Motor Oil (Hellas)
Corinth Refineries S.A.

Native name	ΜΟΤΟΡ ΟΪΛ ΕΛΛΑΣ Α.Ε.
Type	Anonymi Etairia
Traded as	Athex: MOH
Industry	Petroleum, Gas & energy industry
Founded	1970; 53 years ago (1970)
Founder	Nikos Vardinogiannis Vardis Vardinogiannis
Headquarters	Marousi, Athens , Greece
Area served	Southeast Europe, North Africa
Key people	Vardis Vardinogiannis[1] (President) Giannis Vardinogiannis (Vice president) Petros Tzannetakis (Chief executive officer)[2]
Products	Petroleum refining and transportation in Greece and abroad, energy, other petrochemicals
Services	Fuel gas stations, oil tankers, airplanes
Revenue	€16.631 billion (2022)[3]
Operating income	€2.111 billion (2022)[3]
Net income	€967.2 million (2022)[3]
Total assets	€7.197 billion (2022)[3]
Total equity	€2.138 billion (2022)[3]
Owner	Petroventure Holdings Limited (40.93%)[4]
Number of employees	1,300 (2019)[5]
Subsidiaries	Avin Oil/Cyclon Coral Gas/Shell Hellas Ermes Korinthos Power Mediamax Holdings Limited
Website	moh.gr

Motor Oil (Hellas) Corinth Refineries S.A. (Greek: Μότορ Όιλ (Ελλάς) Διυλιστήρια Κορίνθου Α.Ε.) is a petroleum industry based in Greece focusing on oil refining and trading. It is a leading force in its sector in Southern Europe and the Mediterranean.^[6][7]

History

Motor Oil Hellas was founded on May 7, 1970, by Vardis Vardinogiannis and Georgios Paraschos Aleksandridis. It is headquartered in Marousi, Greece.^[2] Since 1972 Vardis J. Vardinoyannis serves as chairman and managing director.^[1] The company has over 2,000 employees.^[2] Despite the Greek crisis in 2015, the company had thrived.^[8]

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).^[9] 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.^[10] 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 which are more than 2,000 along with a host of other gas and energy-related businesses.^[11]

Subsidiaries and affiliates

Motor Oil Hellas has numerous subsidiaries, such as:

• Avin Oil Industrial, Commercial and Maritime Company S.M.S.A.,^[12]
• Coral Oil and Chemicals Company S.A.,^[13]
• Coral Commercial and Industrial Gas Company S.A.,^[14]
• LPC S.M.S.A. Corporation for Processing and Trading of Lubricants and Petroleum Products,^[15]
• NRG Supply and Trading S.M.S.A.,^[16]
• OFC Aviation Fuel Services S.A.,
• Korinthos Power S.A.,
• Shell & MOH Aviation Fuels S.A.,
• Athens Airport Fuel Pipeline Company.

Ownership

Motor Oil's majority shareholder is two holding companies (Petroventure and Motor Oil Limited with 40.93%),^[4] 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.