The Group at a glance

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.

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.

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.

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.

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.

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.

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%).

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.