Our History from 1958 until Today
In September 2022, following 64 years of significant progress, growth, and support of the Greek economy, HELLENIC PETROLEUM Holdings S.A. underwent a corporate transformation. The company adopted a new corporate identity, introduced a new logo, and changed its name to HELLENiQ ENERGY Holdings S.A.
At HELLENiQ ENERGY we honor our legacy by driving tomorrow's sustainable solutions. We are focused on developing a value-enhancing New Energy portfolio, both in Greece and internationally. At the same time, we are implementing investments that support the energy transition and the improvement of our environmental footprint.
In 1955, the construction contract for the Aspropyrgos refinery, the first crude oil refinery in Greece, was signed. Construction began in 1956 and two years later, in 1958, the new refinery began operating.
In 1966, the Greek entrepreneur Tom Pappas inaugurated the ESSO PAPPAS refinery in West Thessaloniki.
In 1971, the PETROLA HELLAS refinery of I. Latsis Group was commissioned in Elefsina.
In 1975, the PUBLIC PETROLEUM CORPORATION S.A. (“DEP”) was established, and the HELLENIC ASPROPYRGOS REFINERIES S.A. (“ELDA”) was acquired by the Greek State, which fully controlled the refining, distribution and trading of oil products.
The Greek State acquired ESSO’s activities in Greece, which were renamed EKO Group. In 1985, the Greek State established DEPEKY for the exploration and exploitation of hydrocarbons.
In 1988, the Public Gas Corporation S.A. (“DEPA”) was established. DEP undertakes - on behalf of the Greek State - the refining and distribution of refined products in the domestic market and acquired ELDA and DEPA.
EL.D.A. established ASPROFOS engineering company.
The oil market was liberalized; DEP acquired the EKO group and consolidated its position in the refining and distribution of oil products through the ELDA and EKO refineries.
DEP, through its subsidiary DEPEKY, took part in exploration concessions in Western Greece as part of the ENTERPRISE and TRITON consortiums.
In 1998, the subsidiaries of the DEP Group were merged and renamed HELLENIC PETROLEUM S.A. The Group’s shares were listed on the Athens and London Stock Exchanges. Over the next few years, the HELLENIC PETROLEUM Group expanded its activities to the Republic of North Macedonia, Albania, Cyprus, Serbia, Montenegro and Bulgaria. The Greek State launched a second public offering of the shares of HELLENIC PETROLEUM S.A.
In 2003, HELLENIC PETROLEUM SA merged with PETROLA HELLAS SA through which the Group acquired the Elefsina refinery. The Group became active in the production and trading of electricity, through the construction and operation of a 390 MW CCGT plant in Thessaloniki.
During this period, the subsidiaries DIAXON, in Komotini and HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES S.A. were established.
In 2007, ELPEDISON BV was established in cooperation with the Italian EDISON SpA, with the aim of further strengthening the Group’s presence in the field of electricity generation and trading.
From 2008 to 2012, the Group made the leading private industrial investment in Greece, upgrading the refineries of Elefsina and Thessaloniki. In 2009, it acquired BP's onshore fuel operations, strengthening its position in the domestic fuel products market. In addition, a competitiveness improvement program was implemented through a series of initiatives across the Group’s 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. At the same time, improved competitiveness enabled the further internationalization of the Group, with its exports exceeding 50% of total sales.
ELPEDISON introduced a second power plant (CCGT) in Thisvi Viotia, with a 420 MW capacity, which started its commercial operation in 2011.
The Group developed a Hydrocarbon Exploration & Production portfolio in Greece in collaboration with the field’s leading companies.
In 2013, the Group successfully issued the first Eurobond after the crisis, amounting to €500 million. In the following years, the Group issued Eurobonds of over €1 billion and became the largest Greek issuer in the international capital markets.
The Group’s performance significantly improved across business, achieving historical highs in profitability, production, and sales, whilst maintaining focus on sustainability.
In 2019, the Group faced a transitional phase with various business and organizational challenges. Τhe new strategic plan “Vision 2025” was announced, focusing on improving corporate governance, setting a more fitting corporate structure, shifting towards greener forms of energy, and introducing a new corporate identity.
In 2020, the company successfully managed the COVID-19 crisis, with its main priorities being the health and safety of the staff and contractors, the continuous operation of the facilities, and the uninterrupted supply of the markets. The company also donated 8 million euros to combat COVID-19 and reduce its spread. This contribution was directed through initiatives aimed at the Greek State, the broader Community, and the National Health System.
In 2022, the photovoltaic park in Kozani, Greece was completed. The project is a €130 million investment and the largest single Renewable Energy Sources project in Greece to date.
That year was also a milestone for HELLENiQ ENERGY. The first phase of the implementation of the Group’s strategy Vision 2025 was successfully completed. focusing on sustainable development.
Following the upgrade of the corporate governance framework in 2021, the new corporate structure was completed on January 3, 2022, . with the demerger of HELLENIC PETROLEUM S.A. by way of hive-down of its refining, supply and trading of oil products and petrochemicals sector and the establishment of a new company.
The new corporate identity was officially launched, including a new corporate name and logo, following the approval of the Extraordinary General Meeting on September 20, 2022, o. The name changed from “HELLENIC PETROLEUM Holdings S.A.” to “HELLENiQ ENERGY Holdings S.A.".
In the Renewable Energy Sources sector, the portfolio of projects under development already exceeded 3.2 GW. HELLENiQ ENERGY’s goal is to install over 1 GW of capacity by 2025 and over 2 GW by 2030. In this context, a strategic partnership with RWE Renewables was established.
In addition, HELLENiQ ENERGY is also expanding into the electromobility market through its subsidiaries, aiming to create more than 10,000 charging stations nationwide by 2027.