Motor Oil (Hellas) Corinth Refineries S.A. ( el, Μότορ Όιλ (Ελλάς) Διυλιστήρια Κορίνθου Α.Ε.) is a

petroleum industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The large ...

based in

Greece Greece,, or , romanized: ', officially the Hellenic Republic, is a country in Southeast Europe. It is situated on the southern tip of the Balkans, and is located at the crossroads of Europe, Asia, and Africa. Greece shares land borders ...

focusing on oil refining and

trading Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct excha ...

. It is a leading force in its sector in Southern Europe and the Mediterranean.

History

Motor Oil Hellas was founded on May 7, 1970, by

Vardis Vardinogiannis Vardis Vardinogiannis ( el, Βαρδής Βαρδινογιάννης) is a Greek billionaire oil and shipping businessman. He is the chairman and controlling shareholder of Motor Oil Hellas, Vegas Oil and Gas and involved in numerous other sh ...

and Georgios Paraschos Aleksandridis. It is headquartered in Marousi,

. Since 1972 Vardis J. Vardinoyannis serves as chairman and managing director. The company has over 2,000 employees. Despite the Greek crisis in 2015, the company had thrived. In 2020 Motor Oil Hellas gave

TechnipFMC TechnipFMC plc ( ) is a French-American, UK-domiciled global oil and gas company that provides complete project life cycle services for the energy industry. It was ranked 23rd among world's Top 225 International Design Firms in the year 2017 by E ...

a significant engineering, procurement, and construction management services contract. The new

naphtha Naphtha ( or ) is a flammable liquid hydrocarbon mixture. Mixtures labelled ''naphtha'' have been produced from natural gas condensates, petroleum distillates, and the distillation of coal tar and peat. In different industries and regions ' ...

complex in Greece will have three new processing units and a capacity of . The construction work is scheduled to be complete in 2021.

Refinery, facilities and gas stations

Through its Korinthos refinery, Motor Oil controls the remaining 35% of the refining sector in Greece. The company operates the second-largest refiner ( Corinth Refinery) in

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...

and the

Cairo Cairo ( ; ar, القاهرة, al-Qāhirah, ) is the Capital city, capital of Egypt and its largest city, home to 10 million people. It is also part of the List of urban agglomerations in Africa, largest urban agglomeration in Africa, List of ...

-based oil and gas exploration and production facilities in

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Medit ...

. It also owns the Avin,

Shell Shell may refer to: Architecture and design * Shell (structure), a thin structure ** Concrete shell, a thin shell of concrete, usually with no interior columns or exterior buttresses ** Thin-shell structure Science Biology * Seashell, a hard o ...

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.

Subsidiaries and affiliates

Motor Oil Hellas has numerous subsidiares such as Avin Oil Industrial, Commercial and Maritime Company S.M.S.A., Coral Oil and Chemicals Company S.A., Coral Commercial and Industrial Gas Company S.A., LPC S.M.S.A. Corporation of Processing and Trading of Lubricants and Petroleum Products, NRG Supply and Trading S.M.S.A., OFC Aviation Fuel Services S.A., Korinthos Power S.A., Shell & MOH Aviation Fuels S.A. and Athens Airport Fuel Pipeline Company.

Ownership

Motor Oil's majority shareholder is Petroventure Holdings Limited (40.59%), a

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

that belongs to the prominent Greek family of

Vardinogiannis Vardinogiannis ( gr, Βαρδινογιάννης) is a Greek surname. Notable people with the surname include: * Giannis Vardinogiannis (born 1962), Greek entrepreneur *Vardis Vardinogiannis (born 1931), Greek oil and shipping tycoon *Yiorgos Vard ...

, the rest of its shares are available to the public through a float on the

Athens Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital and largest city of Greece. With a population close to four million, it is also the seventh largest city in the European Union. Athens dominates ...

and the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...

References

External links