Our Strategy
Aligned with the “Vision 2025” strategic plan, the Group’s strategy focuses on three strategic pillars, underpinned by cross-functional initiatives related to the operating model and governance. The objective is to broaden and diversify the business portfolio, enhance profitability and create longterm value for shareholders.
The three strategic pillars are:
Strengthen and decarbonize the
downstream* business:
evolve refining and petrochemicals through decarbonization and digital transformation, expand international market reach and focus marketing efforts on customer needs by further utilizing digital technologies.
Grow in adjacent areas by leveraging downstream* position:
establish a meaningful presence in biofuels, enhance offerings through e-mobility services, and examine pathways for developing renewable fuels such as green hydrogen and synthetic fuels.
Develop a vertically integrated green utility: Grow the renewables portfolio, expand the geographical footprint and integrate the utility business, while maximizing synergies across the green utility platform and the Group.
Operating model & governance
These horizontal initiatives encompass a range of actions aimed at attaining diverse objectives. They include further extending digital transformation, increasing our focus on operational excellence, reorganizing and further investing in human capital, integrating risk management best practices into our business model, and redefining the ESG strategy. Our target is to achieve a 30% improvement in our GHG footprint by 2030, along with a 20% additional emissions avoidance through the expansion of the RES portfolio, with a commitment to achieving net-zero emissions by 2050.*Refining, Supply & Trading, Petrochemicals, Fuels Marketing
Our strategy is based on 3 pillars and is supported
by a continuously improving operating
and governance model.
Μain Objectives per Business Area
Refining, Supply & Trading and Petrochemicals
In the area of refining, supply, trading and petrochemicals, our main priorities encompass ensuring safety, decarbonizing processes, enhancing energy efficiency and autonomy, implementing digital transformation, expanding petrochemicals’ production capacity, and investing in cleaner fuels alongside overall operational excellence.
Key strategic initiatives include:
- Prioritizing safety through comprehensive training programs, the implementation of stringent standards, and the enhancement of operational procedures.
- Facilitating digital transformation by optimizing the supply chain through mass balance and load point management, predictive maintenance, and process safety management systems.
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Implementing energy efficiency and energy autonomy projects across all refineries.
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Investing in the production of biofuels through the development of a new stand-alone 150 ktpa Sustainable Aviation Fuel (SAF) production unit.
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Developing carbon capture and storage (CCS), with options for fuels production through the conversion of the Steam Methane Reforming (SMR) unit at the Elefsina refinery.
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Developing the ‘Green Hub North’ project, which involves the installation of a photovoltaic/ battery energy storage system (PV/BESS) project and a direct high-voltage line to the Thessaloniki refinery.
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Establishing a new trading company in Geneva to manage the supply of all refining systems’ crude and feedstocks, as well as the trading of products.
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Exploring opportunities within the hydrogen economy, recycling and synthetic fuels, including the production of:
- E-methanol and e-jet fuels by utilising a portion of the captured CO2 from the CCS unit and green hydrogen derived from renewable sources.
- E-ammonia by using the excess electricity from the ’Green Hub North’ project at the Thessaloniki refinery and green hydrogen from renewable sources.
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Investing in the production of high value-added petrochemical products by increasing the polypropylene production capacity to 300 ktpa from the existing 240 ktpa.
Marketing
Domestic Marketing
The EKO Excellence strategic transformation program progressed in 2024 through its second and third phases, aiming to strengthen the business’s position in the fuel and energy market, significantly enhance profitability, expand into new fuels and services, and move towards net-zero energy by installing EV chargers and photovoltaic systems at our fuel station network.
The main initiatives of the transformation program include:
- Rationalizing and expanding the network.
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Increasing the market share of COMO fuel stations and premium products.
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Expanding the range of products and services (NFR, EV charging services, loyalty program).
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Implementing a «net-zero energy» approach at COMO stations.
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Developing a commercial strategy for industrial clients.
International Business
The main objective is to enhance and solidify our presence in the Southeast European markets focusing on sustainable growth and operational excellence.Key priorities include:
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Maintaining a leading position in Cyprus, Montenegro and the Republic of North Macedonia.
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Pursuing further expansion in Bulgaria and Serbia through targeted network growth and optimization of the supply chain.
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Expanding the range of products and services by implementing loyalty programs and establishing EV charging points.
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Installing photovoltaic systems across our fuel station network to achieve net zero emissions.
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Improving the profitability of OKTA and resuming the operation of the VARDAX pipeline.
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Exploring the potential for cross-border electricity trading.
Renewable Energy Sources (RES)
The Group aims to establish a regional leading position in the renewables market through:
Developing a 1 GW portfolio of operational capacity by 2026 and 2 GW by 2030 consisting of PV, wind and energy storage projects both in Greece, as well as internationally.
Developing offshore wind projects.
Strengthening its energy management capabilities.
The Group has already positioned itself as a leading player in both the Greek market and selected international markets, with a portfolio of projects under development exceeding 5.2 GW. The total installed capacity in 2024 reached 494 MW, with projects in Greece, Cyprus and Romania, while 0.6 GW of projects are currently being constructed or are in advanced stages of development.
Note1 RTB: Ready-To-Build
Power Generation & Natural Gas
HELLENiQ ENERGY’s ambition is to build a best- in-class green utility of the future, while also leveraging synergies with its refining, marketing, renewable energy and e-mobility businesses.
As part of this strategy, the Group successfully completed the divestment of its 35% stake in DEPA Commercial S.A. to the Hellenic Corporation of Assets and Participations (HCAP). Additionally, HELLENiQ ENERGY has agreed with Edison International Shareholdings S.p.A. on the key commercial terms, and subject to the signing of a final Share Purchase Agreement (SPA), for the acquisition of 50% of the share capital of Elpedison B.V., a company which is based in the Netherlands and owns 100% of its Greek subsidiary, ELPEDISON Power Generation Single Member Société Anonyme.
Exploration & Production
The Group is focusing on specific offshore blocks in Crete and the Ionian Sea. Main developments include:
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Completion of the processing of 3D seismic data for the «SW Crete» block and 2D seismic data for «West Crete» block, with interpretation in progress.
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Completion of the interpretation of 3D seismic data for three offshore regions, namely «Ionian», «Block 2» and «Block 10».
E-mobility
The Group is steadily growing its position in the EV charging market in Greece and internationally, by expanding its range of mobility products and services. These include further developing customer e-mobility solutions, expanding the DC charging network at fuel stations and other points of interest while developing an AC charging network at public, semi-public and private locations of interest.
Digital Transformation
HELLENiQ ENERGY’s Horizon Program, an essential component of the Group’s transformation strategy (VISION 2025), is progressing successfully, by upgrading the way our people work, supporting performance improvement initiatives and expanding its footprint in new areas of business activity. So far, more than 120 digital initiatives have been initiated or completed across the organization, involving over 500 individuals in various working groups and utilizing more than 2,500 hours of specialized training.
Additionally, it brings substantial benefits in safety and risk management efficiency, helps reduce the environmental footprint, and promotes a culture of innovation.
The digital transformation program achieved
significant progress and delivered substantial economic
impact in 2024.
The multi-year action plan consists of a multitude of initiatives with substantial investment in technology-based projects across 4 core pillars:
Key highlights include:
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Refinery Supply Chain Optimization through the completion of the Production Accounting initiative and new procedures for crude scheduling and blending.
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Launch of a new Shutdown Turnaround Optimization, addressing unit maintenance plans and overall availability during major refinery shutdown periods.
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Enhancement of energy management through improved fuel efficiency and the reduction of emissions at refineries, facilitated by the implementation of additional monitoring systems for steam traps and the digital optimization of furnaces.
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An advanced analytics platform, utilizing historical mechanical equipment and operations data, which yields critical insights and enables predictive maintenance actions, reducing unplanned events and continuously refining the preventive maintenance strategy.
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Upgrade of the operating framework and digitalization of safety procedures through the deployment of a specialized platform and advanced mobile devices for field use.
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Transition from a manual or semi-automated safety management process to a fully automated digital platform, which enhances incident and deviation reporting and improves the tracking of key safety indicators (KPIs).
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Further enhancement of AI tools for selection of various crude oil types, employing machine learning models to ensure compatibility with deployed equipment and specifications.
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Internal development of specialized tools for simulating and optimizing operating parameters at critical refinery units in real time.
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Improved data quality and consistency by establishing a “real-time” Control Room Reporting Solution for Renewable Energy Sources performance, facilitating improved decision-making.
Moreover, several initiatives were undertaken in Enterprise Functions and our Digital Core stream:
Completed the upgrade of the central enterprise resource management systems (SAP ERP) to a single, modern system with advanced capabilities (S4HANA) for the refinery entities, benefiting from new functionality, streamlined operations and advanced technical infrastructure.
Launched the new Treasury Management system which offers comprehensive visibility, streamlined treasury operations and optimized reporting, alongside robust financial controls and associated risk management.
Utilized the new group procurement platform, which improves sourcing management and contract processes, while redefining the process model to adhere towards centralized and unified procurement practices.
Launched a newly formed Productivity Center of Excellence, empowering our employees with genAI capabilities and upskilling through everyday digital tools that promote collaboration.
Implemented automation and data analysis models to save time, minimize the risk of human error, and enhance the productivity and operation of Corporate Divisions.
Improved strategic portfolio management, financial reporting and consolidation toolsets, continuously enhancing Group finance operation activities.
New initiatives for the Retail business have been successfully implemented, resulting in substantial improvements in customer experience and operational efficiency:
Further improvement of Fleet management customers’ experience by consolidating fuels and EV-Charging, as part of our One-Card strategy.
Expansion of the Retail Loyalty System by migrating to a common platform, achieving economies of scale and implementing a new design within the Serbian subsidiary.
Leverage of digital technologies to automate the monitoring of audits, findings and actions within the EKO Operations divisions, resulting in increased efficiency and effectiveness.
Alignment of processes to comply with the latest standards for electronic invoicing and digital reporting, enhancing the accuracy and efficiency of our financial transactions.
Enhancement in operational efficiency by implementing a common platform for our international workforce to track and document fuel stations visits, ensuring streamlined communication.
The Digital Transformation program, initiated five years ago with a total investment of €65 million, has generated substantial financial returns. The cumulative financial benefit has surpassed €100 million and is projected to reach €200 million by the end of 2026. Additionally, the estimated annualized benefit is projected to surpass €50 million from 2025 onwards and €70 million by the end of 2028.
Indicatively, during 2025, we have planned for the following:
Proceed with the next phase of our Asset Performance Management enhancement addressing mechanical integrity and inspection optimization based on corrosion rates and equipment criticality, as well as monitoring the operation of the equipment through routine tasks performed by engineers and technicians in the field, utilizing portable devices such as tablets).
Rollout of safety management digital capabilities and platforms, improving contractor engagement and promoting electronic permit- to-work principles.
AI utilization in production optimization through the analysis of historical data and the application of deep learning techniques in order to optimize configuration management of productions units.
Adoption of technical and digital solutions for crude oil blending, significantly improving efficiency and increasing control accuracy.
Entire deal lifecycle automation by introducing a new Trading Platform, enhancing efficiency, ensuring data accuracy, improving risk management, and providing superior operational visibility.
Digitization of our customer services and communication channels via the e-EKO program, which shall enhance the customer experience and drive the evolution of new digital services.
Modernization of Retail Companies concerning the Enterprise Resource Management system (S/4HANA), which shall provide advanced capabilities.
Expansion of digital solutions across all Group businesses (including Renewable Energy Sources and e-Mobility).
Incorporate new technology trends and AI tools via a structured plan into our solutions portfolio (Business & Productivity GenAI), with the aim of enhancing decision-making, increasing efficiency, and reducing costs.
- Completion of a centralized data management strategy, triggering implementation of a Data ecosystem as the foundational layer towards an overall performance management framework.
- Development of a comprehensive platform for Asset management for RES, featuring advanced capabilities for remote and predictive maintenance, enabling efficient operations and facilitating the prompt handling of urgent operational events.
- Explore innovation into operational processes introducing agentic AI for (incorporating AI Act requirements) to enforce digital collaboration, task automation, efficiency and performance enhancement.
- Investment in digital devices, which shall enable digital workers to be more flexible and productive, improve communication, provide access to real-time data, and create a more efficient workforce.
- Strengthening cyber posture towards NIS2 compliance shall enhance security, ensure regulatory compliance, strengthen operational resilience, build customer trust, and provide a competitive advantage.
