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The Group's operating profitability, production and total sales recorded new historical highs. Adjusted EBITDA reached €834 million.
The successful enforcement of the Group is reflected on its ranking amongst the 2017 TOP 100 GLOBAL ENERGY LEADERS, according to Reuters Thomson.
The Group’s International Activities have strong profitability due to increase in sales and improved margins.
HELLENIC PETROLEUM Group is now the largest exporter of products in the South Eastern Mediterranean, while the Aspropyrgos refinery's FCC unit is among the top two in the world, according to an international study conducted by Solomon
In 2016, a new five-year bond of € 375 million is issued, making the Group the largest independent Greek issuer in the international capital markets.
The process of selling DESFA’s share capital to “SENFLUGA Energy Infrastructure Holdings S.A.” is successfully completed.
In Upstream, the conventions for the Ionian Sea –Plot 2 (consortium Total –Edison –HELPE) and for the mainland areas Arta –Preveza and Northwest Peloponnese are ratified from the Greek Parliament. The joint –venture HELLENIC PETROLEUM, TOTAL and EXXONMOBIL has been declared a Preferred Contractor by the Ministry of Environment & Energy for the exploration for and exploitation of hydrocarbons Offshore West Crete and Southwest Crete.
In addition, the lease agreements for Kyparissiakos Gulf and for the offshore 'Ionian' Block –West Greece (consortium HELPE –Repsol), have been signed.
HELLENIC RENEWABLE ENERGY SA through its subsidiary ATEN ENERGY SA manufactures in Sofades, Karditsa, one of the largest photovoltaic systems, with total installed capacity of 8.99MW.
The Group implements its strategy for asset base modernization strategy through the upgrade of the Elefsina and Thessaloniki refineries, which was the largest private industrial investment in Greece.
The acquisition of BP’s Ground Fuels business activities in Greece, further enhances the Group’s position in the domestic retail market. The deal includes BP’s nationwide network of branded service stations, storage facilities, as well as the commercial and industrial supply business.
In addition, a competitiveness improvement program is implemented through a series of initiative across the Group’s range of activities, with significant financial benefits. The operation of the Elefsina refinery is optimized, the efficiency of all units significantly improves and substantial synergies between the three refineries are created. Improving competitiveness enables the further internationalization of the Group’s business model, with exports exceeding 50% of total sales.
In the frame of restructuring its strategy, the Group exits from the Georgian market, by the divestment of HELLENIC PETROLEUM Georgia Ltd.
A second CCGT 420 MW Power Plant in Thisvi comes into operation by ELPEDISON POWER. This investment significantly strengthens the System of Southern Greece with reliable and environmentally friendly power
HELLENIC PETROLEUM, aiming at diversifying technical and investment risks, decides to divest part of its rights in West Obayed, at the Western desert region in Egypt, to VEGAS OIL & GAS S.A. The objective of the consortium (VEGAS 70% - 30% of HELPE) is to continue the exploration programme in the area.
The Group successfully completes an unrated Eurobond issuance amounted to €500 million, the first in the Group’s history, with two additional issues exceeding €600m, confirming the confidence of international capital markets towards the Group’s outlook and strategy.
The subsidiaries of the DEP Group are merged and renamed HELLENIC PETROLEUM S.A. Its shares are listed on the Athens and London Stock Exchanges.
The Greek State launches a second public offering of the shares of HELLENIC PETROLEUM S.A.
DIAXON is established, a Komotini –based industry for plastic packaging materials. The establishment of HELLENIC PETROLEUM –POSEIDON M.C. and HELLENIC PETROLEUM –APOLLON M.C. follows.
HELLENIC PETROLEUM SA merges by absorption PETROLA HELLAS SA, through which the Group acquires the Elefsina refinery.
During the next years, HELPE Group founds and acquires subsidiaries, such as ELPET- BALKANIKI SA, through which the OKTA refinery is embedded, GLOBAL Albania, Hellenic Petroleum Cyprus, EKO Serbia AD, Jugopetrol AD Kotor and EKO Bulgaria, for the expansion of the Group’s commercial activities in the Republic of North Macedonia, Albania, Cyprus, Serbia, Montenegro and Bulgaria respectively.
THESSALONIKI ENERGY is founded and the power generation plant at the Industrial Complex of Thessaloniki starts its commercial operation. The Group aiming to further strengthening its presence in the field of electricity generation and trading, establishes ELPEDISON BV in cooperation with the Italian EDISON SpA.
In the sector of Exploration and Production of hydrocarbons, the Group operates in Egypt (regions of West Obayed and Mesaha) and in Libya (j-v with WOODSIDE ENERGY and REPSOL), where later the rights were transferred to the French –Belgian energy Group GDF Suez.
A significant agreement is concluded between HELLENIC PETROLEUM SA and INEOS CHLORVINYLS, one of the largest companies for the production of chlor –alkaline products, for distributing resins in Greece.
HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES S.A. is established, with the purpose of producing, distributing and trading renewable energy sources in energy.
The domestic oil market is deregulated and DEP undertakes operations in refining and supply on its own account through the ELDA and EKO refineries. DEP acquires the EKO Group’s shares. EKO Retail, in partnership with third parties, sets up EKO GEORGIA and EKOLINA.
ELDA-E develops its share in the domestic market. DEP and ELDA participate in the establishment of VPI, a polyethylene resin production facility in Volos. DEP-EKY concludes concession agreements in Western Greece, participating in the TRITON and ENTERPRISE consortia.
The Greek State acquires ESSO’s activities in Greece, which are renamed EKO Group. In 1985, the Greek State establishes DEP –EKY for the exploration and exploitation of hydrocarbons. In 1988, the Pubic Gas Corporation S.A. (“DEPA”) is established. DEP undertakes –on behalf of the Greek State –the refining and distribution of refined products in the domestic market and acquires ELDA and DEPA. ELDA establishes, originally with Foster Wheeler Italiana S.r.l., an engineering studies company named ASPROFOS, and the retailing company ELDA –E. The EKO Retail company establishes EKOTA KO S.A.
In 1971, the PETROLA HELLAS refinery in Elefsina of I. Latsis Group is commissioned. In 1975, the PUBLIC PETROLEUM CORPORATION S.A. (“DEP”) is established and the HELLENIC ASPROPYRGOS REFINERIES S.A. (“ELDA”) is acquired by the Greek State, which fully controls the refining, distribution and trading of oil products.
In 1955, the construction contract for the Aspropyrgos refinery, the first crude oil refinery in Greece, is signed. Construction began in 1956 and two years later, in 1958 the new refinery in Aspropyrgos starts operations. In 1966, the Greek-American entrepreneur Tom Pappas inaugurates the ESSO PAPPAS refinery at West Thessaloniki.