Value Creation
-
€ 2.91 bil.
contribution to the state’s tax revenues -
€ 11.8 mil.
in Corporate Responsibility activities in Greece and abroad -
>32,000
jobs the direct, indirect and induced contribution of the Group to employment in Greece -
€ 2.9 bil.
added value to the Greek economy
HELLENiQ ENERGY contributes directly to the economy, growth and entrepreneurship in Greece, through its significant investments, the production and distribution of its products and services, the thousands of jobs it supports in Greece and the corporate responsibility actions it implements at national and local level, while indirectly contributing to the growth, employment and national product of Greece and the countries where it operates.
Generation and Distribution
of Economic Value
The Group’s approach
HELLENiQ ENERGY and its subsidiaries create high added value and thousands of jobs for the economy and society over time, contributing to the improvement of Greece’s economic performance and that of the countries in which it operates, always keeping sustainable development as its compass. Together with its people, suppliers, partners and customers, it creates a significant value chain with a strong social and economic impact. In addition, it strengthens its core business (production of refined petroleum products), in which it has the largest share of turnover and employment (54% and 67% respectively in 2022).
HELLENiQ ENERGY’s impact in the Greek economy is the result of the ways in which it interacts with its suppliers, its customers, the consumers of its products and the Greek state. It is worth noting that, through the policies it has established and implements, the Group supports employment and increases the national product, while constantly exploring new ways to maximise the value it offers to its stakeholders.
Specifically, HELLENiQ ENERGY’s socio-economic impact translates into the following categories of effects:
- Direct impact: It includes effects directly generated by the Group’s and its trading partners’ productive activity, such as employee wages, taxes and social security contributions, profits reinvested in the economy and jobs directly supported.
- Indirect impact: It concerns the effects on the activity of the Group’s direct suppliers and their suppliers, such as jobs, revenues, profits and income of employees.
- Induced impact: It refers to effects created when direct employees of the Group and employees of the Group’s direct and indirect suppliers spend their income in the economy.
The term value includes the benefits received by the stakeholders, monetary and non-monetary, which determine the value of the company itself. HELLENiQ ENERGY’s economic and social contribution through its activities is noteworthy, including the positive effects on the supply chain, the self-operated and partner service stations, which are supplied with products from the Group.
HELLENIQ ENERGY’s contribution to the economy is not only limited to the value added, jobs and tax revenues that it generates directly into the Greek economy, but also to the indirect effects, which are created by its economic transactions with domestic suppliers of goods and services, as well as the induced effects, which refer to the impact on the economy due to the expenditure of the employees’ income generated directly and indirectly by the Group’s activity. In addition, it supports the retail fuel sector, as it is one of the main suppliers of liquid fuels in Greece.
HELLENIQ ENERGY’s activity therefore mobilises wider supply chains and creates economic value by contributing to GDP, employment and tax revenues in Greece. For this reason, a potential interruption or significant reduction in the value distribution supported by the Group could affect national economy to some extent, but mainly the economic situation and the standard of living of the local communities in which it operates, with ensuing consequences on their social cohesion. HELLENiQ ENERGY’s ongoing commitment to the creation and distribution of economic value and the actions it implements over time in this direction are factors in preventing the aforementioned negative effects.
In this regard, the mapping of the social and economic impacts of HELLENiQ ENERGY’s activities contributes to the transparent presentation of the social pillar of the ESG triptych, to the better representation of the Group’s footprint in the Greek society and economy, as well as to the dissemination of information to its stakeholders. HELLENiQ ENERGY’s objective is to create high added value for the economy and society, taking into account the expectations and wishes of its stakeholders.
Contribution to Employment
Contribution to the Greek economy
Contribution to Tax Revenues
Note. The Group’s social and economic impact study for the year 2022 was conducted by the Foundation for Economic and Industrial Research (IOBE)
Value Creation
The above figures refer to the Group companies based in Greece. 1 The figures refer to the Group
1The figures refer to the Group
*Active suppliers are defined as suppliers who have collaborated with the Group in the last three years.
**The jobs in the self-operated fuel stations have been included in the effects on suppliers (indirect jobs).
Sustainable Supply
Chain Management
HELLENiQ ENERGY has a large and complex list of suppliers with more than 14,000 active suppliers for purchasing materials and equipment or obtaining services. The Group’s partners are not only multinational companies, but also large, medium, small to medium and small-sized local companies. The Group’s suppliers are its important partners, contributing to the achievement of its business objectives. They contribute to its competitiveness and sustainable development, influencing not only its financial performance but also its relations with other stakeholders.
A key objective for the Group’s Procurement is to develop and maintain a broad and reliable supply chain, seeking:
- optimal coverage of the Group’s supply needs
- the promotion of healthy competition and equal opportunities
- the fostering of synergies and long-term relationships of mutual benefit
- absolute transparency and meritocracy
- application of a strict ethical procurement framework
- creation of multiple options to safeguard security of supply and minimise business risks
- adoption of sustainable practices in environmental, social and economic matters to maximise positive impacts
- support for the local communities through the selection of local suppliers where possible, as this contributes to both local development and the achievement of the Group’s objectives
To achieve the above, HELLENiQ ENERGY follows a defined framework for cooperation, which includes a Code of Conduct, Procurement Regulations, policies and procedures to promote health and safety, commitment to environmental rules and responsible labour practices with respect for human rights, while also pursuing a supplier evaluation process.
It is worth noting that the Group Procurement partners are selected and evaluated, both when they are included in the list of suppliers, and while working with them, based not only on business criteria but also on sustainable development criteria. Furthermore, supplier contracts with the suppliers incorporate a “condition of compliance” with the principles of the UN Global Compact in the areas of human rights, labour, environment and anti-corruption.
In 2022, the Group Procurement Department initiated a large digitization project in order to optimise the relevant processes. The project includes among others standardisation of processes for registering and qualifying vendors as well as assessing them based on the following four pillars:
- Regulatory & Legal Framework (sanctions and watch lists, bribery and corruption, IT security, fraud, anticompetitive behaviour, corporate crime, etc.).
- Environmental & Social Framework (human rights, labour issues, health and safety, environmental issues, conflict materials, unethical practice, decertification etc.).
- Financial Framework (bankruptcy, insolvency, mergers and acquisitions, divestiture, credit rating downgrade, downsizing, liquidation, tax issues, etc.).
- Operational Framework (natural disasters and accidents, business disruption or shotdowns, labour issues, product issues, project delays, etc.).
The implementation of the program is scheduled for 2023 with further improvements already planned for 2024.
Local Community Relations
The active support of society through actions and initiatives that improve everyday life and contribute to social progress and well-being, are an integral part of the HELLENiQ ENERGY ‘s corporate philosophy. It is worth noting that the Group’s business activity is inextricably linked to the local communities in which it operates and which supports substantially and in the long term with social programs that create value and respond to the needs of Greek society. For this reason, investing in and linking with the local communities in which the Group operates is one of its priorities and one of the essential issues on its path towards Sustainable Development.
In particular, through its social programs, it aims to protect the environment, strengthen quality education, ensure decent work and economic development, fight hunger, upgrade and create innovative infrastructure and sustainable cities, ensure good health and well-being, contributing to the respective United Nations Sustainable Development Goals (SDGs). At the same time, it applies good practices concerning local suppliers and locality in the human resources recruitment process. Its initiatives are linked to key social needs in each region and are shaped through open dialogue with the stakeholders on a regular basis.
Creating Value for Local Communities
HELLENiQ ENERGY continues to support the local community in many ways, supporting businesses neighbouring its facilities to supply products and services. A local supplier is defined as the one whose headquarters is located in municipalities adjacent to the Group’s industrial facilities, for industrial production companies (HELLENIC PETROLEUM RSSOPP & DIAXON) and in a municipality adjacent to the new photovoltaic park in Kozani. In particular, the neighbouring municipalities of the Thriasio Field of Attica, Western Thessaloniki and the Municipality of Kozani are defined as important locations. For the other companies (commercial, upstream, RES, etc.) the local suppliers are defined as domestic suppliers.
The percentage of supplies from local communities is 16,3% for HELPE RSSOPP and DIAXON (industrial companies) and KOZILIO 1 (Kozani PV park). For the other companies, purchases from local suppliers account for 95,8 % of the total value of purchases.
It is noted that costs, such as for the purchase, transport and storage of raw materials and intermediate products, water, energy and telephone expenses, intra-group transactions and payments to public authorities, insurance funds and insurance companies are not taken into account.
-
11.1%
of the suppliers of HELLENIC PETROLEUM RSSOPP, DIAXON and KOZILIO 1 are from the local community
-
95.8%
of the purchases of the trading companies are made by local suppliers
-
16.3%
of the purchases of HELLENIC PETROLEUM RSSOPP, DIAXON and KOZILIO 1 are made by local suppliers
In 2022, the direct jobs supported by HELLENiQ ENERGY in the local community and the indirect and induced jobs created by the Group’s spending on local suppliers are estimated at:
-
531
direct jobs in the local communities of Thriasio and Western Thessaloniki
-
1,690
indirect and induced jobs in Thriasio, Western Thessaloniki and Kozani
In particular, the contribution to the country’s GDP from the indirect value added in the supply chain created in local communities is estimated at 47 mil. euros and is allocated as follows:
The indirect contribution in taxes paid to the State by the local supply chain amounts to 11.8 mil. euros, broken down as follows:
Corporate Responsibility Actions
HELLENiQ ENERGY undertakes initiatives within the framework of Corporate Responsibility that serve essential needs and are distinguished by responsibility, self-commitment and empathy towards the whole of society, both locally and nationally. Having identified its areas of action, the Group has designed a comprehensive and multifaceted Corporate Responsibility program, listening to the needs of its stakeholders, with the aim of promoting social well-being by creating value for the economy, protecting the environment and responding immediately to emergencies.
In 2022, total investments in corporate responsibility actions in Greece and abroad amounted to 11.8 mil. euros, reaching approximately 930,000 beneficiaries. Actions are designed by thematic category and implemented at national and local level, highlighting the breadth of the Group’s commitment to society.
Breakdown of resources by field of action in Greece
HELLENiQ ENERGY’s initiatives serve fundamental needs, and are characterised by responsibility, commitment and empathy towards the community.
HELLENiQ ENERGY stands, with continuity and consistency, by the side of the new generation. Through its Corporate Responsibility program “Proud of Youth”, which is under the auspices of the Ministry of Education and Religious Affairs, it has long been rewarding excellence and actively supporting the efforts of young people for learning and development. At the same time, it plans actions that improve the educational environment and enhance education and fair play.
National level actions
Educational Suitcase “Earth 2030” for the UN SDGs
HELLENiQ ENERGY, in cooperation with the NGO “Agoni Grammi Gonimi”, disseminates the UN Sustainable Development Goals to primary and secondary school children through the “Earth 2030” Educational Suitcase. The main objective of the program is to educate and raise awareness of the 17 Goals among children and to create ambassadors to disseminate the Goals to the public. In 2022, 3,912 students from 14 schools and 6 camps across Greece participated in the program.
Donation of technological equipment to schools
HELLENiQ ENERGY supplied 66 primary and secondary schools in the prefecture of Fthiotida with laptops, projection systems and interactive whiteboards. Among them, 57 Primary Schools, of which 2 are Special Education Schools, the Ecclesiastical Lyceum of Lamia, as well as another 8 Lyceums – 6 General and 2 Vocational.
Local level actions
Graduate Excellence Award Program for neighbouring municipalities
The HELLENIC PETROLEUM Group, through the Graduate Excellence Award Program, emphasises the importance of excellence and continuous effort, and offers incentives, both material and moral, to the young generation for more knowledge and learning.
In particular, it rewards high school graduates from neighbouring municipalities for their excellent performance in the National University Admission Examinations, demonstrating in practice that it stands by young people who wish to progress, excel and pursue their dreams.
Since the launch of the programme in 2009, a total of 4,247 graduates from 34 General and 16 Vocational Lyceums have been rewarded.
Actions abroad
Cyprus
Implementation of a road safety education program “EKO Safe Rider”, in the framework of the road accident prevention initiative “City’s A.R.T.”.
Bulgaria
Organisation and support of events with a focus on Road Safety, such as EKO Moto School, and the video campaign “Keep the kids safe” as part of the World Children’s Day and the first day at school with motorcycle champion Martin Choy as road safety campaign ambassador.
Republic of North Macedonia
Granting of postgraduate scholarships to 2 students at the St. Cyril and Methodius University in Skopje.
Montenegro
Donation of computers and monitors, as well as the necessary accompanying equipment, to all primary schools in Montenegro.
In the context of promoting social well-being and positive impact on society, the HELLENiQ ENERGY continued faithfully its vision of contributing to society with actions aimed at improving the quality of life of vulnerable social groups by covering basic social needs.
National level actions
Support to civil society institutions and bodies
For yet another year, HELLENiQ ENERGY supported the work of various organisations that cater for vulnerable groups of the population, thus expressing a message of solidarity and social contribution.
Response to emergencies
HELLENiQ ENERGY has always been by the side of society, responding promptly to emergencies in Greece and abroad. In the context of a humanitarian aid mission in Ukraine, the Group provided essential medical supplies through the organisation “Pharmacists of the World”, while it supported the Hellenic Red Cross with medical supplies during the devastating fires in Attica.
Local level actions
Provision of basic necessities
HELLENiQ ENERGY supports the operation of social grocery stores and the parishes of the municipalities adjacent to its facilities, providing, on a monthly basis, basic necessities to more than 1,350 families living below the poverty threshold. Recognising the urgent need to contribute, since the launch of the program in 2012, the Group has provided over 700 metric tons of food to our fellow human beings in need.
Support to local community hospital facility
The Group offered to the Thriasio General Hospital of Elefsina a covid test facility, in order to upgrade the provided health services.
Actions abroad
Cyprus
Provision of heating oil to 15 organisations in mountainous areas and to the Makario Hospital, as well as donation of part of the proceeds from the sales of fuel stations to the Elpida Foundation for children with cancer and leukaemia. In addition, organisations were supported, including PASYKAF (Cyprus Association of Cancer Patients and Friends), Alkyonides, Radio Marathon, Fighters’ Hall and 2 projectors were donated to the Municipality of Larnaca.
Bulgaria
Fuel donation for heating three sheltered houses for persons with disabilities and a school for children with disabilities. In addition, mothers of children with special needs were supported through the “Maiko Mila” Foundation, buying Christmas decorations made by the mothers themselves. Furthermore, the organisation “Operation Teddy Bear” was supported in order to assist them in their daily operations.
Republic of North Macedonia
Donation of 6,000 litres of heating oil for the needs of the SOS Children’s Village in Skopje and support to 10 young people in need, members of the “For You” organisation, to obtain their driving license.
Montenegro
Donation of 115 gifts for the children staying at the Institute of Childhood Diseases in Podgorica during the Christmas period. In addition, the unique orphanage in Montenegro “Mladost” Bijela was supported with the donation of school supplies, technological and electrical appliances, as well as with the organisation of a holiday for children and a teacher at the SOA Hotel, Žabljak. Furthermore, the traditional diplomatic charity bazaar of the Greek Embassy was supported to raise money for vulnerable persons.
The reduction of the environmental footprint and the implementation of infrastructure projects for sustainable cities is one of the key pillars of Corporate Responsibility for the Group, thus contributing to the achievement of national and global climate goals and the strengthening of local communities. In particular, HELLENiQ ENERGY ensures the installation, monitoring and maintenance of environmental stations in the areas where it operates and upgrades the energy efficiency of public schools and public institutions by installing photovoltaic systems on their roofs.
In its day-to-day operations, HELLENiQ ENERGY applies the best available techniques for the operation of its facilities and implements studies and projects in collaboration with the academic community to reduce its environmental footprint, protect the environment and save energy.
National level actions
Implementation of anti-erosion works in affected areas
In 2022, the 3 mil. euros worth of anti-erosion works were completed in the area of Schinos in the Gerania Mountains and in the area of Varymbobi in Attica, to shield the affected areas from soil erosion and to achieve the natural regeneration of the area. The works were carried out with 100% ecological materials, as only burnt trees from the affected areas were used.
Electric vehicle charging stations at the Athens Concert Hall
HELLENiQ ENERGY has created one of the largest electric vehicle charging centres in Greece, with a total of 10 charging stations in the underground parking of the Athens Concert Hall, supporting the sustainable mobility of visitors and employees of the Athens Concert Hall.
Local level actions
Installation of PV in Schools and Institutions
Since 2012, HELLENiQ ENERGY has put into operation 12 photovoltaic systems on the roofs of schools and institutions, mainly in the local communities where it operates, with a total installed capacity of ~200kW and an average annual production of 284,000kWh, through which the emission of approximately 266 tons of carbon dioxide is avoided. In 2022, the monitoring of energy consumption continued through integrated digital system in the said facilities.
Beach and green area clean-up actions
In observance of Environment Day, HELLENiQ ENERGY carried out voluntary clean-ups of beaches and green spaces in the neighbouring municipalities
of the Thriasio Field and Western Thessaloniki, with the aim of informing and raising awareness among the school community on issues related to the protection of beaches, coastal ecosystems and green spaces, as well as on the issue of addressing the causes and impacts arising from climate change. In particular, more than 1,000 primary school pupils were mobilised and more than 22 km of land was cleaned up. The total volume of waste collected reached almost half a tonne.
Air pollution meters
Air pollution monitors have been installed in neighbouring municipalities of HELLENiQ ENERGY’s facilities in Thriasio and Thessaloniki, whih were all maintained in 2022.
Recognising the importance of culture and sport, HELLENiQ ENERGY constantly seeks to increase its positive impact on these sectors and through various activities, participates in and supports important cultural events with the aim of preserving and disseminating cultural heritage. At the same time, it supports national and local teams and sporting events that promote the ideals of sport and fair play.
National level actions
Grand sponsor of the EKO Acropolis Rallly
In 2022, EKO supported for another year the Acropolis Rally, as the title sponsor and major sponsor, as well as the EKO Super Special Stage, which took place at the Olympic Stadium in Athens and attracted more than 65,000 spectators. At the same time, EKO, in cooperation with the Ministry of Culture and Sports, created the EKO Acropolis Rally Road Safety Truck, a specially designed vehicle that visited various regions of Greece in order to raise public awareness on road safety issues.
Grand Sponsor of the Hellenic Paralympic Committee
HELLENiQ ENERGY has been supporting the Hellenic Paralympic Committee since 2018, while as of 2021 upgraded its sponsorship and is now a “Major Sponsor”, actively supporting the efforts of Greek athletes to achieve their goals. With continuity and consistency, it contributes to the promotion of diversity and inclusion by supporting athletes with disabilities.
Grand sponsor of the National Basketball Teams
EKO, a subsidiary of HELLENiQ ENERGY, renewed its partnership with the Hellenic Basketball Federation, as a Major Sponsor of the National Basketball Teams, proudly supporting its efforts for excellence in international sporting events.
At the same time, it has expanded the scope of this cooperation through its support to the new nationwide development programme of the Hellenic Basketball Federation, “Blue and White Stars”, which aims to enhance children’s involvement in sports that helps not only their physical health, but also their socialisation.
Local level actions
Grand Sponsor of the 2023 ELEUSIS European Capital of Culture
HELLENiQ ENERGY, through its subsidiary HELLENIC PETROLEUM RSSOPP and in cooperation with the Municipality of Elefsina and the Municipal SA “2023 Eleusis European Capital of Culture”, undertook the financing of the redevelopment project of the cinema “ELEUSIS”, which is a historical landmark for the cultural and social life of the city. The aim of the redevelopment project of the emblematic cinema “ELEUSIS” is to transform it into a multi-purpose cultural and artistic events venue, which will host both events of the 2023 Eleusis European Capital of Culture, but will also remain as a heritage to its residents for any future use.
ADAM Listed Building
HELLENiQ ENERGY, after the completion of the restoration studies (architectural, structural, electromechanical) of the listed ADAM building in Elefsina, proceeds with the reconstruction of the Adam House, contributing to the cultural potential of the city.
Support for sport
HELLENiQ ENERGY continued in 2022 to support amateur sports clubs in football, basketball and volleyball, with the aim of ensuring the development of sport at local level and the promotion of sportsmanship.
Actions abroad
Cyprus
Financial support for cycling champion Andri Christoforou and sponsorship of the first Cyprus International Athletics Meeting.
Bulgaria
EKO Bulgaria is the main sponsor of the Sofia Karting Ring, as well as the EKO 24H Race of Bulgaria, which is part of the European Endurance Karting Championship. Also for one more year it continued its sponsorship of Martin Choy – the best motorcycle racer in Bulgaria.
Republic of North Macedonia
OKTA was the main sponsor of the Men’s National Basketball Team in the qualifiers for the FIBA Basketball World Cup 2023. In addition, it supported cultural activities such as the Ohrid Summer Festival, the Skopje Jazz Festival and the OFFest.
Serbia
Financial support to the Serbian Olympic Committee and Top Tim Basket through the EKO Basket Camp initiative.
Montenegro
Financial support of the Olympic Committee of Montenegro and the Volleyball Federation of Montenegro, as well as sponsorship of the Hajla Jeep Rally, for the promotion of the natural beauty of Montenegro, off-road routes, and socialisation, offering participants the opportunity to familiarise themselves with local products.
The Group’s employees actively participate in voluntary social solidarity events that take place on an annual basis. In 2022, 237 employees participated in the 39th Authentic Athens Marathon and the 16th “Alexander the Great” Thessaloniki International Marathon, as well as in similar events in Serbia and the Republic of North Macedonia. In Greece, thanks to the participation of employee volunteers who ran the 5, 10 and 42 km routes under the motto “We Participate & We Offer”, for every kilometre they run, the Group donated €10 to support the work of the Centre for Special Persons “Chara” of the Association for the Protection of Children & Persons with Disabilities, Cholargos and the Special Vocational Education School of Kordelio. In Serbia, the Group supported the organisation “BelHospice”.
On the occasion of the World Environment Day, a voluntary action was organised to clean the beach of the Municipality of Aspropyrgos, where more than 130 volunteers from the Group’s staff and their families participated, cleaning the beach and collecting more than 1.5 tons of waste.
In Bulgaria, 20 employee volunteers volunteered to decorate during Christmas the adopted home in Pravets. In Cyprus, 15 volunteer employees participated in a day of celebration for vulnerable young people and their families, during which gifts, food and tickets for free entry to activities and theatre performances were distributed.
Furthermore, for many years now, HELLENiQ ENERGY has been setting up a blood bank and organising voluntary blood donations on a regular basis. In 2022, six voluntary blood donations were organised in Greece by subsidiaries HELLENIC PETROLEUM RSSOPP and EKO SA, in the Republic of North Macedonia, three voluntary blood donations were organised by OKTA, while employees of Montenegro participated in a voluntary blood donation campaign.
-
402
employee volunteers participated in initiatives such as road races for a good cause, beach clean-ups, giving days, etc.
-
>500
employees are active blood donors
All Group companies that implement voluntary blood donation activities provide an additional day of leave for each voluntary blood donation as incentive and reward to the donors.
| Group Blood Donation Data | 2020 | 2021 | 2022 |
|---|---|---|---|
| Units of Blood Donated by Employees | 331 | 139 | 497 |
| Coverage of Needs in Units of Blood | 287 | 298 | 221 |