Business Environment and Operations
Business Activities
Petroleum products
Refining, Supply and Trading

The Group owns and operates three refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 65% of the country’s total refining capacity and combine a storage capacity for crude oil and petroleum products of 6.65 million m3.

Τhe three refineries and their individual technical characteristics are described below:

Refinery Daily Refining Capacity in Kbpd Annual Refining Capacity (ml.MT) Refining configuration Complexity Index Nelson
Aspropyrgos 148 7.5 Cracking (FCC) 9.7
Elefsina 106 5.3 Hydrocracking 12
Thessaloniki 90 4.5 Hydroskimming 5.8

The Group’s three coastal refineries operate as a single, unified system. Crude oil purchases, production scheduling and sales forecasting are conducted for the Group’s refining system on a centralised basis, with the objective of optimizing profitability, while taking into account prevailing (Eastern Mediterranean/South Eastern Europe) crude oil and product prices as well as domestic demand. Increased refining complexity enables the high conversion of intermediate products (SRAR, VGO) and flexibility in crude slate and processing levels, which represents a key competitive advantage for the Group, enabling profitability vs benchmark margins throughout the economic cycle.

In 2020, benchmark margins for Mediterranean refineries were significantly weaker and reached the lowest levels for complex refineries since 2003, as a result of COVID-19 pandemic effects. More specifically, FCC benchmark margins fell to $1.3/bbl (2019: $3.3/bbl), while hydrocracking margins settled at $1.1/bbl (2019: $4.1/bbl).

In 2020, refining production was maintained at satisfactory levels compared to 2019 (13.8 million tons), despite the adverse conditions and the five-year full turnaround of the Aspropyrgos refinery.

0.0 million tons
Production

High value product yields (gasoline, jet fuel and diesel) at the Aspropyrgos and Elefsina refineries had a slight increase compared to 2019 levels, with the white products yield exceeding 83%, among the highest in the European refining industry.

HELPE refining system overview*

Energy efficiency is a main pillar of the Refining strategy, with sustained efforts to improve the relevant indicators. In 2020, energy consumption and costs at Aspropyrgos and Elefsina remained at the low levels seen in 2019 despite the scheduled shutdowns of the two refineries.

Moreover, the use of natural gas substituting LPG and naphtha for hydrogen production at the Elefsina refinery remained at high levels, as well as for own consumption in all refineries, resulting in a significant financial contribution, as well as improved environmental footprint.

The percentage of intra-refinery flows of intermediate products and raw materials exchanged between the three refineries exceeded 12%, contributing to operational optimization in production, logistics and trading.

New IMO operational model Aspropyrgos Refinery

The Aspropyrgos refinery began implementing the new IMO production standards in November 2019, in order to respond to the changes in the market and to ensure its supply with clean fuels, while retaining its flexibility to respond to market conditions. As both the Elefsina and Thessaloniki refineries do not produce high sulphur fuel oil, no adjustments are required in their operation.

Alongside, by the end of 2019, with the completion of the conversion of the gasoline blending components MTBE and TAME production units into ETBE and TAEE production units respectively, the Aspropyrgos refinery began producing bio-ethers. The modifications were put in place so that HELLENIC PETROLEUM can meet the obligation to supply E5 gasoline in the domestic market, without any bioethanol addition, so as to improve the quality and environmental footprint of the final product and substitute imports.

Financial Data and key operational indicators
Financial Results (€ million) 2020 2019
Sales 4,893 7,754
Adjusted EBITDA 187 354
Performance Indicators
HELPE refineries' system margin $0.93/bbl $2.94/bbl
Sales Volumes (ΜΤ’000) 14,397 15,223
Crude oil supply

Crude oil supplies are centrally coordinated through term contracts and spot transactions. In 2020, due to the COVID-19 pandemic and declining demand, OPEC++ agreed to an initial reduction of total oil production from May 1, 2020 by about 10 million bpd, which was adjusted in the following months. These decisions, combined with ongoing US sanctions on Iran and Venezuela and developments in Libya, had a significant impact on global supply.

HELLENIC PETROLEUM adjusted its crude mix, reflecting the attractiveness of certain crude types vs others, while, due to the new marine fuel regulation (IMO) which entered into force at the beginning of 2020, part of the supply mix was changed accordingly. As a result, the main sources of crude supply in 2020 were Russia (27%), Kazakhstan (22%), Iraq (12%) and Algeria (12%), followed by Saudi Arabia (9%), Azerbaijan (7%), Egypt (6%) and the USA (4%).

Both the Group’s ability to access and its refineries’ flexibility to process a wide range of crude oil types, proved to be particularly important in terms of profitability. The Group’s ability to respond to sharp supply shortages in specific types of crude oil also ensured that there was an uninterrupted supply into the markets where the Group operates.

Crude oil and raw material supply

Access, as well as the flexibility of the Group's refineries to process a wide range of crude oil types are one of its key competitive advantages

0 million tons
Total sales
Wholesale Trading (Refined product sales)

Oil products sales are carried out by the parent company HELLENIC PETROLEUM S.A. to the fuels marketing companies in Greece, including the subsidiary EKO ABEE, as well as to certain special customers, whilst approximately 50%-60% of production is exported. All of the Group’s refined products comply with applicable European standards.

During 2020, domestic market sales, due to mobility restrictions and significantly reduced tourist traffic, slightly decreased compared to 2019, amounting to 4 million tons. The sales of all products, with the exception of heating gas oil, were decreased.

Aviation sales amounted to 264 thousand tons, recording a 70% decline. Marine fuels volumes were also lower by 31%, reaching 1.4 million tons. Exports increased by 11% to 8.8 million MT, accounting for 61% of total sales in 2020, maintaining the Group's position as one of the most export oriented in the Eastern Mediterranean region.

As a result, in 2020 the total sales of products and goods produced by the Group's refineries decreased by 5%, amounting to 14.4 million tons.

0 %
increase in exports
0 %
in 2020 exports amounted 61% of total refinery sales
OKTA facilities

The Group owns and operates the OKTA facilities in Skopje, which are connected to the Thessaloniki refinery through a pipeline transporting high value-added products (e.g. diesel). The refinery’s location is one of its significant competitive advantages for the domestic distribution of products through marketing companies, as well as exports to neighbouring Balkan markets.

In 2020, OKTA’s sales amounted to 662 thousand tons, decreasing by 17% vs. 2019.

Production and Trading of Petrochemicals
Financial Data and key operational indicators
Financial Results (€ million) 2020 2019
Sales 248 299
Adjusted EBITDA 61 93
Performance Indicators
Sales Volumes (ΜΤ ΄000) – Total 272 283
International Polypropylene Margin (€/ΜΤ) 387 427

Petrochemical activities mainly focus on the propylene-polypropylene-BOPP value chain. The Aspropyrgos refinery, through its splitter unit, produces propylene, which covers about 80-85% of the raw material needs of the Thessaloniki polypropylene plant. The Group’s petrochemical complex located at the Thessaloniki refinery also produces solvents and minerals, with its output being directed to the domestic and Mediterranean markets.

Based on its financial contribution, the propylene-polypropylene-BOPP value chain represents the main activity for petrochemicals. Export activity is particularly important, as in 2020, 72% of sales volumes were directed towards Turkey, Italy, the Balkans and Iberian Peninsula, where they are used as a raw material in a range of manufacturing applications.

0%
of petrochemicals sales volumes
are exported

In 2020, profitability in the petrochemical sector was affected by the impact of the COVID-19 pandemic with decline of benchmark margins as well as by the planned shutdown of the Aspropyrgos refinery for maintenance and Thessaloniki’s PP plant, recording an EBITDA of €61 million. Specifically, the production of polypropylene amounted to 233 thousand MT while the production of propylene from the Aspropyrgos refinery amounted to 161 thousand MT.

Fuels Marketing

HELLENIC PETROLEUM Group is active in the marketing and distribution of petroleum products, both in Greece, through its subsidiary ΕΚΟ ABEE, as well as internationally through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia.

The Group takes advantage of the significant synergies among its networks in Greece and SE Europe in the areas of marketing and commercial policy, through sharing best practices and successful products.

Financial Data and key operational indicators
Financial Results (€ million) 2020 2019
Sales 1,986 3,258
Adjusted EBITDA 97 138
Performance Indicators
Sales Volumes (ΜΤ ΄000) – Total 3,944 4,928
Sales Volumes (ΜΤ΄000) – Greek network 2,966 3,870
No. of petrol stations – Greece 1,703 1,722
No. of petrol stations – International (includes OKTA brand PSs) 315 311
Domestic Marketing

In Greece, the Group’s business combines a network of over 1,700 petrol stations operating under the EKO and BP brands, 15 bulk storage and supply terminals, 24 aircraft refueling stations located at the country’s main airports, 2 LPG bottling plants and 1 lubricant production and packaging unit.

The COVID-19 pandemic had a major impact on the domestic fuels’ consumption. The imposed mobility restrictions combined with the significant decrease in tourism resulted in a drop of gasoline consumption by 17% compared to 2019, while diesel demand was 9% lower. Aviation fuels consumption dropped by 67% while the decrease of coastal shipping routes and the loss of cruise traffic resulted in a 33% decrease in marine fuels. An exception was heating gas oil, which showed a significant increase of 24%.

Over 0
COMO petrol stations

The emphasis on the development of a company-controlled network –which currently comprises over 240 service stations- and the improvement of services continued, along with the enhanced cooperation with selected suppliers, supermarket chains, cafes and restaurants.

The Group has an agreement with BP plc for the exclusive use of BP's trademarks for ground fuels in Greece until the end of 2025.

EKO
International Marketing

The Group’s international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia, with a total network of over 300 petrol stations.

In Cyprus and Montenegro, the local subsidiaries hold leading positions in their markets.

In Bulgaria and Serbia, the Group’s subsidiaries recorded rapid growth after 2005 and are currently among the top five companies in their sector.

In the Republic of North Macedonia, the network of 27 petrol stations bears the brand name of the OKTA Group subsidiary.

The significant decline in economic activity in combination with the mobility restriction measures in response to the COVID-19 pandemic led to a corresponding reduction in fuel demand in most of the Group’s international subsidiaries. As a result, 2020 has been marked with a decline in profitability partly compensated by the overall reduction in operating expenses and the improved margins. Despite the adverse environment, the Group has managed to secure the continuous supply of fuels in the markets while continuing to a great extend its investment program.

In Cyprus, the decrease in sales led to a decline in profitability despite the improvement in retail margins and the retail network growth. During 2020 the new fuels terminal in Vassiliko began commercial operation.

In Bulgaria, the contraction in profitability due to the drop in retail sales has been partly compensated by higher wholesale volumes.

EKO Serbia’s profitability has been marginally improved as the higher retail margins fully offset the effect from the drop in volumes and decrease in NFR revenues.

In Montenegro, the shortfall in volumes was more severe due to reduced demand for aviation fuels and the weak touristic season. Despite the mobility restrictions, the investments in the refurbishment of the existing petrol stations had continued without significant delays.

56 43 27 92 97
0 +
stations

The Group’s international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia, with a total network of over 300 petrol stations.

Renewable Energy Sources (R.E.S.)

HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES S.A. (HELPE Renewables) was founded in 2006 and is a fully owned subsidiary. HELPE Renewables plans to develop a significant renewable capacity in the next few years, leading to a diversification in the Group’s energy portfolio and contributing to balancing its greenhouse gas emissions by reaching 600 MW capacity by 2023-2025 and 2 GW in 2030.

New PV project in Kozani
204 MW
one of the largest in Europe
Energy Resources

The following stations are in operation:

  • 7 PV parks located on property owned by the Group with a total nominal capacity of 19 MW. These include 4 P/V projects with a total capacity of 17.6 MW from the first tender process organized by RAE (2016).
  • A wind farm with a capacity of 7 MW in Pylos in Messinia.
  • 14 PV with net-metering systems totaling approximately 192 KW, installed at EKO and BP fuel stations.

More than 1.3 GW of projects, mainly PV and wind, are currently in various stages of development, including the Kozani PV project.

Plan to reach
600 MW of installed capacity by 2025

On February 17, 2020, HELPE signed an agreement for the acquisition of a portfolio of photovoltaic projects at final permitting stage, in the area of Kozani, North Greece from the German RES developer and contractor JUWI. The transaction was completed on October 1st, 2020, and the project’s construction started in November 2020. The works, despite the delays due to the difficulties from the effects of the pandemic, are continuing according to the schedule, having already started the installation of the panels and its completion is expected in the first quarter of 2022.

The project’s total installed capacity is 204 MW, making it the largest RES plant both in Greece and in Southeast Europe as well as one of the largest PV plant in Europe. Its annual energy generation is estimated at around 350 GWh which is sufficient to power 75,000 homes with zero-emission energy, leading to a CO2 emission avoidance of over 300,000 tons p.a..

The total investment will amount to €130 million and will significantly benefit the economy, particularly in the area of North Macedonia in Greece. More than 35% of the equipment, materials and labor will be sourced from Greece, over 300 jobs will be created during the construction phase and dozens of direct and indirect jobs will be created during operation, that will be mostly covered by the local community. Moreover, the implementation of the Stakeholder Engagement Plan ensures that the impact on the local community will be minimized.

Moreover, the construction of a PV project of 2 MW, in Mandra, adjacent to the Elefsina refinery, is expected in 2021.

Finally, HELPE Renewables continues to assess investments in Net-metering at the Group’s facilities, connected to the LV and MV networks.

HELPE Renewables follows the Group’s Safety and Environment (S&E) procedures with regards to compliance, reporting, risk and accidents prevention and management, both during the construction phase as well as operation. An S&E engineer is appointed for each new project with the responsibility to monitor relevant issues, supervise works and the S&E licensing stage, validity term and potential renewals.

Exploration and Production

In 2020, the Group’s main activities focused on Greece, as presented below:

The Group participates, with a 25%, in a consortium with Calfrac Well Services Ltd (75%) in the Thracian Sea Concession area, in the North Aegean (1,600 sq km) where geological studies are currently being carried out.

In addition, HELLENIC PETROLEUM participates, as an operator (50%), through its 100% owned subsidiary HELPE PATRAIKOS in a Joint Venture with EDISON International E&P S.p.A. (50%) in the offshore block of ‘Patraikos Gulf (West)’, covering an area of 1,419 sq. km. In December 2020, the acquisition of EDISON E&P (parent company of EDISON International E&P S.p.A.,) by Energean Capital Ltd. was completed.

In Patraikos Gulf (West) block, on December 11th 2020, the Lessor, following the Operator’s Application to HHRM, granted its consent for a fifteen-month (15) extension of the Second Exploration Phase (till January 2nd 2023) for the fulfillment of the contractual obligations. Environmental permitting is ongoing.

Exploration portfolio in Greece

The Group, has exclusive rights of hydrocarbons exploration and production (100%, Operator), through its subsidiaries HELPE Arta-Preveza and HELPE N.W. Peloponnisos, in the onshore blocks of ‘Arta-Preveza’ and ‘N.W. Peloponnese’, covering an area of 4,762.90 and 3,778.30 sq. km, respectively. In the onshore area of ‘Arta-Preveza’, on August 5th 2020, the Lessee provided notice to the Lessor, for the suspension of the seismic acquisition campaign, due to the delayed environmental permitting (including the land permission by the municipalities). In the onshore area of ‘N.W. Peloponnese’, geological and environmental studies are ongoing, as well as the required environmental permitting for the execution of the seismic campaign. Seismic preparations are also ongoing. On August 5th 2020, the Lessee applied for a twentymonth (20) extension of the current 1st Exploration Phase.

The Group also has a 25% working interest, through HELPE West Kerkyra, in a Joint Venture with ENERGEAN HELLAS Ltd (50%, Operator) and EDISON International E&P S.p.A. (25%) in the offshore block of Ionian Sea ‘Block 2’, covering an area of 2,422.10 sq. km.

In addition, the Group has a 50% working interest, through HELPE Ionian, in a Joint Venture with REPSOL (50%, Operator), in the offshore block ‘Ionian’ covering an area of 6,671.13 sq. km. In the offshore areas of ‘Block 2’ and ‘Ionian’ geological studies are ongoing, while the environmental studies were submitted to the Competent Authorities. Environmental permitting is ongoing.

The Group was awarded rights of hydrocarbons exploration and production (100%, Operator), through HELPE Kyparissiakos Gulf, in the offshore block of Kyparissiakos Gulf ‘Block 10’ in 2019. In 2020, environmental studies were prepared and submitted (Environmental Baseline Report and Environmental Action Plan). Environmental permitting prior to the seismic acquisition is ongoing.

The Group has a 20% working interest, through HELPE West Crete and HELPE South West Crete, in a Joint Venture with TOTAL (40%, Operator) and ExxonMobil (40%), in the offshore blocks ‘West Crete’ and ‘South West Crete’, covering areas of 20,058.40 and 19,868.37 sq. km, respectively. The 1st Exploration Phase is in progress with ongoing geological studies. In addition, the environmental studies were submitted to the Competent Authorities and the environmental permitting is in progress.

Finally, HELLENIC PETROLEUM has submitted an offer for the offshore ‘Block 1’, north of Corfu Island and is expecting the outcome of the process.

Exploration
840 MW
ELPEDISON total installed capacity
Power Generation and Trading

The Group is active in the production, trading and supply of power in Greece through its participation (50%) in the JV Elpedison B.V. (the remaining 50% is held by EDISON International).

ELPEDISON S.A. is currently the second largest independent power producer in Greece with a total installed capacity of 840 MW (comprising a 420 MW plant in Thessaloniki, since 2005 and a 420 MW plant in Thisvi, since 2010). In addition, RAE has granted ELPEDISON S.A. with a power generation permit for a new combined cycle gas fired plant at Thessaloniki, with a 826 MW capacity. During 4Q20, the upgrade program for the CCGT plant of ELPEDISON in Thessaloniki amounting to €20 million was completed, increasing the capacity to 420 MW, with an additional significant improvement in its efficiency and flexibility.

0.0 %
ELPEDISON’s Market Share

ELPEDISON S.A.'s results in 2020 significantly improved compared to the same period in 2019, as profitability margins in the electricity generation and retail sectors moved higher, despite a decrease in electricity demand due to the COVID-19 pandemic.

The most important driver that positively affected electricity production margins in 2020 was the lower gas cost, which occurred due to supply optimisation. In addition, the higher cost of CO2 allowances, favored the operation of natural gas-fueled power plants over lignite plants, enhancing their participation in the energy mix of the Greek System compared to 2019.

In the retail power market, intense competition between alternative electricity providers continued into 2020. In this environment, the Company's market share increased, reaching about 4.65% (compared to 2019: 4.35%, Greek Energy Exchange) with an expansion of the customer base in Low and Medium Voltage (domestic and industrial customers).

ELPEDISON supplied approximately 300,000 customers at the end of the year with sales of around 2,500 GWh.

It is worth noting that during the 4Q20, after significant delays, the Target Model was launched in the Greek electricity market, creating the conditions for the rectification of several chronic distortions and further strengthening of competition.

Finally, in 2020 ELPEDISON further improved its position in the liberalized natural gas supply market, expanding its customer base, mainly in the regions of Attica, Thessaloniki and Thessaly and thus, enhancing its commercial development as an integrated energy provider. The Company continued to import significant quantities of LNG through DESFA's terminal in Revythousa, part of which were directed into the wholesale and retail markets.

Natural Gas

The Group is active in the natural gas sector through its participation in DEPA S.A. (35% HELLENIC PETROLEUM S.A., 65% HRDAF). The DEPA Group is active in:

DEPA Commercial

  • import of Natural Gas through long-term contracts and spot cargoes
  • supply of Natural Gas to large scale consumers (power generation plants, industries and Natural Gas supply companies)
  • natural gas supply through ΕPA Attiki to small and medium scale consumers

DEPA Infrastructure

  • medium and low-pressure distribution

DEPA International Activities

  • international gas transportation projects

During 2020, domestic Natural Gas consumption increased by 10% compared to the same period in 2019 (2020 domestic consumption at 5.5 bcm), mainly due to higher demand from electricity producers and industrial consumers.

During the course of the year, the low cost of Liquefied Natural Gas (LNG), combined with the capacity upgrade at the Revithoussa LNG terminal, enabled alternative supply to large DEPA customers, such as electricity producers, leading to a reduction in DEPA's sales and market share. Increased competition led to a reduction of the DEPA Group contribution to HELPE profits in relation to 2019, which amounted to €21 million.

Corporate transformation of the DEPA Group

In the context of the implementation of Law 4643/2019 and the transformation process of the DEPA Group, DEPA proceeded with the partial spinoff of the infrastructure sector and transferred it to a new company established for this purpose on 30.04.2020, under the name "DEPA INFRASTRUCTURE S.A." The shares of DEPA INFRASTRUCTURE S.A. were delivered directly to the shareholders of DEPA S.A. (HRADF and HELPE) in proportion to their shareholding in DEPA S.A., i.e. 65% in HRADF and 35% in HELPE. DEPA INFRASTRUCTURE S.A. includes, among others, the participations of DEPA S.A. in the companies "ATTICA GAS DISTRIBUTION COMPANY S.A." (100%), "GAS DISTRIBUTION COMPANY OF THESSALONIKI THESSALY S.A." (51%) and "PUBLIC ENTERPRISE OF GAS DISTRIBUTION NETWORKS S.A." (100%).

In addition, the demerger of the international projects sector of DEPA S.A. took place and was transferred to a new company founded on 11.05.2020, under the name "DEPA INTERNATIONAL PROJECTS S.A." whose shares were delivered to DEPA S.A. and subsequently on 19 January 2021, directly to the shareholders of DEPA S.A. (HRADF and HELPE), in proportion to their shareholding in DEPA S.A., i.e. 65% in HRADF and 35% in HELPE.

After the completion of the partial spinoff and demerger as described above, on 20.05.2020 DEPA was renamed "DEPA COMMERCIAL S.A." which, together with its subsidiary "Attica Gas Supply Company – Hellenic Energy Company" ("EPA") carries out all commercial (wholesale and retail) activities.

Privatization program of DEPA Infrastructure & DEPA Commercial following an agreement with the HRADF
DEPA INFRASTRUCTURE Privatization Process

In December 2019, HRADF S.A. invited interested parties to submit expressions of interest for their participation in the international bidding process for the acquisition of 100% of the share capital of the company "DEPA INFRASTRUCTURE S.A."

At the same time, HELLENIC PETROLEUM S.A. has concluded a Memorandum of Understanding with HRADF S.A. for the joint sale of 100% of "DEPA INFRASTRUCTURE S.A.".

In June 2020, the first phase of the selection of prospective investors was completed, with six (6) investment schemes qualifying to participate in the next phase of the tender.

The above pre-selected investment schemes have entered the second phase of the tender (submission of Binding Offers) and have gained access to the Virtual Data Room (VDR), where financial data and other information about DEPA Infrastructure S.A have been posted and are being updated periodically. Prospective investors are currently in the process of performing a Due Diligence and Binding Offers have been rescheduled to be submitted by 15 July 2021.

DEPA COMMERCIAL Privatization Process

In January 2020, HELLENIC PETROLEUM S.A signed a Memorandum of Understanding (MoU) with the “Hellenic Republic Asset Development Fund S.A.”, regarding HELPE’s participation in the international tender process to be conducted by the HRADF for the sale of the Fund’s stake (65%) in DEPA Commercial S.A..

The MoU provides that:

  • HELPE will participate in the above-mentioned tender process, as an interested party for the acquisition of 65% of DEPA Commercial S.A. that it does not currently own.
  • In the event that HELPE is not the Preferred Bidder, the granting of a call option to the Preferred Bidder and a put option to HELPE with respect to its 35% stake, that will ensure the full acquisition of DEPA Commercial S.A. by the Preferred Bidder and HELPE’s exit from the current qualified minority participation in DEPA Commercial S.A..

In January 2020, at the invitation of HRADF S.A., interested parties submitted expressions of interest for their participation in the international tender for the acquisition of 100% of the share capital of the company "DEPA COMMERCIAL S.A.". With the completion of the first preselection phase in June 2020, seven (7) investment schemes qualified to participate in the next phase of the tender. HELLENIC PETROLEUM S.A. is among the qualified investors, in a joint venture with EDISON S.A..

The above investment schemes, during the 2nd phase of the tender (submission of Binding Offers) have gained access to the Virtual Data Room (VDR) and are currently in the process of performing a Due Diligence of the Company. Binding Offers are scheduled to be submitted at the end of 3Q21.

Engineering

ASPROFOS, a Group subsidiary, is the largest Greek engineering firm and energy consulting services provider in South-Eastern Europe. It operates in accordance with internationally accepted standards and practices, certified by ISO 9001, ΕLΟΤ 1429, ISO 14001 and OHSAS 18001. Also, ASPROFOS having as priority its employees’ and associates’ health, followed the strictest protocol along with procedures for prevention and hygiene and received the Excellent Level of TUV AUSTRIA COVID-Shield certification. Specifically, highlights the definition and reward of all prevention and hygiene policies applied with commitment to their conscientious and continuous implementation aiming to minimize the spread of COVID-19.

ASPROFOS supports investments particularly in the fields of refining and natural gas, through the provision of a broad range of technical, project management and other related advisory services, while seeking to continuously expand the range of its services and broaden its client portfolio to include mainly international clients.

In 2020, it employed 210 qualified professionals and its turnover amounted to €10.06 million.

0 new projects
in 2020 for ASPROFOS

In 2020, ASPROFOS provided services to 70 new projects, both to Group's companies, as well as third parties, the most important of which are outlined below:

  • Detailed design for the upgrade of fuel supply system at the Shuwaikh Power Station in Kuwait
  • Construction supervision for the interconnection between the Trans Adriatic Pipeline (TAP) and the National Natural Gas Transmission System in the area of Nea Messimvria-Thessaloniki for DESFA
  • Environmental impact studies and permitting activities for the onshore and offshore section of the EastMed pipeline in Greece
  • Basic design for energy efficiency upgrade of the Atmospheric Distillation Unit (CDU III) and Vacuum Distillation Unit (U-31) at the Elefsina refinery
  • Detailed design for the addition of continuous water wash system to Naphtha Hydrodesulphurization Unit (U-0100) at the Thessaloniki refinery
  • Detailed design for the upgrade of waste water treatment unit (U-5500) at the Aspropyrgos refinery
  • Technical support providing 17 experts for the turnaround at the Aspropyrgos refinery
  • Detailed design for the aviation fuel storage plant in the Vassilikos industrial area, Cyprus
  • Feasibility study for a co-generation unit for the DIAXON plant in Komotini
  • Construction supervision activities for the photovoltaic park of 204.3 MW for HELPE Renewable Energy Resources (RES) in Kozani
  • Environmental action plan for the hydrocarbon exploration and production program for the northwest Peloponnese onshore area

An important event was the approval from Greek authorities for the firefighting study for the Compressor Station GCS00 for the TAP pipeline which allowed the issuance of the TAP operating license.

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