Motor Oil Hellas

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Motor Oil (Hellas)
Corinth Refineries S.A.
Native name
ΜΟΤΟΡ ΟΪΛ ΕΛΛΑΣ Α.Ε.
TypeAnonymi Etairia
Athex: MOH
IndustryPetroleum, Gas & energy industry
Founded1970 (1970)
FounderNikos Vardinogiannis
Vardis Vardinogiannis
Headquarters
Marousi, Athens
,
Greece
Area served
Southeast Europe, North Africa
Key people
Giannis Vardinogiannis (President)
Petros Tzannetakis (Chief executive officer)[1]
ProductsPetroleum refining and transportation in Greece and abroad, energy, other petrochemicals
ServicesFuel gas stations, oil tankers, airplanes
Revenue€16.631 billion (2022)[2]
€2.111 billion (2022)[2]
€967.2 million (2022)[2]
Total assets€7.197 billion (2022)[2]
Total equity€2.138 billion (2022)[2]
OwnerPetroventure Holdings Limited (40.97%)[3]
Number of employees
1,300 (2019)[4]
SubsidiariesAvin Oil/Cyclon
Coral Gas/Shell Hellas
Ermes
Korinthos Power
Mediamax Holdings Limited
Websitemoh.gr

Motor Oil (Hellas) Corinth Refineries S.A. (Greek: Μότορ Όιλ (Ελλάς) Διυλιστήρια Κορίνθου Α.Ε.) 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 22,000 barrels per day (3,500 m3/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%),[3] 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

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. "Shareholder Structure".
  4. "Human Resources".
  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" (PDF). 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. Archived from the original on 12 November 2016. Retrieved 13 January 2021.
  12. Martin, Polly (2025-06-11). "Greece's first hydrogen refuelling station opens — with H2 imported from Austria". hydrogeninsight.com. Retrieved 2025-06-16.
  13. H2-View (2025-02-14). "Motor Oil secures €111.7m EU grant for 50MW hydrogen project at Greek refinery". H2 View. Retrieved 2025-06-16.{{cite web}}: CS1 maint: numeric names: authors list (link)
  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.