Sustainable Development

  • Adoption of a new corporate identity

  • Establishment of a flexible corporate structure

  • Upgrading corporate governance with an emphasis on digital transformation

  • Adjusting business strategy and capital allocation, with New Energy accounting for the largest share of growth investments

  • Redifining the ESG strategy, as well as the GHG emission reduction targets, aiming to improve the environmental footprint by 50% by 2030 and committing to zero emissions by 2050.

Sustainable Development

“Vision 2025” Strategy

HELLENiQ ENERGY is playing an important role in the energy transition of Southeast Europe by maximising returns in its core activities and developing a diversified energy portfolio.
In this new era, it is transforming itself in order to continue being a leader in the energy market, with the central objective of improving its environmental footprint and gradually transitioning to more environmentally friendly forms of energy and green fuels.

The “Vision 2025” strategy is a comprehensive and ambitious transformation plan of the Group, which focuses on 5 key pillars:

  1. Redifining the ESG strategy, as well as the GHG emission reduction targets, aiming to improve the environmental footprint by 50% by 2030 and committing to zero emissions by 2050.
  2. Adjusting business strategy and capital allocation, with New Energy accounting for the largest share of growth investments.
  3. Upgrading corporate governance with an emphasis on digital transformation.
  4. Establishment of a flexible corporate structure.
  5. Adoption of a new corporate identity.

The first phase of the “Vision 2025” transformation was completed in 2022, establishing and highlighting HELLENiQ ENERGY’s leading position in the energy market of Southeast Europe

In accelerating the implementation of the holistic sustainable development strategy, particular emphasis is given on electromobility, blue and green hydrogen production, battery energy storage, biodiesel from recycling used cooking oils, and especially the continuous reduction of the footprint of the traditional liquid fuel production activity.

In this context, and taking into account the issues identified by the Materiality Analysis, which was carried out in 2022, HELLENiQ ENERGY consistently seeks to further strengthen its best practices for the ESG (Environment-Society-Corporate Governance) pillars, showcasing its commitment to Sustainable Development.


HELLENIQ ENERGY is committed to reducing its environmental footprint, contributing its fair share to the global effort to limit climate change. By diversifying its portfolio, it is transforming itself into a Low Carbon Energy Solutions Group with continuously decreasing gas emission indices and environmental footprint in all its activities and a continuous increase in the rate of utilization of materials and natural resources throughout their entire life cycle.


HELLENIQ ENERGY places at the centre of its activities the human being – the employee, the citizen – as well as the creation of value for society and the economy of the country; it designs and implements Corporate Responsibility actions that respond to basic social needs. The prevention and protection of the health of employees and external partners and the creation of a safe working environment with zero accidents and absence of occupational diseases are main priorities.

Corporate Governance

HELLENiQ ENERGY has adopted comprehensive and flexible corporate governance mechanisms and management practices, leveraging the potential of digital technology and innovation to ensure the smooth functioning of the Board of Directors and seamless communication with shareholders and stakeholders. The Group’s investment in a strong and up-to-date Internal Control System, zero tolerance for incidents of corruption and high readiness to implement the Crisis Management Plan to address potential contingencies are guarantees in the rapid achievement of its energy transformation.


Stakeholders play a significant role in the decisionmaking mechanism of HELLENiQ ENERGY. For this reason, the Group – periodically and in accordance with the principles and values, strategy, activities, market and proximity – redefines the stakeholders that influence and/or are significantly affected by its business activities. Moreover, the composition of all stakeholders and the ways of communicating with them is also redefined in order to ensure an effective two-way communication, while their concerns and needs are being systematically recorded. More information on the ways and frequency of communication, as well as on the main issues raised by stakeholders and the Group’s response can be found in GRI 2-29. HELLENiQ ENERGY’s stakeholder groups, as identified, are presented below:

Material ESG Topics

The analysis of ESG topics is a key tool for identifying and evaluating the priorities set by HELLENiQ ENERGY in regard with sustainable development. For this reason, a new Materiality Study was carried out at the beginning of the year 2022, with the participation of the Senior Management and representatives of all stakeholders. More specifically, three (3) focus groups in Athens and Thessaloniki, with the participation of the main representatives from all stakeholder groups, six (6) meetings with representatives of the local government of the neighbouring municipalities, twelve (12) meetings with executives of the Senior Management and one (1) online survey, with the participation of a total of 892 people, main representatives from all stakeholder groups, were held. It should also be noted that, for the first time, all members of the Group’s Executive Committee participated in the process.

The evaluation of ESG topics was based on the degree of their impact on the Group’s overall corporate performance and sustainable development, as well as their external impact on the economy, society and the environment (Double Materiality Approach). 21 topics were identified that covered all three ESG pillars (Environment, Society, Corporate Governance). Based on the assessment carried out, 6 topics (Category 1) emerged that were identified as the most material for HELLENiQ ENERGY’s sustainable development, presented in the chart below.

The results of the assessment were endorsed by the Management of HELLENiQ ENERGY, namely by the CEO and the Sustainability Committee of the Board of Directors, and accompanied by a commitment to implement effective policies based on international best practices. Four (4) out of the six (6) Category 1 topics appear, in their broadest sense/importance, in the previous materiality analysis, while the upgrading of the energy consumption and greenhouse gas emissions reduction topic, as well as the highlighting of the corporate governance topic, which are important pillars in the implementation of the Group’s new strategy, stand out.

Materiality Map



Note: The Materiality Study was conducted by dss+

Contribution to Sustainable
Development Goals

HELLENiQ ENERGY has incorporated the United Nations’ global Sustainable Development Goals (SDGs) into its strategy, prioritizing the dissemination of the 2030 Agenda goals and actively participates in the effort to achieve them through targeted policies, actions and social programs.

Based on the results of the recent Materiality Study, the Group’s strategy is aligned with the Goals as follows:

ESG Goals

Environment Time horizon SDGs linked
30% Reduction of total Scope 1 and 2 CO2 emissions (compared to base year 2019) SDG 13
1.7 GW
Installed Capacity in RES and further avoidance of CO2 emissions by 20%:

  • Initial focus on onshore wind and PV
SDG 13

SDG 12

2 GW
Installed Capacity in RES and further avoidance of CO2 emissions by 20%:

  • Medium-term focus on offshore wind, energy storage, hydrogen
SDG 13

SDG 12

Zero footprint Energy consumption of all self-operated EKO and bp fuel stations SDG 12

SDG 13

> 13,000 Electric car charging facilities at EKO/bp fuel stations and publicly accessible charging points SDG7
€ 200 mil.
Decarbonisation investments:

  • Blue” hydrogen production at the Elefsina refinery through carbon capture and storage (CCS)



€ 20 mil.
Decarbonisation investments:

  • Development of a 10MW PV plant for the production of “green” hydrogen through electrolysis at the Elefsina refinery
€ 17 mil.
Investment in biofuel production:

  • Biodiesel production unit through cooking oil reuse (UCO), with a capacity of 40ktpa at the Thessaloniki refinery



€ 110 mil.
Investment in biofuel production:

  • Elaboration of feasibility studies for the evaluation of new biofuel production technologies (HVO, SAF)
Production of pyrolysis oil from plastic recycling in propylene production (under investigation) SDG9


15% Maximum percentage of waste to be sent for final disposal – burial SDG13


Corporate Governance Time horizon SDGs linked
0 Incidents of non-compliance with regulations and legislation on economic, environmental, labour and social issues SDG16
100% Coverage rate of the annual internal audit program SDG16
€ 42 mil. Completion of the Group’s Digital Transformation action plan SDG9

Membership in Organisations

HELLENiQ ENERGY, as part of its efforts for better operation and implementation of its sustainable development strategy, actively participates in organisations, associations and bodies as an ordinary member and/or in their governing bodies.

In 2022, the Group participated in the following organisations:

    (scientific department of FuelsEurope European Refinery Association)
  • CSR Europe
  • eFuel Alliance
  • European Fuel Manufacturers Association (EFMA)
  • Gas Industry Advisory Committee (GIAC)
  • International Fiscal Association (IFA)
  • UN Global Compact
  • Union European Lubricants Industry (UEIL)/ Sustainability Committee
  • CSR Hellas
  • Global Compact Network Hellas
  • Global Sustain
  • Hellenic Wind Energy Association (HWEA/ ELETAEN)
  • Hellenic Institute of Electric Vehicles (HELIEV)
  • Environment and Health & Safety Committees of SEV (Hellenic Federation of Enterprises)
  • SEEPE – Hellenic Petroleum Marketing Companies Association
  • SEV Business Council for Sustainable Development
  • Hellenic Association of Chemical Industries
  • Greek Exporters Association (SEVE)

Performance assessment on ESG topics

  • Leadership Α-

    Ranking improvement at the Leadership A- level on climate change issues, based on the CDP international organisation

  • Significant improvement

    in ESG ratings by Sustainalytics and S&P Corporate Sustainability Assessment (CSA)

HELLENiQ ENERGY is assessed by international organisations and independent benchmarks with regard to its economic, environmental and social performance.

In 2022, the Group participated for the 5th time in a row in the CDP assessment process, the largest program for collecting and assessing data on greenhouse gas emissions, energy consumption and evaluating corporate responsiveness to the challenges and opportunities of climate change, at the world level. The Group’s approach and the significant progress made in achieving the quantitative targets it has set (reduction of its CO2 emissions intensity index and continuous reduction of its carbon footprint) were positively assessed, as it managed to improve its rating to A- (“Leadership – Implementing current best practices” level) from B, a rating it had received during the previous assessment, in 2021. The ranking, according to CDP, is not only higher than the European average of B, but also higher than the average for the Oil & Gas sector, which is also B, while confirming the Group’s long-term commitment not only to managing the challenges of climate change, but also to the long-term planning of business activities, with a main focus on sustainability and low carbon footprint.

HELLENiQ ENERGY also, in the last two years, achieved significant improvement in the S&P Corporate Sustainability Assessment (CSA) rating, compared to previous years, as well as improved its ranking in the rating by Sustainalytics, a reputable body of international recognition, actively participating by sending additional data.

Moreover, it is worth mentioning that HELLENiQ ENERGY is being assessed according to the ESG criteria of the Athens Stock Exchange since 2019 and has achieved its inclusion in the ATHEX ESG Index, while since December 2016 it has also been included in the Financial Times Stock Exchange-Russell Group (FTSE), FTSE4Good Index Series.

Also, the Group’s subsidiary, EKO S.A., maintains the silver distinction “Silver Recognition Level” for its business practices and commitment to sustainable development, by EcoVadis, one of the largest and most trusted global supplier assessment bodies on corporate responsibility issues. Finally, the Group was once again included in the list of “The Most Sustainable Companies in Greece 2022”, i.e. the 31 companies-Groups participating in the Sustainability Performance Directory and based on the relevant ESG assessment are the leading companies that shape the Business Map of Sustainable Development in Greece.

Awards to the Group and its subsidiaries

“Protagonists of the Greek Economy 2022” Awards
  • The Group was ranked 1st in the Petroleum Products sector and in the category “Sector Champion”, according to the official published balance sheet data.
Bravo Sustainability Awards 2022
  • 2 Distinctions for the Group, the first in the category “Corporate Governance – Market” for “Disclosure of responsible operation indicators (GRI, CoP, Athex, CDP, EcoVadis) and Double Materiality” and the second in the category “Environment” for the “Shielding of areas affected by the fires of 2021, with anti-corrosion works, made of 100% eco-friendly materials” initiative.
Environmental Awards 2022
  • “Environmental Excellence of the Year” award for the Group’s overall performance on energy management and climate change issues,
  • Gold Distinction in the category “GHG reduction” for the construction of a 204MW photovoltaic park in Kozani,
  • Gold Distinction in the category “Energy Efficiency Certification” for the Energy Management System certification of HELPE Refineries according to ISO 50001,
  • Gold Distinction in the category “Mapping and monitoring of emitted pollutants” for the Group’s carbon footprint and ISO 14064 certification.
Health & Safety Awards 2022
  • Winner Award for EKO SA in the category “Oil & Petrochemicals” for the Holistic Health & Safety at Work Management System and Bronze Award for HELPE RSSOPP – Elefsina Industrial Facilities in the category “Campaigns” for the Specialized Training – Certification of its firefighters by Draeger Hellas SA.
Hellenic Responsible Business Awards 2022
  • CSR Corporate Brand of the Year for the Group
  • Gold Distinction in the category “Long-term investment” for the construction of the largest RES project in Greece in Kozani
  • Gold Distinction in the category “Cooperation between Business & Local Community/State” for the construction of three fully accessible playgrounds with RES elements for children with special needs
  • Gold Distinction in the category “Emergency Response” for the shielding of areas affected by the fires of 2021, with 100% eco-friendly anti-corrosion projects
  • Silver Distinction in the category “Corporate Responsibility Report” for the Group’s Sustainable Development Report & Corporate Responsibility Report.
Annual Report Award
  • 8 Gold, Silver and Bronze Awards and 7 Distinctions for the Annual Report 2021 in international competitions: ARC Awards International 2022, Galaxy Awards 2022, STEVIE International Business Awards 2022, IADA and LACP Vision Awards.
6th Competition on “Corporate Social Responsibility and Volunteering”


  • EKO Cyprus received a Distinction for an “Action related to the Covid-19 pandemic” by the Pancyprian Volunteerism Coordinative Council (PVCC).
Award from the Workers’ Federation of Montenegro
  • EKO Montenegro (Jugopetrol) was awarded in the category “Care for employees” for 2021.
1st place in the “100 largest in Montenegro”
  • EKO Montenegro (Jugopetrol) ranked 1st in terms of revenue in the petroleum products trading sector.
Philanthropy award from the organisation “Horus”
  • Award for OKTA for its participation in the “Be IN, be INclusive, be INcluded” initiative.
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