A benign international refining environment coupled by the refineries’ strong operational performance on higher utilization, as well as increased contribution from RES drove performance, offset by normalization of benchmark refining margins vs 2022 record highs, a stronger EUR and lower contribution from domestic fuels marketing and petrochemicals. A substantial portion of the 2023 profitability was driven by improvements in the Company’s operations and the execution of the strategic transformation program and operational excellence. HELLENiQ ENERGY Group’s Adjusted EBITDA in 2023 amounted to €1,237 million (2022: €1,601 million). Adjusted Net Income reached €606 million (2022: €1,006 million), with Reported Net Income amounting to €478 million.
Petrochemicals were affected by the sluggish sector’s global business environment in 2023, with demand remaining at very low levels, negatively affecting the polypropylene margins.
Despite a 2% decline in Domestic Marketing’s total sales volume in 2023, automotive sales volume increased by 4%, with improved market shares and higher contribution from premium products. Aviation and bunkering sales volume rose by 2% and 1% respectively. Excluding the impact from inventory valuation and the pricing timing on aviation fuels, profitability was broadly stable y-o-y, with regulatory constraints on retail gross margin remaining in place.
Through the completion of a series of agreements in Greece, Cyprus and Romania, RES had achieved an installed capacity of 356 MW by the end of 2023, along with projects under construction or in advanced stages of development with a total capacity of 0.7 GW. The current pipeline has increased further to 4.3 GW, with growing aspirations for our international footprint as well.
In the E&P business, the acquisition of 3D seismic data in three offshore areas (“Ionian”, “Block 2”, “Block 10”) was completed. Furthermore, the acquisition of 2D seismic data in two offshore areas in Crete has been finalized, with data processing currently under way.
| € million | 2023 | 2022 |
|---|---|---|
| Turnover | 12,803 | 14,508 |
| Adjusted EBITDA | 1,237 | 1,601 |
| Inventory Effect* | 148 | -102 |
| Special Items* | 36 | -14 |
| Reported EBITDA | 1,053 | 1,717 |
| Adjusted Net Income | 606 | 1,006 |
| Reported Net Income | 478 | 890 |
| Capital Employed | 4,573 | 4,669 |
| Net Debt | 1,627 | 1,942 |
| Gearing Ratio – Net Debt / Capital Employed | 36% | 42% |
*gains are recorded with a negative sign and losses with a positive sign
Refining, Supply and Trading
In Greece the Group, through its subsidiary HELLENIC PETROLEUM R.S.S.O.P.P. S.A., owns and operates three refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 65% of the country’s total refining capacity and operate storage facilities for crude oil and petroleum products of a total capacity of 6.65 million m³.
The three refineries’ technical characteristics are described below:
| Refinery | Daily Refining Capacity (Kbpd) | Annual Refining Capacity (million MT) | Refining Configuration | Nelson Complexity Index |
|---|---|---|---|---|
| Aspropyrgos | 146 | 7.6 | Cracking (FCC) | 9.7 |
| Elefsina | 106 | 5.3 | Hydrocracking | 12.0 |
| Thessaloniki | 90 | 4.5 | Hydroskimming | 5.8 |
The benchmark margins for Mediterranean refineries fell vs record-highs reached in 2022 on improved supply-demand balances. However, they remained at above mid-cycle levels on the back of healthy oil products demand growth, refinery turnarounds, delays in commissioning of newly-built refineries and supply disruptions. More specifically, FCC benchmark margins in 2023 averaged $8.6/bbl (2022: $11.5/bbl), while hydrocracking margins averaged $9.9/bbl (2022: $13.2/ bbl).
With the exception of higher prices observed during September and October 2023, Brent price remained relatively stable throughout the year. Prices for natural gas and electricity decreased compared to the particularly elevated levels reached in 2022. In this environment, refining production in 2023 increased to 14.6 million MT compared with 13 million MT in 2022.
Middle distillates’ (jet, gasoil and diesel) production yield reached 55% in 2023, higher y-o-y, mainly on the back of increased utilization of the Elefsina refinery, while gasoline’s production yield came in at 22%. In terms of overall production, the yield of high value-added products reached 82%, which is among the highest in the European refining industry. Additionally, the production of fuel oil was reduced to 7% (compared to 11% in 2022), reflecting the operational optimization of the Aspropyrgos refinery.
Energy efficiency constitutes a fundamental pillar of our strategic approach in the refining business, as we strive to continuously improve the respective metrics. In 2023, the planned maintenance programs at Elefsina, Aspropyrgos and Thessaloniki refineries were completed safely and successfully.
| Financial Results (€ million) | 2023 | 2022 |
|---|---|---|
| Sales | 11,442 | 13,087 |
| Adjusted EBITDA | 1,043 | 1,388 |
| Performance Indicators | ||
| HELPE refineries’ reference system margin – yearly average | $8.7/bbl | $10.7/bbl |
| Sales Volume (k ΜΤ) | 15,438 | 14,273 |
Crude oil supply is carried out by the Supply & Trading division through a combination of term and spot contracts.
Due to Russia’s invasion of Ukraine and the EU sanctions against Russia that followed, the Group ceased imports of Russian crude oil by the end of February 2022. Instead, the Group increased its purchases of other crude grades from the wider region as well as from Latin America and the Middle East. In 2023, the primary sources of crude oil supply were Kazakhstan, Iraq, Libya, Saudi Arabia and Egypt. Collectively, these countries accounted for 79% of the total crude oil supplies.
The geographical location of the Group’s refineries, coupled with their flexibility to process a wide range of crude oil grades, represents a significant competitive advantage. This advantage has proven particularly crucial, not only in terms of contributing to profitability but also in terms of the Group’s ability to swiftly respond to sudden supply disruptions in specific grades of crude oil, thus ensuring the uninterrupted supply of the markets in which the Group operates.
Crude oil and other feedstocks supply mix
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is involved in the ex-refinery distribution of petroleum products to marketing companies in Greece, including its subsidiary EKO ABEE, as well as to other specific clientele, such as the country’s armed forces. Approximately 50% to 60% of the production is exported. All refined products comply with the European standards (Euro VI).
In 2023 the sales volume in the domestic market decreased by 5% y-o-y to 4.4 million MT, primarily due to reduced consumption of heating oil. However, excluding heating oil, the sales volume increased by 1%. The sales of aviation fuels totaled 943 thousand MT, recording a 9% increase, while the sales volume of marine fuels rose by 1.5%, reaching 1.8 million MT. Exports increased by 19% to 8.3 million MT, accounting for 54% of total sales in 2023 and, maintaining the Group’s position as one of the most export-focused entities in the region.
In 2023, the total sales of the refineries of the Group increased by 8.1%, reaching a total of 15.4 million MT.
After three years of intense volatility affected by the COVID-19 pandemic and the energy crisis that intensified following Russia’s invasion of Ukraine, the global oil markets in 2023 evidenced a gradual normalization of the crude oil prices, with refining margins maintaining high levels, albeit lower than the previous year’s record-highs. This was the result of supply/demand balances normalizing, despite the implementation of sanctions on Russian product exports and OPEC’s decision to reduce production levels. Additionally, geopolitical developments in the Middle East partially realigned trade flows.
The production and sales of HELLENiQ ENERGY’s Refining, Supply and Trading business increased in 2023, while profitability was positively affected on the back of high refining margins.
The Group seeks to strengthen its competitiveness through substantially improving the environmental footprint of its processes, the energy used and the products produced as well as the competitiveness and the production of petrochemicals and sustainable fuels.
Specifically, the strategy focuses on further strengthening the competitiveness of the Refining, Supply and Trading business through the following initiatives:
| Sales | 2023 | 2022 |
|---|---|---|
| Adjusted EBITDA | 302 | 380 |
| Performance Indicators | 43 | 74 |
| Sales Volume (k ΜΤ) – Total | ||
| Sales Volume (k ΜΤ) | 276 | 262 |
| International Polypropylene Margin (€/ΜΤ) | 293 | 444 |
Petrochemical activities mainly focus on the propylenepolypropylene- BOPP value chain. The Aspropyrgos refinery, through its splitter unit, produces propylene, which covers about 80-85% of the raw material needs of the Thessaloniki polypropylene plant. The Group’s petrochemical complex, located at the Thessaloniki refinery, also produces solvents and inorganics, with its output being directed to the domestic and other Mediterranean markets.
Based on its financial contribution, the propylenepolypropylene- BOPP value chain represents the main activity for petrochemicals. Export activity is particularly important, as in 2023, 66% of sales volume was directed towards Italy, the Balkans and the Iberian Peninsula and Turkey, where they are used as raw materials in a range of manufacturing applications.
In the year 2023, the global business environment for petrochemicals was characterized by sluggishness, with the benchmark margins being negatively impacted by loose supply-demand balances. Polypropylene production reached 243 thousand MT, while propylene production at the Aspropyrgos refinery totaled 181 thousand MT. The significant integration between units, contributed to Petrochemicals’ profitability despite deteriorating international margins and adverse conditions. In this highly competitive and volatile environment, the adjusted EBITDA of the Petrochemical business reached €43 million.
HELLENiQ ENERGY Group is active in the marketing and distribution of petroleum products, both in Greece, through its subsidiary EKO, as well as internationally, through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia. The Group benefits from the significant synergies among its networks in Greece and SE Europe in the areas of marketing and commercial policy, through sharing best practices and common launch of successful products.
| Financial Results (€ million) | 2023 | 2022 |
|---|---|---|
| Sales | 5,206 | 6,296 |
| Adjusted EBITDA | 111 | 135 |
| Performance Indicators | ||
| Sales Volume (K MT) – Total | 5,889 | 5,933 |
| Sales Volume (k MT) – Greece | 3,865 | 3,959 |
| Fuel stations – Greecee | 1,631 | 1,655 |
| Fuel stations – International (includes OKTA brand FSs) | 323 | 317 |
In Greece, the Group’s business comprises a network of 1,631 petrol stations operating under the EKO and BP brands, 16 bulk storage and supply terminals, 23 aircraft refueling stations located at the country’s main airports, 2 LPG bottling plants and 1 lubricant production and packaging unit.
The domestic market for automotive fuels experienced growth in 2023 as a result of robust economic activity and a strong tourism industry. Within the Greek market, gasoline consumption increased by 4.2% y-o-y while auto diesel consumption rose by 2.4%. The rise in tourism traffic played a significant role in driving up the consumption of aviation fuels, which experienced a 7% y-o-y growth. Additionally, the consumption of marine fuels also expanded, fueled by the increased coastal and cruise activity.
In 2023, there was a notable proportion of differentiated fuels (98 & 100 octane gasoline, premium auto diesel) in the overall sales of motor fuels at fuels stations. Additionally, there was an increase in the market shares of gasoline, automotive diesel and heating gasoil, while maintaining a leading position in aviation and marine fuels.
The ongoing process of enhancing and enriching the EKO Smile loyalty program with customer-centric and competitive offerings and services is a continuous effort. Simultaneously, the BP brand introduced the BPme loyalty program.
Concurrently, there has been a strong focus on expanding the company-operated network, which currently encompasses more than 220 service stations. Efforts to improve services have also persisted, along with enhanced collaborations with select suppliers, supermarket chains, cafes and restaurants. Lastly, the expansion of the «net-zero energy network» initiative, aimed at achieving net-zero emissions in the energy consumption of company-operated stations, is being pursued through the installation of solar panels at petrol stations.
The Group has entered into an agreement with BP plc for the exclusive utilization of BP’s trademarks for ground fuels in Greece until the conclusion of 2025.
The business plan for Domestic Marketing in the next five years encompasses a comprehensive set of actions designed to enhance competitiveness, while also adapting to the evolving demands of customers and the challenges posed by the economic environment. Simultaneously, there will be a strong focus on energy efficiency and digital transformation across all operations. The following areas will receive particular attention:
The Group’s international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia, with a total network of over 300 petrol stations.
In Cyprus and Montenegro, the local subsidiaries (following the acquisition of pre-existing companies), hold leading positions in their markets, while in Bulgaria and Serbia, market shares are lower. In the Republic of North Macedonia, the network of 25 petrol stations bears the brand name of the OKTA (Group subsidiary).
Profitability in 2023 decreased compared to 2022, mainly due to unfavorable local and international market conditions impacting unit margins, despite the increase in fuel demand which was mainly driven by the abolishment of all COVID-19 restrictive measures. Profitability was further impacted by the increase in operational expenses, associated mostly with increased volumes, inflationary pressures and higher number of petrol stations.
The strategic objective of achieving growth in Southeast European markets remains a top priority. This entails maintaining a leading position in both Cyprus and Montenegro, improving the profitability of OKTA and continuously expanding into the markets of Bulgaria and Serbia through targeted network growth and supply chain optimization. In alignment with the Group’s strategic plan, significant emphasis has been placed on the transition to green energy.
* From 2022 onwards, OKTA, a subsidiary in Republic of North Macedonia, is included in the contribution of the International Marketing EBITDA.
ElpeFuture, a 100% subsidiary of HELLENiQ ENERGY, operates as a Provider of Electromobility Services, as a Charging Infrastructure Operator and as a Transaction Processing Agent.
ElpeFuture has continued its impressive growth in the fast-charging sector, with a total of seventy (70) operational fast chargers ranging from 50 to 150 kW power at petrol stations nationwide. Alongside the ElpeFuture ChargenGo mobile application, which offers comprehensive services for both spontaneous and registered users, including 24/7 support for charging point operators and end users, the Company has introduced OEM branded RFID cards in collaboration with automotive dealers in Greece.
The Company’s primary objective is to solidify its position in the electric vehicle charging market and expand its fast and ultra-fast charging network at petrol stations, as well as AC charging units at points of interest. Concurrently, ElpeFuture has already implemented AC charging facilities for corporate fleets in its B2B clientele and aims to expand its network through further partnerships.
HELLENiQ RENEWABLES SINGLE MEMBER S.A. (HELLENiQ RENEWABLES) was founded in 2006 and is a fully-owned subsidiary. HELLENiQ RENEWABLES plans to develop a significant RES assets portfolio over the next few years, with a target of reaching >1 GW of operating capacity by 2025 and >2 GW by 2030, thus contributing to the diversification of the Group’s energy portfolio and reducing its environmental footprint through GHG emissions offsets.
| Financial Results (€ million) | 2023 | 2022 |
|---|---|---|
| Sales | 53 | 37 |
| Adjusted EBITDA | 42 | 29 |
| Operational Metrics | ||
| Volume Generated (GWh) | 658 | 472 |
| Installed Capacity (MW) | 356 | 341 |
The total installed capacity of HELLENiQ RENEWABLES currently stands at 356 MW. This includes 241 MW of photovoltaic parks and 99 MW of wind parks in Greece, as well as 15 MW of photovoltaic parks in Cyprus. Furthermore, more than 4.3 GW of projects, mainly PV, wind and energy storage, are currently in various stages of development.
The annual electricity production of the operational projects exceeded 658 GWh during 2023, resulting into a CO2 emission avoidance of over 350,000 tons p.a..
In July 2023, HELLENiQ RENEWABLES entered into a binding agreement with MYTILINEOS for the construction and acquisition (upon achieving commercial operation) of a portfolio of 4 photovoltaic (PV) parks in Romania, with an aggregate capacity of 211 MW. The projects are in an advanced stage of development and are expected to enter commercial operation gradually, from 4Q23 to 3Q25. In addition, HELLENiQ RENEWABLES signed a Framework Agreement with another counterparty for the development of a portfolio of PV parks with an aggregate capacity of up to 600 MW in Romania.
On 30 August 2023, HELLENiQ RENEWABLES executed a binding agreement with LIGHTSOURCE RENEWABLE ENERGY GREECE HOLDINGS (UK) LIMITED for the acquisition (upon the start of commercial operations) of a PV portfolio in Kozani with an aggregate capacity of up to 180 MW, of which over 50% is contracted on a long-term basis. The projects are expected to start commercial operations gradually, from 1Q24 to 3Q24.
Finally, the Heads of Terms were finalized and the steering committee was established for the implementation of offshore wind parks projects in Greece in a 50-50 partnership with RWE Renewables GmbH.
HELLENiQ RENEWABLES aims to accelerate the RES portfolio development in the forthcoming years, with projects that will primarily be developed in Greece, as well as in other countries, with an existing presence in Cyprus and Romania. The aforementioned objectives will be accomplished both organically by utilizing the Company’s existing portfolio of projects, as well as through strategic acquisitions.
Furthermore, subsequent to the selection of three Electric Energy Storage Stations (EESS) with a collective capacity of 100 MW, HELLENiQ RENEWABLES intends to participate in the forthcoming third Competitive Process, upon its announcement by the Regulatory Authority for Energy, Waste and Water (RAEWW).
It is noted that HELLENiQ RENEWABLES follows the Group’s Safety and Environment (S&E) procedures with regards to compliance, reporting, risk and accidents prevention and management, both, during the construction phase and the operation. An S&E engineer is appointed for each new project with the responsibility to monitor relevant issues, supervise works and the S&E licensing stage, validity term and potential renewals.
The Group engages in the production, trading and supply of power, as well as the trading and supply of natural gas, through its 50% participation in the JV Elpedison B.V. (the remaining 50% is held by EDISON International).
ELPEDISON S.A. currently stands as one of the largest independent power producers in Greece, boasting a total installed capacity of 840 MW of combined cycle gas turbine technology fueled by natural gas (comprising a 420 MW plant in Thessaloniki, operational since 2005, and a 420 MW plant in Thisvi, operational since 2010). Moreover, ELPEDISON is in the process of developing a new 826 MW combined cycle gas-fired plant in Thessaloniki.
ELPEDISON’s financial results during 2023 were reduced compared to the same period in 2022, with a contribution of €19 million to HELLENiQ ENERGY Group’s profits vs €62 million in 2022. Domestic demand for electricity was reduced by 3.3% y-o-y to 49.5 TWh, mainly due to milder weather conditions as well as the intense price volatility evidenced in the electricity market (source: ADMIE).
During 2023, in the power generation sector the participation of natural gas-fired units in Greece’s energy mix decreased to 30% vs 35% in 2022, mainly due to an increase in the production costs as well as the further penetration of RES (43% share of RES vs 39% in 2022). ELPEDISON’s power plants produced 2.2 TWh of electricity throughout the year.
Positive factors were:
On the contrary, unfavorable factors were:
More specifically:
In this volatile environment, the Company managed to maintain its competitiveness, mainly through the optimization of the natural gas supply mix, but also by effectively utilizing its production units’ flexibility.
In the retail electricity market, ELPEDISON’s market share reached 6.2% (2022: 6.1%, Source: Hellenic Energy Exchange), driven by an increase in the retail supply sales volume and expansion of its customers portfolio, mainly in Low Voltage (residential customers), amid increased competition from alternative electricity suppliers. The number of end customers grew by 3.1%, to approximately 332,000 and electricity sales volume amounted to 3.1 TWh. It is noteworthy that in the retail market, pursuant to a Ministerial Decree, since August 2022 ex-post price adjustment clauses (indexation) were temporarily abandoned. Suppliers were obliged to offer fixed monthly tariffs for customers and publish them on the 20th day of the month ahead. Throughout the duration of this measure, customers could change supplier without bearing any cost for early departure. These measures were effective from August 2022 up to December 2023, and resulted in increased risk for the supply companies.
The most significant upcoming actions are the following:
Lastly, in 2023, ELPEDISON embraced its Environmental, Social, and Governance (ESG) strategy, laying the foundation for achieving net-zero carbon emissions across all operational aspects by 2050. This comprehensive strategy involves strategic investments in existing high-efficiency power plants and the development of new units, complemented by stateof- the-art carbon capture technologies. Additionally, the company envisions the development of low- and zero-carbon infrastructure to offer innovative products and services that effectively reduce customers’ carbon footprint.
ELPEDISON actively participates in two EU-funded research initiatives under the Horizon Europe funding program. The first project, HiRECORD, focuses on testing an innovative CO2 capture technology through a pilot installation in one of its power plants. The second project, COREu, aims to facilitate the implementation of a carbon capture and storage (CCS) value chain by testing the compression, transportation, and storage of captured CO2.
Other Activities
ELPEDISON has expanded its energy services at the retail level by promoting Smart Home and Home Energy Efficiency Solutions through its retail network, as well as providing charging boxes for Electric Vehicles. Additionally, activities have commenced for the provision of larger-scale Energy Efficiency Services, targeting industrial premises, large hotel complexes, and office building complexes. This initiative involves the establishment of a dedicated Division and the initiation of commercial promotion for these services.
The Group is actively involved in the natural gas sector through its participation in DEPA COMMERCIAL S.A. and DEPA INTERNATIONAL PROJECTS S.A. (35% HELLENiQ ENERGY, 65% HRADF).
DEPA’s companies are mainly active in:
DEPA COMMERCIAL
DEPA INTERNATIONAL PROJECTS
Domestic natural gas demand in 2023 amounted to 50.91 TWh, lower by 10.1% y-o-y (2022: 56.65 TWh), primarily due to mild weather conditions resulting in a significant decline in consumption by residential consumers (2023: 11.19 TWh; -8% y-o-y). Power producers continued to have the highest consumption accounting for 68% of domestic demand. However, the corresponding decrease in electricity demand resulted in a 17% drop in natural gas consumption by this sector (2023: 34.54 TWh). On the other hand, industrial consumption saw a significant increase of 84% compared to 2022 (2023: 5.18 TWh). This rise was attributed to intense market volatility following the Russian invasion of Ukraine, causing natural gas prices to gradually regain their competitiveness. In terms of natural gas imports (2023: 67.71 TWh; -21%), the sanctions imposed on Russian natural gas meant that the Revithoussa LNG Terminal (Agia Triada entry point) remained the primary gateway for natural gas into Greece. Revithoussa accounted for 44% of total imports (2023: 29.49 TWh), although there was a decrease compared to 2022 (-23%) due to the overall decrease in demand. A total of 41 LNG cargoes from 7 countries were unloaded at Revithoussa, with the USA still being the largest LNG importer in Greece, representing 38% of the total cargoes. Gas imports through pipelines also experienced a decrease (terminals of N. Mesimvria, Sidirokastro, and Kipi, 2023: 38.22 TWh, -21%).
The decline in natural gas exports in 2023 was noteworthy, as they experienced a decrease of 44% (2023: 16.69 TWh). This decline was primarily observed in the Sidirokastro interconnection point to Bulgaria, as well as in Nea Mesimvria and the TAP pipeline towards Italy (Source: DESFA).
In this volatile and competitive business environment, efficient commercial policy and an effective portfolio and contract mix management did not fully compensate for the significant decline in demand and, consequently, in gas prices. As a result, commercial activity and profitability of DEPA COMMERCIAL were reduced, resulting in a reduced contribution to the profits of HELLENiQ ENERGY Group, compared to 2022, amounting to €-15m.
Privatization Process for DEPA COMMERCIAL
The sale process of 100% of the share capital of the company “DEPA COMMERCIAL S.A.” by HRADF S.A. (65%) and HELLENiQ ENERGY (35%), which commenced in January 2020 and was suspended in March 2021, was officially terminated in October 2023 by HRADF. HELLENiQ ENERGY was among the candidate investment schemes in a joint venture with EDISON S.A.. DEPA COMMERCIAL’s shareholders, i.e. HRADF and HELLENiQ ENERGY, are examining the conditions prevailing in the domestic and international natural gas markets, while evaluating alternative options for the utilization of this asset.
ELPEDISON
In the natural gas sector, ELPEDISON is one of the largest independent private importers and suppliers of natural gas in Greece, with two-thirds of its total natural gas supplies sourced from direct imports of Liquefied Natural Gas.
During 2023, ELPEDISON reinforced its presence in the natural gas supply market, significantly expanding its clientele and enhancing its commercial development as an integrated energy provider. In the retail market, the number of final customers grew from approximately 27,000 to 29,600, while sales volume amounted to 1.1 TWh.
ELPEDISON has submitted an application to amend its Independent Natural Gas System License for the new LNG terminal, known as Thessaloniki FSRU. The proposed amendment includes the enhancement of the marine infrastructure by adding a second FSU tanker, which is a floating LNG storage unit.
It will further optimize the natural gas supply chain and maintain diversification in natural gas sources through direct imports of LNG and pipeline gas. ELPEDISON aims to exploit additional opportunities in this regard.
The exploration and production activities of the HELLENiQ ENERGY Group primarily focus in Greece and are outlined as follows:
ASPROFOS, a Group subsidiary, is the largest Greek engineering firm and energy consulting services provider in South-Eastern Europe. It operates in accordance with internationally accepted standards and practices, certified by ISO 9001, ΕLΟΤ 1429, ISO 14001 and ISO 45001.
ASPROFOS supports investments in the fields of refining and natural gas through the provision of a broad range of technical, project management and other related advisory services, while seeking to continuously expand the range of its services and broaden its client portfolio to include, mainly, international clients.
In 2023, ASPROFOS employed 217 qualified professionals and its turnover amounted to €11.3 million.
In 2023, ASPROFOS provided services to more than 150 projects to clients both within and outside the HELLENiQ ENERGY Group.
The most important projects are outlined below:
