In 1955, the construction contract for the Aspropyrgos refinery, the first crude oil refinery in Greece, is signed. Construction began in 1956 and two years later, in 1958, the new refinery in Aspropyrgos starts operations. In 1966, the Greek entrepreneur Tom Pappas inaugurates the ESSO PAPPAS refinery in West Thessaloniki.
In 1971, the PETROLA HELLAS refinery in Elefsina of I. Latsis Group is commissioned. In 1975, the PUBLIC PETROLEUM CORPORATION S.A. (“DEP”) is established and the HELLENIC ASPROPYRGOS REFINERIES S.A. (“ELDA”) is acquired by the Greek State, which fully controls the refining, distribution and trading of oil products.
The Greek State acquires ESSO's activities in Greece, which are renamed EKO Group. In 1985, the Greek State establishes DEP-EKY for the exploration and exploitation of hydrocarbons.
The oil market is liberalized; DEP acquires the EKO Group and consolidates its position in the refining and distribution of oil products through the ELDA and EKO refineries. DEP, through its subsidiary DEP-EKY, takes part in exploration concessions in Western Greece as part of the Enterprise and Triton consortiums.
In 1998, the subsidiaries of the DEP Group are merged and renamed HELLENIC PETROLEUM S.A. and its shares are listed on the Athens and London Stock Exchanges. Over the next few years, the HELLENIC PETROLEUM Group expands its activities to Skopje, Albania, Cyprus, Serbia, Montenegro and Bulgaria. The Greek State launches a second public offering of the shares of HELLENIC PETROLEUM SA. In 2003, HELLENIC PETROLEUM SA merges with PETROLA HELLAS SA through which the Group acquires the Elefsina refinery. The Group becomes active in the production and trading of electricity, through the construction and operation of a 390 MW CCGT plant in Thessaloniki. In 2007, ELPEDISON BV is 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.
The Group implements its strategy for asset base modernization strategy through the upgrade of the Elefsina and Thessaloniki refineries which was the largest private industrial investment in Greece (2008-2012) and strengthening of its position in the domestic petroleum market, through the acquisition of BP's fuels marketing business in Greece in 2009. In addition, a competitiveness improvement program is implemented, through a series of initiatives across the Group’s range of 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. Improving competitiveness enables the further internationalization of. the Group's business model, with exports exceeding 50% of total sales.
In 2018, the period of surveillance for the Greek economy came to an end, following the successful conclusion of the final economic adjustment programme in August. The recovery of the Greek economy accelerated in 2018, with GPD growth rate at 1.9% and expected to reach 2.4% in 2019.
2018 marked the 60th anniversary of Aspropyrgos refinery and the 20th year since the formation of HELLENIC PETROLEUM Group. During this year, the Group reported strong results, promoted value adding strategic initiatives and above all achieved improved and safe operations of its production units.
