils market in the Mediterranean as well as the optimization of raw material supply, mitigating the impact of the decline in refining margins.
  • The crude oil supply mix of the Group adapted to the prevailing market conditions as follows: Russia (27%), Kazakhstan (22%), Iraq (12%), Algeria (12%), Saudi Arabia (9%), Azerbaijan (7%), Egypt (6%) and the US (4%).


  • 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 the supply and processing of a diversified raw material mix.

Power Generation & Natural Gas

The activities in the fields of power generation and natural gas concern the participation of the Group in ELPEDISON BV (50% HELLENIC PETROLEUM S.A., 50% EDISON) and DEPA S.A. (35% HELLENIC PETROLEUM S.A., 65% HRADF) respectively.

ELPEDISON S.A. is today the second biggest independent producer of electricity in Greece with two combined cycle gas turbine plants of a total installed capacity of 840 MW (plant in Thessaloniki with a capacity of 420 MW in operation since 2005, plant in Thisvi Viotia with a capacity of 420 MW in operation since 2010). Elpedison has also been granted a production license for a new 826 MW natural gas-fired combined cycle power plant in Thessaloniki.

Achievements in 2020

  • During Q4, the €20 million upgrade of ELPEDISON’s CCGT plant in Thessaloniki was completed, increasing its capacity to 420MW, with a further significant improvement in its efficiency and flexibility.
  • ELPEDISON’s market share increased, reaching approximately 4.65% (2019: 4.35%, Hellenic Energy Exchange) with an expansion of the customer base in Low and Medium Voltage (residential and industrial customers). The company supplied approximately 300,000 customers at the end of the year with sales of 2,500 GWh.
  • DEPA Group’s contribution to HELLENIC PETROLEUM Group’s profits amounted to €21 mil.


  • Full disinvestment from the DEPA Group
  • Participation in natural gas marketing activities.
  • Strengthening of the position of ELPEDISON in electricity production and retail marketing, and transition to the four-market European regulatory framework (target model).
  • Diversification of the portfolio with new activities, e.g. production of “green energy” for the core production process, electricity marketing and electromobility.

Petrochemicals / Chemicals

Petrochemical activities focus on the production and marketing of polypropylene, BOPP films and solvents. The sector also includes the marketing of imported plastics and chemicals.

Based on contribution to the Group’s financial figures, the propylene-polypropylene-BOPP product chain constitutes the main activity in petrochemicals. The polypropylene production plant at Thessaloniki is mainly supplied by propylene produced at the Group’s refinery at Aspropyrgos. Polypropylene production is based on Basell technology, which is considered 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 2020

  • 72% of the sales volume of chemicals is exported.
  • EBITDA to the tune of €58 mil.
  • Sales of petrochemicals reached €250 mil.
  • International PP margins were about €40/MT lower than 2019 levels.


  • Exploring increase in vertical integration and the distribution of new products.
  • Continuous improvement in product quality and the competitiveness of activities.
  • Gradual establishment of the new Cast Film production line, with a capacity of 7,000 MT/yr. Completion of the investment within the 1st Quarter of 2022.
  • Decision to proceed with the investment for the increase in PP production to 300 kT/yr, via imported propylene.
  • Installation study for a new metalized film production line with a capacity of 4-5 kT/yr.
  • Completion of the increase in Bulk Polypropylene storage by 1,000 MT (utilization of PVC silos).

Technical Studies

ASPROFOS, a Group subsidiary, is the largest Greek provider of technical (engineering) and energy consulting services in S.E. Europe. It operates in accordance with internationally recognised standards and practices and has received the ISO 9001, ELOT 1429, ISO 14001 and OHSAS 18001 certifications.

Achievements in 2020

  • Turnover amounted to € 10.6 million and the company offered its services to 70 new projects.
  • Involvement in major projects such as EastMed and TAP, and works in an electricity production plan in Kuwait, as well as in the three refineries and the subsidiaries of the Group.


  • Strengthening the company’s extrovert and competitive policy to expand services outside the Group.
  • Synergies with EPC companies.
  • Expansion of services within the HELPE Group in order to meet existing needs.
  • Investing in the productive core of the company and its high-level training and know-how.

Renewable Energy Sources (R.E.S.)

HELPE RENEWABLES S.A. was founded in 2006 and is a 100% owned subsidiary of HELLENIC PETROLEUM Group. The company has set the goal of developing a significant installed capacity from wind, photovoltaic and biomass in the coming years, diversifying the Group’s energy portfolio and contributing to counterbalancing the Group’s greenhouse gas emissions.

The following projects are currently in operation:

  • 7 PV stations at land plots of the Group, of a total nominal capacity of 19 MW. These include 4 PV projects of a total installed capacity of 17.6 MW of the pilot tender of RAE (2016)
  • A wind farm of an installed capacity 7 MW in Pylos, at the Prefecture of Messinia.
  • 14 PV net metering systems of a total installed capacity of approximately 192 kW at 14 petrol stations (EKO & BP)

Achievements in 2020

  • The following projects are at various stages of development: 1 PV project of a total installed capacity of 2 MW at Soures Mandra under construction, 1 power and heat generation unit from biomass (from residual agriculture) of a total installed capacity of 4.68 MW, a portfolio of PV projects of a total installed capacity of 43.9 MW and a hybrid project in collaboration with LARCO, PV projects with a production license of a total installed capacity of 564.3 MW, wind projects with a production license of a total installed capacity of 70 MW, applications for issuance of production licenses for RES projects (PV and wind) of a total installed capacity of 444 MW submitted in 2019 and 2020.
  • On 17 February 2020, an agreement was signed for the acquisition of a portfolio of photovoltaic projects in the final licensing stage in the Kozani region from the German RES project development and construction company JUWI. The transaction was completed on 1 October 2020 and construction of the project started in November 2020. The project, with a total capacity of 204.3 MW, is the largest RES project in Greece and Southeast Europe and the sixth largest PV park in Europe to date. It is estimated that it will be producing 350 GWh of energy per year, capable of providing clean, zero-emission energy for 75,000 households, with an annual carbon dioxide emission benefit of over 300,000 tonnes. The total investment will amount to €130 million, with a significant benefit for the economy, particularly in the region of Western Macedonia, as more than 300 jobs will be created during construction, as well as dozens of direct and indirect jobs during operation, most of which will be covered by the local community.


  • HELPE Renewables has set the goal of developing a significant installed capacity from wind, photovoltaic and biomass in the coming years, contributing to the counterbalancing of the Group’s greenhouse gas emissions. The reduction in its carbon footprint will reach at least 500,000 tonnes by 2025 through the development of a portfolio with an installed capacity of about 600MW, offsetting a significant proportion of the CO2 emissions that correspond to refinery and natural gas power generation activities.
  • HELPE Renewables continues to assess potential investments in captive power plants at the Group’s facilities, which are connected to the low and medium voltage networks.

Hydrocarbon Exploration & Production

The Group monitors and participates in developments in the field of Hydrocarbon Exploration and Production in Greece by submitting bids in 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 concession (West), totalling 1,419 sq. km (HELPE PATRAIKOS 50% – administrator in an international consortium with EDISON International SpA 50%).
  • The two land areas “Arta-Preveza” and “NW Peloponnese”.
  • Block 2 (marine) west of Corfu (HELPE 25% in a consortium with Energean 50% and Edison 25%).
  • Block 10 (marine) of the Ionian Sea at the Kyparissia Gulf (HELPE 100%).
  • The “Ionian” marine area of the Ionian Sea (Repsol 50%-administrator, HELPE 50%).
  • Two marine areas west and southwest of Crete (Total 40% – administrator, ExxonMobil 40%, HELPE 20%)

Achievements in 2020

  • Internal geological surveys are being conducted in the Thracian Sea area.
  • Following the full confirmation and mapping of the primary geological objective in the Patraikos Gulf, marine works for the study of potential geo-risks were completed and extensive environmental sampling took place. An environmental and social impact study was also completed and submitted in view of Patraikos Gulf exploratory drilling.
  • Geological, geophysical and environmental studies and works are being implemented and permits are being issued In the “Arta-Preveza” and “NW Peloponnese” exploration areas, a program of geological and environmental investigations is being implemented under contractual obligations at Block 2 (west of Corfu), and geological and environmental surveys are being conducted at Block 10 in the area of the Kyparissia Gulf, and at the “Ionian” marine area.
  • It has been submitted a bid for the Block 1 of the Ionian Sea north of Corfu.
  • In the “West Crete” and “Southwest Crete” marine areas, geological and environmental studies and permitting are in progress, under the contractual obligations of the First Exploration Phase.


Consider strategic options for our E&P portfolio, aiming to focus efforts on natural gas prospects in collaboration with credible partners that have the necessary capabilities:

  • Consider strategic options for our oil-focused prospects
  • Continue exploration program on natural gas focused prospects


HELPE ELECTROMOBILITY SERVICE PROVIDER S.A. is a wholly owned subsidiary of the HELLENIC PETROLEUM Group and was founded in 2020 with the discreet title ElpeFuture. ElpeFuture has set the goal of developing an extensive network of EV charging stations and related electromobility services services. ElpeFuture will operate in the new market as a Provider of Electromobility Services, as a Charging Infrastructure Operator, and as a Transaction Processing Agent.

Achievements in 2020

  • Two 50kW fast chargers are in operation at EKO fuel stations in Motorway Service Stations and one fast charger in collaboration with EKETA, at an EKO urban-type fuel station. Eight 22kW chargers are in operation in the car parks of the head office and refinery administration buildings.
  • The licensing process for the installation of fast chargers at EKO/BP fuel stations in Greece is being completed.


HELLENIC PETROLEUM Group, constantly monitoring developments, contributes to the promotion and operation of sustainable mobility by supporting actions that aim to change the technological structure and fuel mix of means of transport for the transition to a low carbon footprint economy.

  • The deployment in the first phase includes the installation of fast charging (DC) 50kW chargers at selected EKO/BP fuel stations to cover the entire country, aiming to cover the main roads and points of strategic interest throughout the country. In addition, a significant number of AC chargers will be installed in corporate parking lots, as well as in popular destinations (shopping malls, parking, supermarkets, etc.).