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History

The main milestones in the Company’s history are: 

1970-1972

Foundation and beginning of operation of the refinery comprised of a crude oil refining unit, a basic lubricant production unit, a jetty with loading terminal, and truck loading terminals.     

1975

Entrance to fuel production with the addition of the Atmospheric Distillation Unit. 

1978

Construction of the Catalytic Reforming Unit (further downstream processing of naphtha). 

1980

Installation of the Catalytic Cracking Unit (further downstream processing of fuel oil to turn it  into high value-added products). 

1984

Construction of an Electric Power Production Unit that uses gaseous fuel as raw material. Right to sell energy to the domestic market.

1993

ISO 9002 accreditation for the entire spectrum of activities of the Company. 

1996

Purchase of 50% of the Company’s shares by Aramco Overseas Company BV, 100% subsidiary of Saudi Arabian Oil Company(Saudi Aramco).

2000

Completion of investment projects aiming at the production of products in harmonization to European Union specifications for 2000. During the same year the Environmental Protection System of the Company is ISO 14001:1996 accredited . 

2001

Installation of a new gas turbine in the electric power station. Upgrading of the lubricants’ vacuum unit. Company share capital increase through public offer of shares and listing on the Athens Exchange.

2002

Acquisition of 100% of AVIN OIL which engages in fuel trading in the domestic market 

2005

Commencement of operation of the Hydrocracking Complex which enables the production of the new clean fuels according to the specifications of the European Union of 2009 (Auto Oil II). Acquisition of the stake of Aramco Overseas Company B.V. in the Company by Motor Oil Holdings Ltd.    

2006

Accreditation by the National Accreditation Body (ESYD) of the Chemical Laboratory of the Refinery according to the ISO / IEC 17025:2005.

2007

Issuance of the first voluntary Environmental Statement according to the European Regulation 761/2006 EMAS (Eco-Management and Audit Scheme) certified by Bureau Veritas.

2008

Joint Venture Agreement with MYTILINEOS HOLDINGS S.A. to cooperate through the company KORINTHOS POWER S.A. for the construction, operation and utilization of a combined cycle power production plant fuelled with natural gas which will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos. Certification of the Health and Safety Management of the Refinery according to the international standard OHSAS 18001:2007.

2009

Acquisition of 64.06% of the share capital of “OFC AVIATION FUEL SERVICES S.A.” as a result of which the MOTOR OIL Group participation to OFC S.A. increased to 92.06%.

2010

Commencement of operation of the new Crude Distillation Unit (new CDU) of 60,000 barrels per day crude distillation capacity. Completion of the acquisition of 100% of the shares of the companies “SHELL HELLAS S.A.” (renamed to “Coral S.A.”) and “SHELL GAS Α.Ε.Β.Ε.Y” (renamed to “Coral Gas A.E.B.E.Y.”). Issuance of the annual Environmental Statement according to the more recent European Regulation EMAS III 1221/2009. MOTOR OIL founds jointly with MYTILINEOS S.A.–GROUP OF COMPANIES the company “M and M NATURAL GAS S.A”.

2011

Completion of the construction of the new gas turbine # 5 following the addition of which the installed capacity of the cogeneration  power plant of the Refinery increased to 85 MW (from 68 MW). Completion of the construction of the power production plant of KORINTHOS POWER S.A.


2014

Acquisition through a tender offer of 100% of the sharecapital of the company CYCLON HELLAS and delisting of the shares of the latter from the Athens Exchange.

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