Making an investment to reduce the risk of adverse price movements in an asset. Normally, a hedge consists of taking an offsetting position in a related security, such as a futures contract.


(He) is a colorless, odorless, tasteless, non-toxic, nearly inert monatomic chemical element that heads the noble gas series in the periodic table and whose atomic number is 2. It’s boiling and melting points are the lowest among the elements and it exists only as a gas except in extreme conditions.


Hellenic Petroleum S.A.


Heavy Fuel Oil. Heavy fuel oil and residual fuel oil are what remains of the crude oil after gasoline and the distillate fuel oils are extracted through distillation.

Historic net debt/(cash)

All interest-bearing debt finance (long term and short term) less cash and cash equivalents. Calculated from the latest reported balance sheet.


Hellenic Petroleum Cyprus Ltd


Hellenic Petroleum International A.G., based in Vienna, Austria.


Heavy Virgin Naphtha. The "heavier" or rather denser types are usually richer in naphthenes and aromatics and therefore also referred to as N&A's. These can also be used in the petrochemical industry but more often are used as a feedstock for refinery catalytic reformers where they convert the lower octane naphtha to a higher octane product called reformate. Alternative names for these types are Straight Run Benzene (SRB) or Heavy Virgin Naphtha (HVN).


An organic chemical compound of hydrogen and carbon in the gaseous, liquid, or solid phase. The molecular structure of hydrocarbon compounds varies from the simplest (methane, a constituent of natural gas) to the very heavy and very complex. The incomplete combustion of hydrocarbons from fossil fuels contributes to our pollution and global warming problems.


Secondary treatment of SRAR by use of hydrogen that produces additional diesel and leaves cracked fuel oil. Hydrocracking is a catalytic cracking process assisted by the presence of an elevated partial pressure of hydrogen. The products of this process are saturated hydrocarbons; depending on the reaction conditions (temperature, pressure, catalyst activity) these products range from ethane, LPG to heavier hydrocarbons comprising mostly of isoparaffins. Hydrocracking is normally facilitated by a bi-functional catalyst that is capable of rearranging and breaking hydrocarbon chains as well as adding hydrogen to aromatics and olefins to produce naphthenes and alkanes. Major products from hydrocracking are jet fuel, diesel, relatively high octane rating gasoline fractions and LPG.

Hydrogen Sulfide

It is a chemical compound with the formula H2S. This colorless, toxic and flammable gas is responsible for the foul odor of rotten eggs and flatulence. It often results from the bacterial break down of organic matter in the absence of oxygen, such as in swamps and sewers (anaerobic digestion). It also occurs in volcanic gases, natural gas and some well waters. The odor of H2S is commonly misattributed to elemental sulfur, which is in fact odorless.

Hydroskimming Refinery

The hydroskimming (topping/refining) refinery consists of an atmospheric distillation unit for separating the crude oil and a catalytic reformer to transform the low-octane naphtha into high-octane gasoline.