Month: November 2005

According to article 2 of the Decision 3/347/12.7.2005 of the Hellenic Capital Markets Commission, it is hereby announced that the Board of Directors of the Company during its meeting dated November 28th, 2005 reorganized as a Body Corporate as follows:

Vardis J. Vardinoyannis  – Chairman and Managing Director, Executive Member

John V. Vardinoyannis – Vice Chairman, non executive member

Panagiotis Ν. Kontaxis – Vice Chairman, non executive member

John N. Kosmadakis – Deputy Managing Director, Executive member

Petros Τ. Tzannetakis – Deputy Managing Director, Executive member

Nikos Th. Vardinoyannis – non executive member

George P. Alexandridis – non executive member

Abdulhakim A. Al-Gouhi – non executive member

Abdullah Mohammed Al Warthan – non executive member

Ali A. Al Muhareb – non executive member

Constantinos V. Maraveas – non executive / independent member

Leonidas K. Georgopoulos – non executive / independent member 

From the above members, messrs John V. Vardinoyannis, N. Th. Vardinoyannis and L. K. Georgopoulos were elected in the places of the resigned non executive members Majid Y. Al–Mugla, Jamal A. Al–Rammah and Ali A. Saleh Al–Ghamdi  (independent member).

 

MAROUSSI,  29.11.2005

THE BOARD OF DIRECTORS

 

 

According to the article 2 of the Decision 3/347/12.7.2005 of the Hellenic Capital Markets Commission, it is hereby announced that messrs Abdullah Mohammed Al Warthan and James Douglas Mc Turk resigned from the posts of the General Manager of Planning & Human Resources and Finance & Information Systems respectively. Furthermore its is announced that mr. Abdulhakim A. Al-Gouhi resigned from the post of the Managing Director.

MAROUSSI,  29.11.2005

THE BOARD OF DIRECTORS

According to the article 281 paragraphs 3 and 4 of the Regulation of the Athens Exchange, MOTOR OIL (HELLAS) S.A announces the following: 

On November 22nd, 2005 the foreign company under the legal name Motor Oil Holdings S.A became controlling shareholder of the foreign companies – shareholders of MOTOR OIL (HELLAS) S.A under the legal names Petroventure Holdings Limited and Petroshares Limited the stakes of which in the share capital of the Company, both prior and following the completion of the transaction, were and remain 51% and 16.4% respectively. 

On the same date mentioned above, the foreign company under the legal name Aramco Overseas Company B.V, controlling shareholder of the company – shareholder of MOTOR OIL (HELLAS) S.A under the legal name Petroshares Limited, effected the sale of the aggregate number of shares in its possession issued by the latter. At the same time, Aramco Overseas Company B.V sold the aggregate number of shares in its possession (corresponding to 50% of the share capital) issued by the foreign company Petroventure Holdings Limited which is a shareholder of MOTOR OIL (HELLAS) S.A. Hence, the aggregate stake (both direct and indirect) of Aramco Overseas Company B.V in MOTOR OIL (HELLAS) S.A became nil.

 

 

MOTOR OIL (HELLAS) S.A announces that its shareholders – legal entities under the legal names Aramco Overseas Company B.V and Motor Oil Holdings S.A jointly made the following statement: 

“Athens / Dhahran (November 23, 2005). – Aramco Overseas Company (AOC) and Motor Oil Holdings S.A. (MOHH), a member of the Vardinoyannis group of Greece, announced today that they have completed the sale/purchase of AOC’s remaining interest in Motor Oil (Hellas) Corinth Refineries S.A. (MOH). 

Motor Oil (Hellas) Corinth Refineries S.A. (MOH) commenced operations in 1972, producing both lubricants and industrial fuels.  MOH subsequently undertook a series of investments in the refinery, and in 1975, commenced production of a full range of refined petroleum products. In March 1996, AOC acquired a 50% interest in MOH, which was reduced by 8.1% in the 2001 IPO. Since 1996 the refinery has completed four major upgrading projects enabling it to both meet the European Union’s stringent clean fuel quality specifications and increase the production of valuable transportation fuels. MOH is now one of the most sophisticated upgrading refineries in the Mediterranean region and has the capability of producing high quality transportation fuels from a wide variety of lower–cost sour crude oils. 

Commenting on the sale, Mr. A.A. Al-Gouhi, the AOC-nominated former Managing Director of MOH, observed that since its investment in MOH in 1996, AOC and its parent, Saudi Aramco, the national oil company of Saudi Arabia, had enjoyed a profitable and mutually beneficial relationship with the Vardinoyannis group as controlling shareholders of MOH. He said that over the intervening 9½ years, the company had evolved into one of the most sophisticated and efficient refineries in the Mediterranean. The company’s future prospects were bright following the successful completion of the € 350 million refinery upgrade project. Mr. Al-Gouhi explained AOC’s decision to divest its remaining interest in MOH by pointing to considerations associated with Saudi Aramco’s long-term downstream investment strategy, which focuses on the creation of new export refining capacity in the Kingdom of Saudi Arabia and shift of overseas investment focus on high-growth Asian downstream markets. He wished MOH and its technically proficient and commercially astute workforce and management best wishes for future success. 

Reflecting on their long-term joint-venture relationship, MOH Chairman Mr. V.J. Vardinoyannis thanked AOC and Saudi Aramco for the strong support they had provided for the growth and development of MOH over the last decade and indicated that he looks forward to a continuing relationship with Saudi Arabia as a major crude oil supplier”.

 

 

According to the article 281 paragraphs 3 and 4 of the Regulation of the Athens Exchange, MOTOR OIL (HELLAS) S.A announces that on November 14th, 2005 its shareholder under the legal name Aramco Overseas Company B.V transferred by the means of an over the counter transaction the aggregate of its stake in the Company, totaling 18,173,690 shares, to the entity under the legal name Petroshares Limited as contribution in specie to the share capital of the latter. Consequently, the direct stake of Aramco Overseas Company B.V in the share capital of MOTOR OIL (HELLAS) S.A decreased to 0% while the respective stake of Petroshares Limited (which is controlled by Aramco Overseas Company B.V) increased to 16.4%.