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Hellenic Petroleum



Founded in 1998, Hellenic Petroleum is the leading energy group in South East Europe, with activities spanning over eleven countries in the region and across the energy value chain. In 2007, group net earnings amounted to €351m, on total revenues of €8.8bn. Its shares are listed on the Athens Exchange (ATHEX: ELPE), and it has a market capitalisation of about €2.5bn ($3.5bn). Hellenic Petroleum's key shareholders are the Greek State (35.5%) and Paneuropean Oil and Industrial Holdings S.A. (36%), with the remaining 28.5% free float split between institutional (18.3%) and private (10.2%) investors.

Refining is the group's core business, accounting for over 70% of total assets and profitability. Hellenic Petroleum owns three of the four refineries in Greece, with a 72% share of the Greek wholesale oil products market.

The group is the domestic marketing leader as well, commanding a 21% share of the total retail petroleum products market through its fully-owned subsidiary EKO, with more than 1,200 retail stations throughout Greece and a strong sales network for LPG, industrial, aviation and marine fuels and lubricants.

Hellenic Petroleum is also a leading player in SE European markets. The group owns the sole refinery in the Former Yugoslav Republic Of Macedonia (FYROM) and is one of the key fuels marketing players in Cyprus, Serbia, Bulgaria, FYROM, Montenegro, Albania, Bosnia and Georgia, via a network of almost 300 retail stations.

In addition, Hellenic Petroleum is the sole petrochemicals producer in Greece, with operations integrated with its refineries. Domestic market shares are in excess of 50%, while exports account for almost 70% of sales. Key products are polypropylene, BOPP film, solvents, inorganics and PVC.

Hellenic Petroleum is also active in gas & power. Specifically, the group's subsidiary T-Power is Greece's first independent power producer, with its 390MW, CCGT plant in Thessaloniki in operation since 2005. Recently, a strategic alliance with Italy's Edison was formed (through a 50/50 joint venture) aiming to create one of Greece's leading electricity operators, with a power generation portfolio of 1,500-2,000 MW.

Hellenic Petroleum also owns a 35% stake in Greece's incumbent gas company, DEPA, which is the sole natural gas importer and wholesale supplier in the country. DEPA fully controls DESFA, Greece's natural gas grid owner and operator, and owns 51% of the local supply companies (EPAs).

Hellenic Petroleum actively participates in the development of key oil & gas transit pipelines. The group is part of the consortium that will develop and operate the Burgas-Alexandroupolis pipeline and through its 35% stake in DEPA it indirectly participates in the development of the IGI, TGI and South Stream natural gas pipelines.

Finally, Hellenic Petroleum owns exploration assets in Egypt, Greece and Montenegro. Currently, the E&P operations are focused on Egypt, where the group is the operator of the West Obayed block (100% stake) and participates with a 30% stake in a consortium that has been awarded the Mesaha block in Upper Egypt.