IENE has just send to its members the Company Profile on Motor Oil, a leader in the energy sector - in Greece and in the wider Eastern Mediterranean region. The Profile has also been uploaded on its site
IENE has just send to its members the Company Profile on Motor Oil, a leader in the energy sector - in Greece and in the wider Eastern Mediterranean region. The Profile has also been uploaded on its site.
The company was founded in 1970 by the Vardinoyannis family and its refinery, one of the top refineries in Europe (12.61 Nelson Complexity Index), started operating in the region of Corinth in 1972. With branches in 8 different countries, Motor Oil provides its customers with a wide range of high-quality products, while it supports the economy with exports to over 75 countries, thousands of employees, and continuous new investments. The company is listed in the Athens Exchange as Motor Oil Hellas Corinth Refineries SA (MOH:ATH). It is also a constituent of the ATHEX Composite Share Price Index, the FTSE/ATHEX LARGE CAP index, the MSCI Greece Small Cap Index and the FTSE4Good Index Series.
The Motor Oil Group has 92 individual companies and directly employs 3,000 permanent workers. More than 1,500 gas stations operate with the emblems of Motor Oil’s subsidiary companies, in Greece, as well as in foreign countries. Since 2001, the Motor Oil’s Refinery, with its ancillary plants and fuel distribution facilities, forms the largest privately-owned industrial complex in Greece and is considered one of the most modern refineries in Europe. The construction of the Naphtha Treatment Complex was recently completed and the investment in a new propylene unit will soon begin. At the same time, investments are continuing in the energy upgrade and infrastructure optimization at the Refinery.
Motor Oil also has a significant presence in trade due to the liquid fuel retail networks of its subsidiaries AVIN OIL and Coral (former SHELL HELLAS S.A.). Coral, a Shell licensee, also operates in Cyprus, Serbia, Croatia and North Macedonia. In the lubricants sector, the Group is represented by its subsidiary, LPC S.A. LPC is active in the industrial production of basic lubricants, the production, and trade of packaged lubricants and the sale of paraffin. The company is the agent for internationally known VALVOLINE lubricants in Greece.
The Group enjoys a presence in the liquified natural gas sector through Coral Gas S.A. In 2017, the company established a subsidiary in Cyprus intending to expand its activities abroad.
Additionally, the Group has a presence in the wider power and natural gas market through its subsidiary NRG Trading House Energy S.A. The NRG company offers electricity and natural gas programs, and primarily aims to provide comprehensive range of services to household and commercial consumers through top-level services that meet all energy needs.
Motor Oil Group continues to invest in E-mobility with the network of charging points, incharge, developing strategic partnerships and continuously equipping its gas stations with charging points. 1,000 electric vehicle charging points and installation of fast chargers are in operation. By 2030, the target is to reach 4,000 charging points.
MORE (Motor Oil Renewable Energy), a subsidiary company of the Motor Oil Group, is currently operating 280MW of Wind/PV Assets and it has new upcoming projects which will strengthen the existing RES portfolio with an additional number of 21 wind farms and 7 energy storage units. MORE has under construction RES units with 84 MW of capacity and licenses for further development, totaling circa 550 MW.
In the context of the energy transition, Motor Oil Group is constantly investing in the circular economy and the renewable and alternative fuels that will ensure a sustainable future. In the last two years, significant investments have been made in these two areas. Indicatively, the acquisition of Verd, the joint venture with PPC to produce green hydrogen, the construction, in cooperation with GEK TERNA, of the Combined Cycle Gas Turbine (CCGT) power plant to be fueled with natural gas in Komotini.
In addition, the construction of an FSRU (Floating Storage and Regasification Unit) is already in the stage of Market Test. Dioriga Gas FSRU is a strategic project of international scope and a new import gateway that will serve natural gas consumers in Greece and Southeastern Europe.
Motor Oil is a longstanding Corporate Member of IENE – Visit here the Institute’s website to view its Company Profile.
