Hellenic Petroleum S.A.


[email protected] (E. Stranis, PR and Corporate Affairs Director)

"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).


“Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and in 11 countries. Its shares are primarily listed on the Athens Exchange (ATHEX: ELPE), and its market capitalisation amounts to about €2.2 billion” (Company Website).


"Iran has blocked oil sales to two Greek companies, Hellenic Petroleum and Motor Oil Hellas after they failed to make payment, Iranian state television reported on Thursday. The English-language television network, Press TV, reported that Greece's top refiner Hellenic Petroleum and Motor Oil Hellas were barred from purchasing Iranian crude after they defaulted on their purchases. On Tuesday, a senior source at Hellenic Petroleum told Reuters the refiner had suspended purchases of Iranian crude because sanctions imposed by the Untied States and the European Union made it impossible to meet its oil payments." (Reuters, "Iran cuts oil to Greek firms over payment problems-Press TV," 4/5/2012)



"Greece's largest company, Hellenic Petroleum operates four refineries: at Aspropyrgos, Elefsina, and Thessaloniki in Greece and Skopje in Macedonia. It also operates about 1,525 gas stations in Albania, Bulgaria, Cyprus, Georgia, Greece, Montenegro, and Serbia. It has 1,200 gas stations in Greece (23% of the retail market). Its other businesses include petrochemical production, oil and gas exploration, and infrastructure development. Hellenic Petroleum is owned by Paneuropean Oil and Industrial Holdings S.A. (35.89%) and the Greek government (35.5%)" (Company Profile, “Hellenic Petroleum S.A.,” Hoovers, 2010.)


As of April 2010, Hellenic Petroleum imports 60 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia,” April 18 2010.)


According to Greece’s Ministry of Foreign Affairs, “The Hellenic Petroleum Company has been cooperating with Iran for many years in the crude oil sector” ( Ministry of Foreign Affairs, “Bilateral Relations Between Greece and Iran,” December 2008).