Hellenic Petroleum

The Hellenic Petroleum Group has embarked on a steady course of transformation. We are adapting our corporate culture and internal processes towards those of private, internationally competitive energy company, while simultaneously transforming our portfolio of activities. We are active in every stage of the energy value chain, expanding our geographic footprint and entering new activities such as oil and gas exploration & production and power generation &marketing.

Hellenic Petroleum is the dominant Greek R&M player. It owns and operates three of the four refineries in Greece and covers 73% of the Greek wholesale oil products market. Hellenic Petroleum also has a 23% share of the retail petroleum products market in Greece through its EKO subsidiary, with more than 1,200 retail stations throughout the country and a strong network of LPG, industrial, aviation, marine and lubricants sales.

Hellenic Petroleum has a strong position in R&M in seven countries in the Southeast Europe/ Eastern Mediterranean region. In FYROM, the company owns the sole refinery in the country, while in Cyprus, Serbia, Montenegro, Bulgaria, Albania, and Georgia the company is involved in petroleum products marketing and operates a network of 236 retail stations. Hellenic Petroleum actively promotes the construction of the Burgas - Alexandroupolis pipeline.

Hellenic Petroleum is developing an international E&P portfolio, targeting production of 50 kbd by 2011; it currently has exploration interests in Libya, Egypt and Montenegro. In Libya, Hellenic Petroleum, in cooperation with Woodside (operator) and Repsol YPF, has exploration rights in six blocks in the Sirte and Murzuk basins; the drilling campaign delivered 7 discoveries in 2006 and is also delivering successful results so far in 2007, with 2 discoveries. In addition, Hellenic Petroleum is building a position in Egypt, in the operated West Obayed block, where it is conducting seismic analysis and interpretation before drilling the first well. It also has a position in the Mesaha block in Upper Egypt with Melrose (operator) and Oil Search.

Hellenic Petroleum is the sole petrochemicals producer in Greece, with market shares higher than 50% for all the products it produces or trades in this sector. The key products are polypropylene, BOPP film, PVC, aliphatic solvents and inorganics.

Hellenic Petroleum has a 35% stake in the Greek Public natural gas company (DEPA), which owns the domestic natural gas pipeline grid (including the Revythoussa LNG regasification terminal) and is the only wholesaler of natural gas in the country.

Hellenic Petroleum since end-2005 has become active in power generation and marketing in Greece; it owns and operates the first private CCGT power plant in Greece, which is located in Thessaloniki and has a capacity of 390 MW. Recently, it signed a Memorandum of Agreement with Italy's Edison to form a 50/50 JV, which aims to create Greece's 2nd largest electricity operator with a power generation portfolio of 1,500-2,000 MW.

Hellenic Petroleum's shareholders include the Greek State (35.5%), Paneuropean Oil and Industrial Holdings S.A. (35.9%), free float Institutional Investors (18.3%) and free float General Public (10.3%).

Hellenic Petroleum had net sales of EUR 8.1 billion in the year ended December 2006, EBITDA of EUR 502 million, net income EUR 260 million, capital employed of EUR 3.2 billion and employed 5,450 people.