INDICATOR: 2-6
Activities, value chain and other business relationships
Description of the Group’s supply chain
We are an energy Group and our supply chain consists of thousands of suppliers of the products and services required for running our industrial and other facilities, and serving our customers in a variety of operational environments.
We produce high quality petroleum products, petrochemicals & BOPP films and lubricants for various uses and we distribute them in and outside Greece to commercial and industrial customers and resellers. In addition, the Group produces and distributes electricity to enterprises and residential customers. Finally, through the new company ElpeFuture, the Group provides e-mobility services too.
Our usual partners are suppliers of raw materials (crude oil, chemicals, lubricants), electricity, natural gas, industrial equipment & materials, industrial services, land / water transportation, IT equipment & services, general goods and services, and packaging materials.
We strive to expand our supply chain of local suppliers wherever possible and always in accordance with the Group’s Procurement Regulation. Concerning raw material procurement (crude oil), the most important coutries of origin of supply in 2023 were Kazakhstan, Iraq, Libya, Saudi Arabia and Egypt, which accumulatively represented 79% of total crude oil procurement.
Significant changes during the reporting period regarding the organization’s size, structure, ownership, or its supply chain
On 7 December 2023, the shareholders of HELLENiQ ENERGY, “Hellenic Republic Asset Development Fund SA (“HRADF”) and “Paneuropean Oil and Industrial Holdings SA” (“POIH”) announced, by joint letter, their decision to sell a percentage of the shares they held in the Company, in proportion to their shareholding in the Company’s share capital, through an international private placement in accordance with the Law of the HRADF and its Operational Utilisation Program. On 8 December 2023, they announced, by joint letter, the pricing of the international private placement through an accelerated book-building process in connection with the sale of a percentage of the shares held by these shareholders in the Company. The HRADF and Paneuropean Oil and Industrial Holdings SA agreed to sell 33,619,870 existing ordinary shares of HELLENiQ ENERGY, representing 11.0% of the existing ordinary share capital of HELLENiQ ENERGY at a price of EUR 7.00 per share. The HRADF allocated 13,128,317 shares in the transaction and, after completion of the transaction, holds 31.2% of the share capital of HELLENiQ ENERGY and POIH allocated 20,491,553 shares in the transaction and, after completion of the transaction, holds 40.4% of the share capital of HELLENiQ ENERGY. The settlement of the transaction took place on 12.12.2023. HELLENiQ ENERGY did not receive any proceeds from the transaction. An Extraordinary General Meeting of the Company’s shareholders was held on 28 December 2023 and approved the amendment of paragraphs 2 (a) and 11 of article 20 (Election – Composition – Replacement of members of the Board of Directors) of the Company’s Articles of Association so as to provide for the possibility of the Hellenic State to appoint three (3) members to the Board of Directors of the Company in case its participation in the Company’s capital directly or indirectly through the “Hellenic Republic Asset Development Fund SA”, represents less than 35% but more than 25% of the voting shares of the Company.
Markets served
The following table presents the sales breakdown of products per country:
CUSTOMER | ΕΚΟ S.A. (Greece) | JUGOPETROL (Montenegro) | EKO Cyprus (Cyprus) | EKO BULGARIA (Bulgaria) | ΟΚΤΑ (Republic of North Macedonia) | EKO SERBIA (Serbia) |
Retail (fuel stations) | 43.7% | 48.32% | 56.79% | 86% | 10% | 84% |
---|---|---|---|---|---|---|
Industrial Customers | 16.2% | 9.58% | 14.59% | 14% | 14% | 7.27% |
3rd party fuel stations | 10.59% | 73% | ||||
LPG | 1.6% | 0.85% | 6.86% | 17% | 2% | 8.67% |
Bunkering fuel oil | 23.7% | 1.47 % | 2.44% | |||
Aviation fuels | 14.44% | 11.68% | 8.17% | |||
Lubricants | 0.4% | 0.02% | 0.36% | 0.06% |
Sale of banned or disputed products
No such cases.