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Hellenic Petroleum
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. ActivitiesRefineries and gas stationsHellenic 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). 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. The company also operates over 1700 gas stations in Greece under the BP and EKO brands, and about 300 gas stations in Serbia, Bulgaria, Cyprus, Montenegro and the Republic of North Macedonia. It also has a network which sells LPG, jet fuel, naval fuels and lubricants. PetrochemicalsBeing 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. ElectricityHellenic 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. Oil explorationThe 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. OtherHellenic 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
OwnershipThe 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.[6] 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 UkraineHellenic 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,[7] Russian crude still accounted for approximately 15% of its intake in the second half of 2021.[8][9] 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.[10] 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 alsoReferences
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