The Group at a Glance

  • +300
    petrol stations overseas

  • +1.700
    petrol stations in Greece

  • 3 refineries
    in Greece

  • A Group with activities in
    6 countries
    (Greece, Cyprus, Bulgaria, Serbia, Montenegro, North Macedonia)

The Group
at a Glance

Corporate identity

The Group (registered headquarters at 8A Chimarras Street, Maroussi, Athens) comprises 43 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 at  “Board of Directors’ Consolidated Annual Financial Report for 2019”. 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).

  • 6,65 million ㎥

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

  • 1

    lubricant production and packaging plants

  • 2

    LPG bottling

  • 23 Aircraft refueling stations

    at the main airports

  • 15

    Fuel storage and distribution facilities

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

Covering 65% of Greece’s refining capacity

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

Shareholder Composition

Financial Performance

  • 8,857 mil. €

    in turnover

  • 572 mil. €

    Adjusted EBITDA

  • 8.77 €

    share price (31.12.2019)

  • 185 mil. €

    in net profits

  • -42%

    in financial costs in last three years

Vision, Mission, Principles

Our Vision

To be a competitive, extroverted and competitive Energy Group that will be a pioneer in the promotion of Sustainable Development and Energy Transition.

Our Mission

“Energy for Life” 
To produce and offer top-class, innovative and competitive products and services in the field of energy, serving our clients in the Greek and international market with effectiveness and consistency.

Our Principles

  • Safety is always our Top Priority
  • We are planning and operating towards achieving the goals of the Group’s Sustainable Development, acting responsibly towards the Society and the Environment
  • We are applying high standards of Corporate Governance with Reliability and Transparent Procedures
  • We are creating Value for our Shareholders and focus on the constant Improvement of our Results and Cash Flow
  • We are providing Value to our Customers and are contributing actively to the Development of Local Societies
  • We are respecting our Colleagues and Partners, promoting Meritocracy and Participatory Procedures while securing Equal Opportunities.
  • We are constantly strengthening Extroversion and are improving Competitiveness.
  • We are investing in the Development and Incorporation of New Technologies and Innovation, and are constantly improving our Knowhow through International Collaborations and Educational Programmes.


Group Distinctions 2019

  • High distinction “Sustained Performance Award” awarded by the Joint Inspection Group (JIG) and the International Air Transport Association (IATA) for the Aspropyrgos Refinery for the high standards of the of the high standard management system aviation fuel (production, storage and distribution).
  • WINNER and GOLD WINNER award in the “Oil & Petrochemicals”, “Mobile unit for emergencies” and “Health & Safety and Environment” and SILVER award in the “Training and Sensitivisation of Staff” for ELPE Group at “Health & Safety Awards 2019”.
  • Distinction at the “Bravo Sustainability Awards” and the thematic unit “Bravo Environment” for the Group’s action that concerned the “Incorporation of climate change topics in the ELPE strategy and classification per CDP”.
  • Inclusion of the Legal Services of the ELPE Group in the list of the most prominent legal services in Greece and Cyprus, “GC Powerlist – Greece & Cyprus Teams 2019” from the Legal 500 international group in collaboration with the Association of Corporate Counsel (ACC) and the International Bar Association (IBA).
  • “Silver Recognition Level” distinction by the “EcoVadis” international organisation for ELPE Group and its EKO S.A. subsidiary for their business practices and emphasis on sustainable development.
  • Honorary distinction of the ELPE Group by the Hellenic Paralympic Committee and the National Sports Federation of Persons with Disabilities for supporting the preparation of the Greek Paralympic Team for Tokyo 2020.
  • 7 Awards for the 2018 Annual Report: Gold Award & Bronze Award at the ARC Awards International 2019 international competition in the “Traditional Annual Report: Energy” and “Photography, Energy” categories respectively, Bronze Award at the Galaxy Awards 2019 international competition in the “Annual Reports – Online” category, Silver Award at the STEVIE International Business Awards 2019 in the “Best Annual Report” category, Gold Award & Silver Award in the IADA, The International Annual Report Design Awards international competition in the categories “Traditional format, Energy & Resources” and “Online version, Energy & Resources” respectively, and Silver Award at the LACP 2019 Vision Awards international competition in the “Online Report – Energy, Oil, Gas and Consumable Fuels” category and distinction as Regional Top 50 in the “Online Report, EMEA region” category.
  • 3rd place for OKTA in the “Large companies with good practices in Health & Safety at work” category by the Ministry of Labor & Social Affairs and the National Council of Health & Safety of Northern Macedonia.
  • Inclusion of EKO Bulgaria in the “Capital Top 100” list of companies headquartered in Bulgaria, based on turnover and based in Bulgaria.
  • Honorary distinction for ELPE CYPRUS by the President of the Republic of Cyprus, Mr. N. Anastasiadis, for the continuous contribution to and support of the Greek Scout Corps of Cyprus.
  • Silver Award for ELPE CYPRUS in the “Corporate Social Responsibility” category at the “Cyprus Retail Excellence Awards 2020”, in recognition of its actions in recent years in matters of road safety.
  • 1st place for JUGOPETROL in the “FIRST PLACE FOR INCOME” category in the context of the “100 largest in Montenegro” list.
  • “Corporate Responsible Social Award” for JUGOPETROL in the “Contribution to the community” category by the Federation of Employers of Montenegro.

Group Activities


The Group’s main activity is conducted by three refineries in Aspropyrgos, Elefsina and Thessaloniki, with a capacity of 6.65 million m3, which account for approximately 65% of the country’s total refining capacity.

Achievements 2019

  • Volume of production reached 14.2 million tonnes.
  • Total sales of products and commodities reached 15.2 million tones.
  • The percentage of exports on total sales of refining products reached 52%.
  • The performance of the Aspropyrgos and Elefsina refineries remained at high levels, with the performance of white products exceeding 84%.
  • Sales of aviation fuels increased marginally (770,000 tonnes)
  • Sales of bunkering fuels increased by 4% (1.9 million tonnes).
  • The Aspropyrgos refinery started the production of bunkering fuels in November 2019, in order to adjust to market trends, with the inclusion of low-sulfur IMO crude in the processing, with the aim of producing mazut with 0.5% sulfur content and marine gas oil.


  • Emphasis on Safety: Focusing on education, implementation of standards and improvement of procedures.
  • Maintaining high export activity.
  • Digital Transformation program implemented in the business units and central services of the Group.
  • New programme for the optimisation of the procurement of equipment and services.
  • Optimisation of a new refinery operation model, maximizing all the capacities of the three refineries and the synergies among them.
  • Energy Transformation actions, with the aim of improving the environmental footprint, with parallel economic benefits.
  • Smooth supply of the market with low-sulfur bunkering fuels, in accordance with the new IMO 2020 specifications.
  • Increase in the number of types of crude that shall be processed and testing of new types of crude, with the aim of maximising production flexibility and optimising the adaptation to market demands.
  • Optimisation of operation and cost levels compared to the safest and most competitive refineries in Europe and the broader Mediterranean area.
  • Increase in the production of high-value products and improvement of energy performance (e.g. increase in Flexicoker capacity, new alkylation and/or olefin metathesis unit, CCGT co-production unit in Elefsina)

Fuels Marketing

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

In Greece, the Group has over 1,700 EKO and BP branded petrol stations, of which more than 240 are COMO while 300 EKO branded outlets 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 2019

  • Increase in sales of motor fuels, with further boosting of diversified fuel sales by 11%, contributing to the profitability of the sector.
  • Improvement of the market share of EKO and BP brands in motor fuels, exceeding 32%.
  • Maintaining EKO’s leading position in Aviation and Marine fuels
  • Increase in sales of lubricants and liquefied petroleum gas (+ 11%).
  • Increase in sales of NFR products and services in COMO petrol stations by 9%.
  • Acquisition of the “Blue Circle Engineering Ltd” LPG distribution and installation company for the further strengthening of the Group’s presence in Cyprus.


  • Transformation of Retail Marketing with an emphasis on the development of COMO petrol stations, as well as NFR products and services.
  • Improvement of competitiveness and adaptation to modern customer requirements and the challenges of the economic environment.
  • Increase in market share for domestic marketing of motor fuels and development of international marketing of petroleum products.
  • 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 commercial activity, and continuation of growth in the markets of Bulgaria and Serbia through the development of the network of petrol stations and the optimization of the supply chain.
  • Relocation of the Group’s storage tanks in Cyprus.
  • Extensive program for the refurbishment of petrol stations, applying the new environmental terms and the new corporate image of the network of petrol stations in Montenegro.
  • Implementation of the program for the upgrading of the corporate image of the petrol 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 are key competitive advantages that prove to be particularly important for both the profitability and the ability of the Group to respond to abrupt reductions in the supply of specific types of crude, ensuring the uninterrupted supply

Achievements 2019

  • In 2019, there was turbulence in the crude oil markets of Eastern Mediterranean and Europe (expansion of US sanctions to oil-producing countries, pollution from the Druzba pipeline, and attacks in oil facilities in Saudi Arabia.
  • The crude oil supply mix of ELPA adapted to the prevailing market conditions as follows: increased supply of crude from Iraq (36%), Kazakhstan (22%) and Russia (13%), a steady contribution from Libya (6%), Saudi Arabia (7%) and Egypt (8%) and increased purchases from countries that produce crude IMO (Azerbaijan, Algeria and US), each one reaching 3% of total supply.


  • 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.

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 in Thessaloniki is mainly supplied by propylene produced at the Group’s refinery in 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 2019

  • 68% of the sales volume of chemicals is exported.
  • EBITDA to the tune of EUR 93 million.
  • Petrochemicals sales reached EUR 300 million.
  • International PP margins were about € 50/MT lower than 2018 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.
  • 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.

Exploration & Production

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.

The areas of activity in Greece are:

  • The Thracian Sea concession, totalling 1.600 sq. km (ELPE 25% in a consortium with Calfrac Well Services Ltd. 75%).
  • The Patraikos Gulf concession, totalling 1.892 sq. km (ELPE PATRAIKOS 50% in a consortium with EDISON International SpA 50%).
  • The two land areas “Arta-Preveza” and “NW Peloponnese”.
  • Block 2 (marine) west of Corfu (ELPE 25% in a consortium with Total 50% and Edison 25%).
  • Block 10 (marine) of the Ionian Sea at the Kyparissia Gulf (Repsol 50%-administrator, ELPE 50).
  • Two marine areas west and southwest of Crete (Total 40%-administrator, ExxonMobil 40%, ELPE 20%)

Achievements 2019

  • 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.
  • In the “Arta-Preveza” research area, geological, geophysical and environmental studies and works are being implemented and permits are being issued, at Block 2 (west of Corfu), a program of geological and environmental investigations is being implemented under contractual obligations, and at Block 10 in the area of the Kyparissia Gulf geological and environmental surveys are being conducted.
  • ELPE has submitted a bid for the Block 1 of the Ionian Sea north of Corfu.
  • The lease agreements for the two areas west and southwest of Crete were ratified by the Greek Parliament. The 1st research phase of the concessions is ongoing, with the conduct of geological and environmental surveys.


  • Assessment of hydrocarbon potential by performing geophysical studies and exploration drillings with absolute respect for the environment and the activities of local communities.
  • Focus on Greece and the promotion of strategic partnerships with international companies of the sector.
  • Preparatory works ahead of the 1st exploration drilling in the Patraikos Gulf, expected at the end of 2020.
  • Geophysical and environmental surveys and works in 2020 in the “NW Peloponnese” land area
  • Continuation of research in the land and sea areas according to the Lease Agreements [geological studies, seismic recordings and at least two drillings in Arta (2021-2022] and in Blocks 2 and 10.
  • Depending on the results of the surveys, optimized portfolio management.
  • Exploration of business opportunities in the broader geographic area (2020-2022).
  • Further staffing/creation of infrastructure and processes to conduct drillings as Manager.

Renewable Energy Resources (R.E.S.)

ELPE 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 balancing 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.
  • 11 PV net metering systems of a total installed capacity of approximately 135 kW at 11 petrol stations (EKO & BP)

Achievements 2019

  • The following projects are at various stages of development: 2 PV projects of a total installed capacity of 12 MW at land plots of the Group, 2 power and heat generation units from biomass burning (from residual agriculture) of a total installed capacity of 9.7 MW, a portfolio of PV projects of a total installed capacity of 94 MW and a hybrid project in collaboration with LARCO, applications for PV projects of a total installed capacity of 265 MW submitted to RAE in 2018 – evaluation pending -, and applications for the issuing of production licenses for RES projects (PV and wind) of a total installed capacity of 599 MW submitted in 2019.
  • ELPE Renewables is continuing to assess potential investments in captive power consumptions at the Group’s facilities, which are connected to the low and medium voltage networks.


  • ELPE Renewables has set the goal of developing a significant installed capacity from wind, photovoltaic and biomass in the coming years, contributing to the balancing of the Group’s greenhouse gas emissions balance. 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 300MW, offsetting a significant proportion of the CO2 emissions that correspond to refinery and natural gas power generation activities.
  • In 2020, a portfolio of PV projects in the area of Kozani, at the final stage of permit issuing, was acquired from the German RES project development and construction company, JUWI, of a total installed capacity of 204 MW. It is estimated that this set of projects will be producing 300 GWh of energy annually, capable of securing the provision of clean zero-emission energy to 75,000 households, with an annual benefit of 300,000 tonnes in terms of CO2 emissions. Also, more than 300 jobs will be created during the construction phase, with the addition of dozens of others, direct and indirect ones, during the operation phase – most of which will be covered by the local society.

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., HRADF, 65%) 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 810 MW (plant in Thessaloniki with a capacity of 390 MW in operation since 2005, plant in Thisvi Viotia with a capacity of 420 MW in operation since 2010).

Achievements 2019

  • The acquisition of a 24.22% share in ELPEDISON BV, previously held by ELLAKTOR and ELVALHALKOR groups, was successfully completed. The acquisition strengthens the position of ELPE Group in ELPEDISON S.A. and enables the implementation of the Group’s strategy in the electricity Production and Marketing area.
  • In 2019, RAW issued an electricity production permit to ELPEDISON for a new combined cycle gas turbine plant in Thessaloniki, with a total installed capacity of 826 MW.
  • ELPEDISON’s sales amounted to 2,200 GWh with a retail market share of approximately 4.35% to high, medium and low voltage customers.
  • DEPA Group’s contribution to the profits of the HELLENIC PETROLEUM Group reached € 21 million.


  • Corporate transformation of the DEPA Group Participation in the commercial natural gas activities.
  • Strengthening of the position of ELPEDISON in electricity production and retail marketing, and transition of the four markets to the European target model.
  • Diversification of the portfolio with new activities, e.g. production of “green energy” for the core production process, electricity marketing and  electromobility.


ASPROFOS is a Group subsidiary and 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 2019

  • Turnover amounted to EUR 11.5 million and the company offered its services to 50 new projects.
  • ASPROFOS is involved in major projects such as IGI Poseidon, TAP, refinery projects in Kuwait and Serbia, and the three refineries and the subsidiaries of the Group.
  • Restoration of the Special School Complex of Rafina, which was hit by natural disasters, in the context of the Corporate Social Responsibility of the Group. It is noted that the works were completed in record-time, during the summer vacations of 2019, so that the school complex could operate without the loss of teaching time.


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