HELLENiQ ENERGY Holdings S.A., formerly known as Hellenic Petroleum S.A. (), 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 the Hellenic Petroleum S.A. name in 1998, changing from Public Petroleum Corporation S.A. (; 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. In September 2022, it changed its name to HELLENiQ ENERGY Holdings.
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. As of 2026, the company operated 1,475 service stations in Greece and 340 stations in Cyprus, Serbia, Bulgaria, Montenegro and North Macedonia. In December 2025, Helleniq and BP renewed their partnership to let Helleniq use the BP brand in Greece until 2035. 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.
Renewable energy In 2025, Helleniq acquired ABO Energy Hellas, including solar, wind and battery projects with a total capacity of 1.5 GW. 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. In March 2026, the company began operation of its first two solar parks in Romania with a combined capacity of 58 MW.
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 held a 35% stake in DEPA until 2025. It also has shares in VPI, which produces PET resin. Since 2002 Hellenic petroleum owns 54.53% of shares in Jugopetrol AD.
Ownership As of December 31, 2025, Paneuropean Oil and Industrial Holdings (Cyprus) Limited owned 40.41% of Helleniq, the Hellenic Corporation of Assets and Participations held 31.18%, while the remaining 28.41% were freely traded.
The chairman of the board of directors is Spilios Livanos and the chief executive officer of the company is 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, Russian crude still accounted for approximately 15% of its intake in the second half of 2021. 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. 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
Energy in Greece OKTA Aspropyrgos Refinery
References
External links —