Motor Oil (Hellas) Corinth Refineries S.A. (Greek: Μότορ Όιλ (Ελλάς) Διυλιστήρια Κορίνθου Α.Ε.) is a petroleum industry 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]
Native name | ΜΟΤΟΡ ΟΪΛ ΕΛΛΑΣ Α.Ε. |
---|---|
Company type | Anonymi Etairia |
Athex: MOH | |
Industry | Petroleum, Gas & energy industry |
Founded | 1970 |
Founder | Nikos Vardinogiannis Vardis Vardinogiannis |
Headquarters | , |
Area served | Southeast Europe, North Africa |
Key people | Vardis Vardinogiannis[1] (President) Giannis Vardinogiannis (Vice president) Petros Tzannetakis (Chief executive officer)[2] |
Products | Petroleum refining and transportation in Greece and abroad, energy, other petrochemicals |
Services | Fuel 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] |
Owner | Petroventure Holdings Limited (40.97%)[4] |
Number of employees | 1,300 (2019)[5] |
Subsidiaries | Avin Oil/Cyclon Coral Gas/Shell Hellas Ermes Korinthos Power Mediamax Holdings Limited |
Website | moh.gr |
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 serves as 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.
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]
Motor Oil Hellas has numerous subsidiaries, such as:
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.