Hellenic Petroleum

{{Merge from|Aspropyrgos Refinery|discuss=Talk:Hellenic Petroleum#Proposed merge of Aspropyrgos Refinery into Hellenic Petroleum|date=December 2024}}

{{Infobox company

| name = HELLENiQ ENERGY Holdings S.A.

| logo = Hellenic Petroleum.svg

| logo_size = 200px

| type = Public anonymi etairia

| native_name = Ελληνικά Πετρέλαια Ανώνυμη Εταιρεία

| native_name_lang = el

| romanized_name = Elliniká Petrélaia Anónymi Etairía

| traded_as = {{Athex|ELPE}}

| foundation = 1958 as Public Petroleum Corporation

| founder =

| location_city = Athens

| location_country = Greece

| key_people = Andreas Shiamishis (CEO) Yannis Papathanasiou (Chairman)
{{Cite web|url=https://www.news247.gr/oikonomia/giannis-papathanasioy-neos-proedros-elpe.7481457.html|title = Ο Γιάννης Παπαθανασίου νέος πρόεδρος των ΕΛΠΕ| date=2 August 2019 }}

| area_served = SE Europe

| industry = Energy industry

| products = Oil and Gas Exploration
Natural Gas Trading and Transportation
Oil Refining
Petrochemicals
Electricity Generation

| services = Fuel Stations, planes, Ships

| revenue = {{increase}} €9.222 billion

| revenue_year = 2021https://www.helpe.gr/userfiles/09deccd3-a8a9-4ae2-b7da-a27a010c9bf8/Group%20FS%2031.12.2021%20final_1.pdf {{Bare URL PDF|date=August 2022}}

| operating_income = {{decrease}} €400.29 million

| income_year = 2021

| net_income = {{decrease}} €341.15 million

| net_income_year = 2021

| assets = {{increase}} €7.779 billion

| assets_year = 2021

| equity = {{increase}} €2.129 billion

| equity_year = 2021

| num_employees = 3,500

| num_employees_year = 2020https://m.helpe.gr/Human-Resources/our-people/ {{Bare URL inline|date=August 2024}}

| owner = POIH Investments Ltd (45.47%)
HRADF (35.47%) {{cite web | url=https://www.athexgroup.gr/company-profile/-/select-company/579 | title=Profile - athexgroup.gr }}

| divisions =

| subsid = EKO ABEE

| homepage = {{Official website|http://www.helpe.gr/en/}}

| footnotes = in a consolidated basishttps://www.helpe.gr/userfiles/8ea1f0cb-9e62-48e4-b947-a27b00fb14bb/Annual%20Financial%20Report%202016UPDATED_1.pdf {{Bare URL PDF|date=March 2022}}

}}

HELLENiQ ENERGY Holdings S.A., formerly known as Hellenic Petroleum S.A. ({{langx|el|Ελληνικά Πετρέλαια Ανώνυμη Εταιρεία|Elliniká Petrélaia Anónymi Etairía}}), is one of the largest oil companies in Southeast Europe and with its roots dating to 1958 with the establishment of the first oil refinery in Aspropyrgos, Greece.

It adopted its current name in 1998, changing from Public Petroleum Corporation S.A. ({{langx|el|Δημόσια Επιχείρηση Πετρελαίου Α.Ε.|Dimósia Epicheírisi Petrelaíou A.E.|links=no}}; 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.

Activities

=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 under the BP and EKO brands, 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.

=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, PVC and polypropylene, aliphatic solvents and inorganic chemicals, such as chlorine and sodium hydroxide. The petrochemicals department is a part of the Thessaloniki refinery.

=Electricity=

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.

=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 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. Since 2002 Hellenic petroleum owns 54.53% of shares in Jugopetrol AD

Ownership

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.{{cite web|url=http://www.4-traders.com/HELLENIC-PETROLEUM-1408764/company/|title=Shareholders Structure|date=31 December 2008|publisher=Hellenic Petroleum|accessdate=2009-10-25}}

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

Response to the 2022 Russian invasion of Ukraine

Hellenic Petroleum, has continued its operations involving Russian crude oil despite the 2022 Russian invasion of Ukraine, which has drawn widespread international condemnation and economic sanctions against Russia. While the company has sought alternative suppliers, such as Saudi Arabia,{{Cite web |title=These companies are still buying Russian crude oil |url=https://www.aljazeera.com/news/2022/3/29/who-is-still-buying-russian-crude-oil |access-date=2025-01-16 |website=Al Jazeera |language=en}} Russian crude still accounted for approximately 15% of its intake in the second half of 2021.{{Cite web |date=2022-03-17 |title=Factbox-Countries and companies shun Russian crude over Ukraine invasion |url=https://www.euronews.com/next/2022/03/17/ukraine-crisis-russia-oil |access-date=2025-01-16 |website=euronews |language=en}}{{Cite news |title=Factbox: Countries and companies shun Russian crude over Ukraine invasion |url=https://www.reuters.com/business/energy/countries-companies-shun-russian-crude-over-ukraine-invasion-2022-03-16/ |archive-url=http://web.archive.org/web/20230510160817/https://www.reuters.com/business/energy/countries-companies-shun-russian-crude-over-ukraine-invasion-2022-03-16/ |archive-date=2023-05-10 |access-date=2025-01-16 |work=Reuters |language=en-US}} According to research by Yale School of Management, which assesses corporate responses to the invasion, Hellenic Petroleum falls into the "Grade D" category of "Holding Off New Investments/Development." This classification indicates that the company has postponed future investments or developments but continues substantive business operations involving Russian oil.{{Cite web |title=Over 1,000 Companies Have Curtailed Operations in Russia—But Some Remain {{!}} Yale School of Management |url=https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain |access-date=2025-01-16 |website=som.yale.edu |language=en}} This stance has drawn criticism as it sustains economic ties with Russia, a country engaged in aggressive actions that have resulted in severe humanitarian crises and civilian casualties in Ukraine.