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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.
TypeAnonymi Etairia
Athex: MOH
IndustryPetroleum, Gas & energy industry
Founded1970; 56 years ago (1970)
FounderNikos Vardinogiannis
Vardis Vardinogiannis
Headquarters
Marousi, Athens
,
Greece
Area served
Southeast Europe, North Africa
Key peopleYannis Vardinoyannis (Chairman and CEO)[1]
ProductsPetroleum refining and transportation in Greece and abroad, energy, other petrochemicals
ServicesFuel gas stations, oil tankers, airplanes
RevenueDecrease€11.48 billion (2025)[2]
Decrease€1.04 billion (2025)[2]
Increase€650 million (2025)[2]
Total assetsIncrease€8.03 billion (2025)[2]
Total equityIncrease€3.35 billion (2025)[2]
OwnerPetroventure Holdings Limited (40.97%)[3]
Number of employees
4,310 (2025)[2]
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.[4][5]

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.[6] Vardis J. Vardinoyannis served as chairman and managing director from 1972 until his death in November 2024, his son Yannis Vardinoyannis was appointed as his successor.[7][8] The company has over 2,000 employees.[6] Despite the Greek crisis in 2015, the company had thrived.[9]

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).[10] The Construction of the complex was completed in 2022, beginning operations later in the year after getting the formal "Green Light" from the Greek Ministry of the Environment and Energy.[11][12]

Refinery, facilities and gas stations

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Through its Korinthos refinery, Motor Oil controls 35% of the refining sector in Greece.[13] 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.[14]

In 2025, Motor Oil Hellas inaugurated Greece’s first hydrogen refuelling station in Agioi Theodoroi, operated by its subsidiary Avin Oil.[15] 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.[16]

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.,[17]
  • Coral Oil and Chemicals Company S.A.,[18]
  • Coral Commercial and Industrial Gas Company S.A.,[19]
  • LPC S.M.S.A. Corporation for Processing and Trading of Lubricants and Petroleum Products,[20]
  • NRG Supply and Trading S.M.S.A.,[21]
  • 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

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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

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References

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  1. ↑ "Organisational Structure". Retrieved 2026-09-15.
  2. 1 2 3 4 5 6 "Annual Report 2025" (PDF). Retrieved 2026-09-15.
  3. 1 2 "Shareholder Structure".
  4. ↑ "MOH:Athens Stock Quote - Motor Oil Hellas Corinth Refineries SA". Bloomberg.com. Retrieved 1 August 2018.
  5. ↑ "Motor Oil Hellas Corinth Refineries S.A." MarketScreener. Retrieved August 25, 2020.
  6. 1 2 "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.
  7. ↑ "Vardis John Vardinoyannis". Bloomberg.com. Retrieved 2015-12-31.
  8. ↑ "Yannis Vardinoyannis appointed Motor Oil chairman | eKathimerini.com". www.ekathimerini.com. 2024-11-19. Retrieved 2026-09-15.
  9. ↑ "Motor Oil Hellas Corinth Refineries: Bad Zipcode, Great Asset". MOI Global. January 11, 2017. Retrieved August 19, 2020.
  10. ↑ "TechnipFMC Awarded a Significant Contract by Motor Oil Hellas for a New Naphtha Complex in Greece". FinanzNachrichten. January 9, 2020. Retrieved August 21, 2020.
  11. ↑ Γριμάνης, Σταύρος; newmoney, Ειδήσεις για την Οικονομία | (2022-12-12). "Motor Oil: «Πράσινο» από ΥΠΕΝ στην ΑΕΠΟ για το νέο συγκρότημα νάφθας". Ειδήσεις για την Οικονομία | newmoney (in Greek). Retrieved 2026-09-15.
  12. ↑ "The Refinery". Motor Oil. Retrieved 2026-09-15.
  13. ↑ "Regulation (EC) No 139/2004 Merger Procedure" (PDF). Commission of the European Communities. March 30, 2009. Retrieved August 25, 2020.
  14. ↑ "Greek company Motor Oil buys out Lukoil petrol stations". in-cyprus.com. Archived from the original on 12 November 2016. Retrieved 13 January 2021.
  15. ↑ Martin, Polly (2025-06-11). "Greece's first hydrogen refuelling station opens — with H2 imported from Austria". hydrogeninsight.com. Retrieved 2025-06-16.
  16. ↑ 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)
  17. ↑ "Avin Oil". Motor Oil Hellas. Retrieved August 25, 2020.
  18. ↑ "Coral". Motor Oil Hellas. Retrieved August 25, 2020.
  19. ↑ "Coral Gas". Motor Oil Hellas. Retrieved August 25, 2020.
  20. ↑ "LPC". Motor Oil Hellas. Retrieved August 25, 2020.
  21. ↑ "NRG". Motor Oil Hellas. Retrieved August 25, 2020.
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