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Motor Oil Hellas

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Motor Oil (Hellas)
Corinth Refineries S.A.
Native name
ΜΟΤΟΡ ΟΪΛ ΕΛΛΑΣ Α.Ε.
Company typeAnonymi Etairia
Athex: MOH
IndustryPetroleum, Gas & energy industry
Founded1970; 54 years ago (1970)
FounderNikos Vardinogiannis
Vardis Vardinogiannis
Headquarters
Marousi, Athens
,
Greece
Area served
Southeast Europe, North Africa
Key people
Vardis Vardinogiannis[1] (President)
Giannis Vardinogiannis (Vice president)
Petros Tzannetakis (Chief executive officer)[2]
ProductsPetroleum refining and transportation in Greece and abroad, energy, other petrochemicals
ServicesFuel gas stations, oil tankers, airplanes
Revenue€16.631 billion (2022)[3]
€2.111 billion (2022)[3]
€967.2 million (2022)[3]
Total assets€7.197 billion (2022)[3]
Total equity€2.138 billion (2022)[3]
OwnerPetroventure Holdings Limited (40.97%)[4]
Number of employees
1,300 (2019)[5]
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.[6][7]

History

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

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Through its Korinthos refinery, Motor Oil controls the remaining 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 which are more than 2,000 along with a host of other gas and energy-related businesses.[11]

Subsidiaries and affiliates

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Motor Oil Hellas has numerous subsidiaries, such as:

  • Avin Oil Industrial, Commercial and Maritime Company S.M.S.A.,[12]
  • Coral Oil and Chemicals Company S.A.,[13]
  • Coral Commercial and Industrial Gas Company S.A.,[14]
  • LPC S.M.S.A. Corporation for Processing and Trading of Lubricants and Petroleum Products,[15]
  • NRG Supply and Trading S.M.S.A.,[16]
  • OFC Aviation Fuel Services S.A.,
  • Korinthos Power S.A.,
  • Shell & MOH Aviation Fuels S.A.,
  • Athens Airport Fuel Pipeline Company.

Ownership

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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

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References

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  1. ^ a b "Vardis John Vardinoyannis". Bloomberg.com. Retrieved 2015-12-31.
  2. ^ a b c "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.
  3. ^ a b c d e "Full Year Financial Reports".
  4. ^ a b "Shareholder Structure".
  5. ^ "Human Resources".
  6. ^ "MOH:Athens Stock Quote - Motor Oil Hellas Corinth Refineries SA". Bloomberg.com. Retrieved 1 August 2018.
  7. ^ "Motor Oil Hellas Corinth Refineries S.A." MarketScreener. Retrieved August 25, 2020.
  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. ^ "Avin Oil". Motor Oil Hellas. Retrieved August 25, 2020.
  13. ^ "Coral". Motor Oil Hellas. Retrieved August 25, 2020.
  14. ^ "Coral Gas". Motor Oil Hellas. Retrieved August 25, 2020.
  15. ^ "LPC". Motor Oil Hellas. Retrieved August 25, 2020.
  16. ^ "NRG". Motor Oil Hellas. Retrieved August 25, 2020.
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