HelleniQ Energy

HELLENiQ ENERGY Holdings S.A.
Native name
Ελληνικά Πετρέλαια Ανώνυμη Εταιρεία
Elliniká Petrélaia Anónymi Etairía
TypePublic anonymi etairia
Athex: ELPE
IndustryEnergy industry
Founded1958 as Public Petroleum Corporation
Headquarters
Athens
,
Greece
Area served
SE Europe
Key people
Andreas Shiamishis (CEO) Yannis Papathanasiou (Chairman)
[1]
ProductsOil and Gas Exploration
Natural Gas Trading and Transportation
Oil Refining
Petrochemicals
Electricity Generation
ServicesFuel Stations, planes, Ships
RevenueIncrease €9.222 billion (2021[2])
Decrease €400.29 million (2021[2])
Decrease €341.15 million (2021[2])
Total assetsIncrease €7.779 billion (2021[2])
Total equityIncrease €2.129 billion (2021[2])
OwnerPOIH Investments Ltd (45.47%)
HRADF (35.47%) [3]
Number of employees
3,500 (2020[4])
SubsidiariesEKO ABEE, enerwave
WebsiteOfficial website
Footnotes
in a consolidated basis[5]

HELLENiQ ENERGY Holdings S.A., formerly known as Hellenic Petroleum S.A. (Greek: Ελληνικά Πετρέλαια Ανώνυμη Εταιρεία, romanized: 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. (Greek: Δημόσια Επιχείρηση Πετρελαίου Α.Ε., romanized: Dimósia Epicheírisi Petrelaíou A.E.; 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). The company 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. Helleniq owns the 213 kilometers long Thessaloniki–Skopje pipeline, which resumed operations at the beginning of 2026 after a 13-year suspension.[6] As of 2026, the company operated 1,475 service stations in Greece and 340 stations in Cyprus, Serbia, Bulgaria, Montenegro and North Macedonia.[7] In December 2025, Helleniq and BP renewed their partnership to let Helleniq use the BP brand in Greece until 2035.[8] 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. In July 2025, Helleniq took full control over joint venture Elpedison, which the company operated together with Edison.[9][10]

Renewable energy

In 2025, Helleniq acquired ABO Energy Hellas, including solar, wind and battery projects with a total capacity of 1.5 GW.[11] During 2025, it also expanded its renewable energy portfolio in Romania and entered the Bulgarian market through acquisitions of ready-to-build projects with capacities of 405 MW.[12] In March 2026, the company began operation of its first two two solar parks in Romania with a combined capacity of 58 MW.[13]

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.[14]

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,[15] Russian crude still accounted for approximately 15% of its intake in the second half of 2021.[16][17] 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.[18] 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.

See also

References

  1. ↑ "Ο Γιάννης Παπαθανασίου νέος πρόεδρος των ΕΛΠΕ". 2 August 2019.
  2. 1 2 3 4 5 Consolidated Financial Statements in accordance with IFRS for the year ended 31 December 2021 (PDF) (Report). Marousi, Greece: Hellenic Petroleum Holdings S.A. 2022-02-24. Archived (PDF) from the original on 2025-02-06. Retrieved 2025-11-21.
  3. ↑ "Profile - athexgroup.gr".
  4. ↑ "Our People". HELLENiQ Petroleum. Greece: HELLENiQ Petroleum S.A. Archived from the original on 2025-06-24. Retrieved 2025-11-21.
  5. ↑ Annual Financial Report for Fiscal Year 2016 (PDF) (Report). Athens, Greece: Hellenic Petroleum S.A. 2017-03-30. Archived (PDF) from the original on 2025-09-01. Retrieved 2025-11-21.
  6. ↑ "Thessaloniki-Skopje Pipeline Reopens After 13-Year Hiatus". Retrieved 2026-08-28.
  7. ↑ "Helleniq Energy streamlines Greek station network, profitability improves". Retrieved 2026-08-28.
  8. ↑ "HELLENiQ ENERGY και bp επεκτείνουν τη στρατηγική συνεργασία έως το 2035". Business Daily (in Greek). 2025-12-18. Retrieved 2026-08-28.
  9. ↑ "Helleniq Energy: Υπογράφτηκε και επίσημα η εξαγορά της Elpedison". www.naftemporiki.gr (in Greek). 2025-04-11. Retrieved 2026-08-28.
  10. ↑ "Στο επίκεντρο της στρατηγικής της Helleniq Energy η Elpedison – Πλήρης ενσωμάτωση και στόχος τα 300 εκατ. EBITDA στην πράσινη ενέργεια". Forbesgreece.gr. 2025-08-09. Retrieved 2026-08-28.
  11. ↑ "Helleniq Energy: Ολοκληρώθηκε η απόκτηση της Abo Energy Hellas". www.naftemporiki.gr (in Greek). 2025-07-02. Retrieved 2026-08-28.
  12. ↑ "Helleniq Energy: Adjusted EBITDA at 221 million despite the Elefsina refinery full turnaround". www.naftemporiki.gr (in Greek). 2025-08-08. Retrieved 2026-08-28.
  13. ↑ "Helleniq Energy launches first two solar parks in Romania | eKathimerini.com". www.ekathimerini.com. 2026-03-10. Retrieved 2026-08-28.
  14. ↑ "Shareholders Structure". Hellenic Petroleum. 31 December 2008. Retrieved 2009-10-25.
  15. ↑ "These companies are still buying Russian crude oil". Al Jazeera. Retrieved 2025-01-16.
  16. ↑ "Factbox-Countries and companies shun Russian crude over Ukraine invasion". euronews. 2022-03-17. Retrieved 2025-01-16.
  17. ↑ "Factbox: Countries and companies shun Russian crude over Ukraine invasion". Reuters. Archived from the original on 2023-05-10. Retrieved 2025-01-16.
  18. ↑ "Over 1,000 Companies Have Curtailed Operations in Russia—But Some Remain | Yale School of Management". som.yale.edu. Retrieved 2025-01-16.
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