Hellenic Petroleum
Encyclopedia
Hellenic Petroleum S.A. is the largest oil refining company in Greece
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.
, Elefsina and Aspropyrgos
, which account for 73% of the refining capacity of the country (the remaining 27% belongs to Motor Oil Hellas), and one in the 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 Republic of Macedonia. It also has a network which sells LPG, jet fuel
, naval fuels and lubricants.
and polypropylene
, aliphatic solvents and inorganic chemicals, such as chlorine
and sodium hydroxide. The petrochemicals department is a part of the Thessaloniki refinery.
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.
and Libya
.
. The company also controls a shipping company and has 35% shares in DEPA, the Greek natural gas company, and VPI, which produces PET
resin.
, with the Greek government retaining 35.5% and Paneuropean Oil and Industrial Holdings S.A. (a Latsis family holding company
) owning the remaining 36.3% of outstanding shares.
The Chairman of the Board of Directors
is Anastasios Giannitsis, and the Chief Executive Officer of the company is John Costopoulos, who also serves on the board of directors.
Greece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
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
Hellenic Petroleum operates three refineries in Greece, in ThessalonikiThessaloniki
Thessaloniki , historically also known as Thessalonica, Salonika or Salonica, is the second-largest city in Greece and the capital of the region of Central Macedonia as well as the capital of the Decentralized Administration of Macedonia and Thrace...
, Elefsina and Aspropyrgos
Aspropyrgos
Aspropyrgos is a suburb of Athens, and a municipality in the West Attica regional unit, Attica, Greece. It is located 20 km NW of the city center of Athens in the Thriasian plain...
, which account for 73% of the refining capacity of the country (the remaining 27% belongs to Motor Oil Hellas), and one in the Republic of Macedonia
Republic of Macedonia
Macedonia , officially the Republic of Macedonia , is a country located in the central Balkan peninsula in Southeast Europe. It is one of the successor states of the former Yugoslavia, from which it declared independence in 1991...
, the OKTA
OKTA
OKTA is the only oil refinery in the Republic of Macedonia. It is situated outside the capital city of Skopje. The company started up production in 1982. The managing director is Petros Karalis...
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
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
, Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
, Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
, Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
and Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. The company also operates over 1400 gas stations in Greece and about 350 gas stations in Albania
Albania
Albania , officially known as the Republic of Albania , is a country in Southeastern Europe, in the Balkans region. It is bordered by Montenegro to the northwest, Kosovo to the northeast, the Republic of Macedonia to the east and Greece to the south and southeast. It has a coast on the Adriatic Sea...
, Georgia
Georgia (country)
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
, Serbia, Bulgaria, Cyprus, Montenegro and the Republic of Macedonia. It also has a network which sells LPG, jet fuel
Jet fuel
Jet fuel is a type of aviation fuel designed for use in aircraft powered by gas-turbine engines. It is clear to straw-colored in appearance. The most commonly used fuels for commercial aviation are Jet A and Jet A-1 which are produced to a standardized international specification...
, 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, PVCPVC
Polyvinyl chloride is a plastic.PVC may also refer to:*Param Vir Chakra, India's highest military honor*Peripheral venous catheter, a small, flexible tube placed into a peripheral vein in order to administer medication or fluids...
and polypropylene
Polypropylene
Polypropylene , also known as polypropene, is a thermoplastic polymer used in a wide variety of applications including packaging, textiles , stationery, plastic parts and reusable containers of various types, laboratory equipment, loudspeakers, automotive components, and polymer banknotes...
, aliphatic solvents and inorganic chemicals, such as chlorine
Chlorine
Chlorine is the chemical element with atomic number 17 and symbol Cl. It is the second lightest halogen, found in the periodic table in group 17. The element forms diatomic molecules under standard conditions, called dichlorine...
and sodium hydroxide. The petrochemicals department is a part of the Thessaloniki refinery.
Electricity
Hellenic Petroleum operates a 390 MW natural gasNatural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
power station in Thessaloniki. It opened in 2005 and it is operated through a subsidiary, T-Power. The fixed investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
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 AlbaniaAlbania
Albania , officially known as the Republic of Albania , is a country in Southeastern Europe, in the Balkans region. It is bordered by Montenegro to the northwest, Kosovo to the northeast, the Republic of Macedonia to the east and Greece to the south and southeast. It has a coast on the Adriatic Sea...
and Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
.
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 KomotiniKomotini
Komotini is a city in Thrace, northeastern Greece. It is the capital of the region of East Macedonia and Thrace and of the Rhodope regional unit. It is also the administrative center of the Rhodope-Evros super-prefecture. The city is home to the Democritus University of Thrace, founded in 1973...
. The company also controls a shipping company and has 35% shares in DEPA, the Greek natural gas company, and VPI, which produces PET
Polyethylene terephthalate
Polyethylene terephthalate , commonly abbreviated PET, PETE, or the obsolete PETP or PET-P, is a thermoplastic polymer resin of the polyester family and is used in synthetic fibers; beverage, food and other liquid containers; thermoforming applications; and engineering resins often in combination...
resin.
Ownership
The company is transitioning from a government-owned enterprise to a privately-held enterprise. 28.3% of its shares are available to the public through a float on the Athens Stock ExchangeAthens Stock Exchange
The Athens Stock Exchange or ASE or ATHEX is a stock exchange located in Athens, Greece.-History:The Athens Stock Exchange started trading in 1876. The Athens Stock Exchange is a subsidiary of Hellenic Exchanges S.A., whose shares are listed in ATHEX...
, with the Greek government retaining 35.5% and Paneuropean Oil and Industrial Holdings S.A. (a Latsis family holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
) owning the remaining 36.3% of outstanding shares.
The Chairman of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is Anastasios Giannitsis, and the Chief Executive Officer of the company is John Costopoulos, who also serves on the board of directors.