The Group at a glance

  • 317
    Fuel stations abroad

  • 1.655
    Fuel stations in Greece, 220 of which are self-operated

  • 6
    Countries of operation (Greece, Cyprus, Bulgaria, Serbia, Montenegro, Republic of North Macedonia)

  • 3
    Refineries in Greece

Τhe Group at a glance

Corporate Identity

HELLENiQ ENERGY (the new corporate name of HELLENIC PETROLEUM) offers a range of low-carbon footprint energy products in Greece and the wider Southeast Europe. The Group’s strategy focuses on developing a balanced portfolio between its core activities, as well as on further growth in the New Energy sector, making the most of the opportunities offered by the energy transition.

HELLENiQ ENERGY, headquartered in Athens (8A Chimarras str., Maroussi), consists of 64 companies including the parent company, which is listed on the Athens and London Stock Exchanges. The list of subsidiaries, their scope of activity, shareholding composition, ownership percentage and other relevant information are presented in the 2022 Annual Financial Report. The current legal form of the Group is the result of the initial merger following the parent company’s listing on the stock exchange, which took place in 1998, and the subsequent corporate transactions (acquisitions, mergers, as well as the recent corporate reorganization of the parent company). In 2022, HELLENIC PETROLEUM changed its name and renewed its corporate image. The new corporate name, “HELLENiQ ENERGY”, which marks the culmination of a long period of change for the company, refers directly to the Group’s significant legacy and its will to evolve into the future of “smart” energy, alternative resources and low-emission economy.

HELLENiQ ENERGY’s strategy focuses on developing a balanced portfolio between its core activities, as well as on growth in the New Energy sector, making the most of opportunities offered by the energy transition.

Shareholder Composition

  • 70%

    of the Group’s total assets are represented by the refining activity

  • 65%

    coverage of Greece’s refining capacity

Financial Performance

  • € 14,508 mil.


  • € 1,601 mil.

    adjusted EBITDA

  • €7.59

    share price (30.12.2022)

  • € 1,006 mil.

    comparable net profits

  • 48%

    reduction in financial costs over six years

Business Model

Our vision

To be a flexible, extrovert and pioneering energy Group that will be a leader in energy transition and will make the most of the opportunities that arise from it.

Our Strategy

To create an integrated portfolio across our core business activity and New Energy that will allow us to evolve into a carbon-neutral Group by 2050.

The above information concern the Group
1. The data refer to the Group’s companies based in Greece.

* Active suppliers are defined as suppliers who have collaborated with the Group in the last three years.

Group Activities

Refining and Supply

Refining is HELLENiQ ENERGY’s main activity, carried out through its subsidiary HELLENIC PETROLEUM RSSOPP S.A.. The Group operates three of the four refineries in Greece (Aspropyrgos, Elefsina, Thessaloniki), which cover approximately 65% of the country’s total refining capacity, with a total of 6.65 million m³ of crude oil and petroleum products storage tanks at their disposal. It also has a share of approximately 60% in the wholesale petroleum products sector of the Greek market.

An important competitive advantage is the ability of the Group’s refineries to process intermediate products (SRAR, VGO) and to adjust the mixture and crude processing levels, depending on the respective economic data. Through this, higher profitability is achieved relative to benchmark margins in all phases of the economic cycle. In 2022, following the imposition of economic sanctions against Russia due to developments in Ukraine, the sources of crude supply were as follows: Iraq (27%), Caspian Pipeline Consortium (25%), Saudi Arabia (14%), Libya (13%), Egypt (8%), Azerbaijan (4%), Algeria (3%), Norway (1%), Russia (3.5% – deliveries made until mid-February) and small purchases from Tunisia and Guyana.

Achievements 2022

  • €440 mil.

    adjusted EBITDA, a record profitability for Q4 2022

  • €24 mil.

    in discounts applied to heating oil sales to support consumers amid energy crisis

  • Successful completion of the scheduled general maintenance at the Elefsina, Aspropyrgos and Thessaloniki refineries.
  • Successful management of the energy crisis, by adjusting the supply mix of raw materials and ensuring market supply.
Fuels Marketing

In wholesale fuel marketing, sales are carried out by HELLENIC PETROLEUM RSSOPP S.A. to the oil trading companies in Greece, including the Group’s subsidiary EKO S.A., as well as to specific customers, such as the Armed Forces, while surplus production (50-60%) is exported. All the Group’s refined products comply with the European standards (Euro VI).

In retail marketing, HELLENiQ ENERGY holds a leading position in Greece, through its subsidiary EKO SA, with a retail network of 1,655 EKO and bp fuel stations (of which 220 are self-operated), as well as in the sales of LPG, industrial, aviation and marine fuels and lubricants. It is also active in the markets of SE Europe via a network of 317 fuel stations, holding a significant position in fuel marketing through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia. In addition, the Group has the most complete fuel supply network with:

  • 15 fuel storage and distribution facilities,
  • 24 aircraft refuelling stations at the main airports,
  • 2 LPG bottling plants,
  • 1 lubricant production and packaging plant.

Achievements 2022

  • 18% increase

    in sales volume in Greece (€61 million adjusted EBITDA)

  • 1st place

    in the Aviation and Shipping sectors
    (maintaining its leading position compared to 2021) in Greece (68% increase in aviation fuel sales and 6% increase in marine fuel sales)

  • 18% increase

    in international sales volume, with significant contribution from Cyprus, Montenegro and the Republic of North Macedonia

  • Launch of EKO Smile consumer loyalty program in Greece.
  • Increase in the number of fuel stations in Greece offering EKO Unleaded 98.
  • Focus on the development of self-operated fuel stations in Greece.
  • High share of differentiated fuels (98 & 100 octane gasolines, premium auto diesel) in total sales of motor fuels at fuel stations in Greece.
  • Increase in gasoline, auto diesel and heating oil market shares in Greece.

Petrochemicals’ activities are focused on the production and marketing of polypropylene, BOPP films and solvents, as well as the marketing of imported plastics and chemicals. HELLENiQ ENERGY, through its subsidiary DIAXON SA, possesses the only vertically-integrated production complex for petrochemicals in Greece, with polypropylene and its derivatives as its main products. Its domestic market share exceeds 50%.

With reference to its share in financial results, the propylene – polypropylene – BOPP product chain is the core activity of petrochemicals. Polypropylene production is based on Basell technology, one of the leading technologies worldwide. The polypropylene production plant located in Thessaloniki is mainly supplied with propylene, produced at the Group’s refinery in Aspropyrgos. Similarly, part of the polypropylene produced is the raw material for the BOPP film production unit in Komotini.

Achievements 2022

  • 70% of petrochemicals sales

    are exported to other countries

  • Cast Film

    launch of new production line in Komotini

  • € 380 mil.

    sales of petrochemicals (€74 mil. EBITDA)


HELLENiQ ENERGY is active in electromobility, through ElpeFuture, which operates as a Provider of Electromobility Services (PES), a Charging Infrastructure Operator (CIO), but also as a Transaction Processing Entity (TPE). Its objective is to consolidate its presence in the market and further expand its charging network at fuel stations with fast and ultra-fast chargers, as well as at points of interest by creating simple charging hubs. At the same time, the company has already entered into partnerships with other companies (B2B) for charging corporate fleets and aims at expanding the network through additional partnerships. It has:

  • 50 speed chargers with a power of 50 to 120 kW at Group service stations (EKO & bp), on motorways and in urban areas,
  • 75 charging facilities in parking lots with a power of 22 kW,
  • ElpeFuture ChargenGo, the electromobility management platform and smartphone app.

Achievements 2022

  • 125 chargers

    at KALYPSO (EKO & bp) fuel stations in Greece, as well as at points of interest

Renewable Energy Sources

HELLENiQ ENERGY is dynamically active in the Renewable Energy Sources sector, with a portfolio of 340 MW in operation and more than 2 GW in various stages of development, through its subsidiary, HELLENiQ RENEWABLES S.A., which was founded in 2006. Its priority is to develop significant installed capacity from renewable energy sources in the coming years, diversifying the Group’s energy portfolio and helping to offset the Group’s greenhouse gas emissions, with the aim of achieving >1 GW of installed capacity by 2025 and >2 GW by 2030.

The Group has:

  • 1 PV park with a capacity of 204 MW in Kozani,
  • 8 PV stations on Group properties, including the refineries, with a total nominal capacity of 21 MW,
  • Groups of PV power plants with a total capacity of 16 MW in Viotia,
  • 3 wind farms with a total capacity of 99 MW in Mani, Evia and Messinia,
  • 22 self-production PV systems with net metering, with a total capacity of approximately 355 kW, at 22 EKO and bp fuel stations.

Achievements 2022

  • 204 MW

    total capasity of the PV park in Kozani, one of the largest parks in Europe (put into normal operation)

  • 16 MW

    total capacity of the PV park in Viotia (acquisition completed and put into operation)

  • 2 wind parks

    in South Evia with a capacity of 38 MW and in Mani with a capacity of 55 MW (acquisition completed and put into operation)

In addition, HELLENiQ RENEWABLES continues to consider investments in self-production for self-consumption at the Group’s facilities, which are connected to low and medium voltage.


Power Generation and Natural Gas

In the power generation sector, HELLENiQ ENERGY participates in the joint venture ELPEDISON BV (50% HELLENiQ ENERGY, 50% EDISON), while in the gas sector it participates in DEPA MARKETING SA and DEPA INTERNATIONAL PROJECTS SA (35% HELLENiQ ENERGY, 65% HRADF). In 2022, as part of the Group’s strategy to exit non-commercial activities, the sale of the Group’s share (35%) in DEPA INFRASTRUCTURES SA, which has as its main activity the distribution of natural gas through medium- and low-pressure networks, was completed.

ELPEDISON is one of the largest independent electricity producers in Greece, with a total installed capacity of 840 MW of combined cycle natural gas technology (420 MW in Thessaloniki and 420 MW in Thisvi, Viotia). ELPEDISON is also developing a new combined cycle power plant in Thessaloniki, with a total capacity of 826 MW.

Achievements 2022

  • 6,1%

    market share of ELPEDISON

  • 826 MW

    total capacity of ELPEDISON’s new Combined Cycle Gas Turbine power plant in Thessaloniki (in development phase)

  • €62 mil.

    contribution of ELPEDISON to the Group’s profits (compared to €26 million in 2021)

  • € 59 mil. euros contribution of DEPA MARKETING to the Group’s profits.
Exploration and production of Hydrocarbons

HELLENiQ ENERGY, through its subsidiary HELLENiQ UPSTREAM S.A., monitors and participates in the developments in the sector of Hydrocarbon Exploration and Production in Greece, in selected areas, either independently or in joint venture with international companies in the sector, taking into account the market conditions. Hydrocarbon potential assessment activities by means of geophysical surveys are carried out with full respect for the environment and the activities of local communities. The Group focuses on Greece and proceeds in promoting strategic partnerships with international companies in the sector.

The areas of activity in Greece are:

  • The marine area 10 (Block 10) of the Ionian Sea in Kyparissia Gulf (HELLENiQ UPSTREAM KYPARISSIA GULF 100%, operator).
  • The Ionian marine area in Western Greece (HELLENiQ UPSTREAM IONIAN 100%, operator).
  • The Thrace marine exploration area in the North Aegean (HELLENiQ UPSTREAM THRACIAN SEA 25% in joint venture with Calfrac Well Services Ltd. 75%).
  • The marine area 2 (Block 2) west of Corfu (HELLENiQ UPSTREAM WEST CORFU 25% in a business partnership with Energean Hellas 75%).
  • The two marine areas west and south-west of Crete (ExxonMobil – operator 70%, HELLENiQ UPSTREAM WEST AND SOUTHWEST OF CRETE 30%).

Achievements 2022

  • In Block 10, in the Kyparissia Gulf area, the First Exploration Phase (two-dimensional geophysical surveys on an area of 1,200 km) was completed in January 2022, while the Second Exploration Phase (acquisition project of 2,450 km2, which exceeds the Contractor’s contractual obligations of the Second Exploration Phase) started in December 2022 and was completed in January 2023. Both phases of geophysical surveys were carried out with complete success, zero environmental footprint and respect for local communities, taking all the necessary protection measures required by national and European legislation which constitute good industry practice. The processing of the newly acquired data of the First Exploration Phase has been completed (January 2023) and their interpretation will follow.
  • In the Block 2 marine area of the Ionian Sea, where Energean Hellas Ltd. (75%) is the Lease Operator, the recording of 3D seismic data covering an area of 2,212 km2 was completed in November 2022.
  • In the marine areas “West of Crete” and “Southwest of Crete”, the First Exploratory Phase of the concessions is underway. Following the withdrawal of TotalEnergies from the Lease Agreement and the relevant consents from the Ministry of the Environment and Energy and HEREMA, the final business partnership was formed as follows: ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, Operator) and HELPE WEST CRETE/ HELPE SOUTHWEST CRETE (30%). Multi-client two-dimensional (2D) seismic surveys of approximately 12,000 km were ongoing in the area since November 2022, which were completed at the end of February 2023.
  • For marine area 1 of the Ionian Sea, north of Corfu (Block 1), a bid has been submitted and is awaiting the decision of the Competent Authority.
Technical Studies

The Group provides technical (engineering) and consulting services in the energy sector in SE Europe, through its subsidiary, ASPROFOS, which operates in compliance with internationally accepted standards and practices and is certified according to ISO 9001, ELOT 1429, ISO 14001 and ISO 45001.

Achievements 2022

  • + 120 projects, both for clients outside the Group and within the Group, in Greece and abroad (e.g., EastMed, FSRU, etc.).
  • € 12,3 mil. turnover of ASPROFOS.