Hellenic Petroleum refining and oil products summary Report

Company Report 10 November 2016

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Report summary

Hellenic Petroleum maintains its position as the dominant player in Greece's downstream oil sector, largely through its control of three of the country's four oil refineries and an established fuel retail network. Elefsis refinery achieves some of the strongest refining margins in the Mediterranean region following its upgrade in 2012. Hellenic Petroleum has continued to rationalise its retail network in the context of a shrinking Greek market, while pursuing the integration of its two separate fuels marketing subsidiaries EKO and Hellenic Fuels sector. Although Hellenic Petroleum benefited from exceptionally strong European refining margins in 2015, its growing surplus remains a longer term concern, given increased competition from advantaged international refiners.

Executive summary
- SWOT analysis
- Strategy
  - National refining champion, but exposed to weak domestic demand and poor refining margins
  - Upgraded refining portfolio to optimise overall operations and generate cash
  - Consolidation of domestic fuels marketing coupled with targeted international expansion
Financials
Portfolio summary
- European refining and marketing operations
- Refining
- Fuels marketing
Refining and oil products
- Supply/demand
- Implications and outlook
Mergers and acquisitions