BrandWikiReturn

Motor Oil Hellas

Motor Oil (Hellas) Corinth Refineries S.A. is a petroleum industry company based in Greece focusing on oil refining and trading. It is a leading force in its sector in Southern Europe and the Mediterranean.[5][6]

History

Motor Oil Hellas was founded on May 7, 1970, by Vardis Vardinogiannis and Georgios Paraschos Aleksandridis. It is headquartered in Marousi, Greece.[1] Since 1972 Vardis J. Vardinoyannis has been chairman and managing director.[7] The company has over 2,000 employees.[1] Despite the Greek crisis in 2015, the company had thrived.[8]

In 2020 Motor Oil Hellas gave TechnipFMC a significant engineering, procurement, and construction management services contract. The new naphtha complex in Greece will have three new processing units and a capacity of 22000 oilbbl/d.[9] The construction work is scheduled to be complete in 2021.

Refinery, facilities and gas stations

Through its Korinthos refinery, Motor Oil controls 35% of the refining sector in Greece.[10] The company operates the second-largest refiner (Corinth Refinery) in Europe and the Cairo-based oil and gas exploration and production facilities in Egypt. It also owns the Avin, Shell and Cyclon chain of fuel stations in Greece, more than 2,000, along with a host of other gas and energy-related businesses.[11]

In 2025, Motor Oil Hellas inaugurated Greece’s first hydrogen refuelling station in Agioi Theodoroi, operated by its subsidiary Avin Oil.[12] The station is the first in Europe to be co-financed (50%) by the EU’s Connecting Europe Facility (CEF) – Transport programme, as part of a €3 million investment. The facility currently sources green hydrogen from Austria, with plans to use hydrogen from a nearby 50MW production plant under development by Motor Oil.

Construction of a 30MW electrolyser has begun at the Korinthos refinery, with an additional 20MW ordered from Sweden-based Metacon in early 2025. The overall project aims to produce up to 60,000 tonnes of hydrogen and 25,000 tonnes of e-methanol annually by 2029. The European Commission approved a €111.7 million subsidy in February 2025 to support the hydrogen development project.[13]

Subsidiaries and affiliates

Motor Oil Hellas has numerous subsidiaries, such as:

  • Avin Oil Industrial, Commercial and Maritime Company S.M.S.A.,[14]
  • Coral Oil and Chemicals Company S.A.,[15]
  • Coral Commercial and Industrial Gas Company S.A.,[16]
  • LPC S.M.S.A. Corporation for Processing and Trading of Lubricants and Petroleum Products,[17]
  • NRG Supply and Trading S.M.S.A.,[18]
  • OFC Aviation Fuel Services S.A.,
  • Korinthos Power S.A.,
  • Shell & MOH Aviation Fuels S.A.,
  • Athens Airport Fuel Pipeline Company.
  • Hellenic Hydrogen S.A.

Ownership

Motor Oil's majority shareholder is two holding companies (Petroventure and Motor Oil Limited with 40.97%),[4] that belongs to the prominent Greek family of Vardinogiannis, the rest of its shares are available to the public through a float on the Athens and the London Stock Exchange.

See also

  • Energy in Greece

External links

References

  1. MOH.GR Company Profile & Executives - Motor Oil Hellas Corinth Refineries S.A. - Wall Street Journal Quotes.wsj.com, 2014-12-31, retrieved 2015-12-31^
  2. Full Year Financial Reports^
  3. Human Resources^
  4. Shareholder Structure^
  5. MOH:Athens Stock Quote - Motor Oil Hellas Corinth Refineries SA Bloomberg.com, retrieved 1 August 2018^
  6. Motor Oil Hellas Corinth Refineries S.A. MarketScreener, retrieved August 25, 2020^
  7. Vardis John Vardinoyannis Bloomberg.com, retrieved 2015-12-31^
  8. Motor Oil Hellas Corinth Refineries: Bad Zipcode, Great Asset MOI Global, January 11, 2017, retrieved August 19, 2020^
  9. TechnipFMC Awarded a Significant Contract by Motor Oil Hellas for a New Naphtha Complex in Greece FinanzNachrichten, January 9, 2020, retrieved August 21, 2020^
  10. Regulation (EC) No 139/2004 Merger Procedure Commission of the European Communities, March 30, 2009, retrieved August 25, 2020^
  11. Greek company Motor Oil buys out Lukoil petrol stations in-cyprus.com, retrieved 13 January 2021^
  12. Polly Martin. Greece’s first hydrogen refuelling station opens — with H2 imported from Austria hydrogeninsight.com, 2025-06-11, retrieved 2025-06-16^
  13. H2-View. Motor Oil secures €111.7m EU grant for 50MW hydrogen project at Greek refinery H2 View, 2025-02-14, retrieved 2025-06-16^
  14. Avin Oil Motor Oil Hellas, retrieved August 25, 2020^
  15. Coral Motor Oil Hellas, retrieved August 25, 2020^
  16. Coral Gas Motor Oil Hellas, retrieved August 25, 2020^
  17. LPC Motor Oil Hellas, retrieved August 25, 2020^
  18. NRG Motor Oil Hellas, retrieved August 25, 2020^