Hellenic Petroleum

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).

Hellenic Petroleum S.A.
Native name
Ελληνικά Πετρέλαια Ανώνυμη Εταιρεία
Elliniká Petrélaia Anonymi Etairia
Public Anonymi Etairia
Traded asAthex: ELPE
IndustryEnergy industry
Founded1958 as Public Petroleum Corporation
Area served
SE Europe
Key people
Andreas Shiamishis (CEO) Yannis Papathanasiou (Chairman)
ProductsOil and Gas Exploration
Natural Gas Trading and Transportation
Oil Refining
Electricity Generation
ServicesFuel Stations, planes, Ships
Revenue €7.994 billion (2017[2])
€661.78 million (2017[3])
€383.92 million (2017[4])
Total assets €7.160 billion (2017[5])
Total equity €2.371 billion (2017[6])
OwnerPaneuropean Oil and Industrial Holdings (45.5%)[7]
Hellenic Republic Asset Development Fund (35.5%)
Number of employees
3.409 (2017[8])
SubsidiariesEKO ABEE
WebsiteOfficial website
Footnotes / references
in a consolidated basis[9]

It adopted its current name in 1998, changing from the Public Petroleum Corporation S.A. (Greek: DEP), as the result of a corporate reorganization. It is a consortium of 6 subsidiaries and a number of additional companies of which it has varying degrees of management control.


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). Also owns OKTA facilities in Skopje, Republic of North Macedonia for transportation and marketing of petroleum products. Crude oil for the refineries is supplied from Saudi Arabia, Iraq, Iran, Libya and Russia. The company also operates over 1700 gas stations in Greece and about 300 gas stations in Serbia, Bulgaria, Cyprus, Montenegro and the Republic of North 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

The Group has established partnerships with leading companies in the sector, been awarded exploration and production rights for hydrocarbons in a portfolio of areas in Western Greece, both offshore and onshore in various development steps.


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 two shipping companies 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 45.5% of outstanding shares.[10]

The chairman of the board of directors is Mr. Yannis Papathanasiou and the Chief Executive Officer of the company is Mr. Andreas Shiamishis.

See also


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