Hellenic Petroleum refining and oil products 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.