Hellenic Petroleum

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Hellenic Petroleum S.A.
Ελληνικά Πετρέλαια Α.Ε.
Traded as AthexELPE
Industry Energy industry
Founded 1958
Headquarters Athens, Greece
Area served
SE Europe
Key people
Eystathios Tsotsoros (Chairman)
Griogorios Stergioulis (CEO)[1]
Products Oil and Gas Exploration
Natural Gas Trading and Transportation
Oil Refining
Electricity Generation
Services Fuel Stations, planes, ships
Revenue Decrease €7.303 billion[2] (2015)
Increase €245.2 million[2] (2015)
Profit Increase €46.7 million[2] (2015)
Total assets Increase €8.029 billion[2] (2015)
Total equity Increase €1.684 billion[2] (2015)
Owner Paneuropean Oil and Industrial Holdings (42.7%)
Government of Greece (35.5%)
Subsidiaries BP Hellas
Website Official website
Footnotes / references
in a consolidated basis[2]

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).

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.


Refineries and gas stations[edit]

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.


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.


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[edit]

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.


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.


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.[3]

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.

See also[edit]


  1. ^ https://www.bloomberg.com/quote/ELPE:GA
  2. ^ a b c d e f "2015 Consolidated Financial Statements" (PDF). Hellenic Petroleum. 25 February 2016. Retrieved 15 January 2017. 
  3. ^ "Shareholders Structure". Hellenic Petroleum. 31 December 2008. Retrieved 2009-10-25. 

External links[edit]