ESG and Sustainability
Environment & Society

ESG and Sustainability

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Message from the Executive Vice President and CEO

2020 has been a year of unprecedented challenges for all of us. The coronavirus pandemic had an extraordinary impact on the global and domestic economy and society. We all had to adapt and cope with the new reality.

More specifically, our industry encountered unparalleled pressures. In this context, the Motor Oil Group faced the challenges and maintained its well-established position.

Our people’s health and safety became our top priority. We stood by and supported our employees, suppliers, customers, and local communities. At the same time, we responded rapidly to the needs of our country and contributed to the reinforcement of the National Health System. We offered medical equipment and supported the front-line health care employees.

At a business level, domestic demand for petroleum products retreated to historical lows of the last 25 years. Despite the challenging times, we ensured the uninterrupted operation of our production and supply of the market and we continued investing as we had initially planned.

In the refinery we aim at improving its energy efficiency and carbon footprint through new projects, such as the new naphtha unit which will be finished in 2022. At the same time, we expand our activities in the broader energy sector. We develop a significant portfolio of renewable energy projects, we grow our presence in the sector of the electricity supply and we invest in energy saving services.
We also plan the construction of a floating storage and regasification unit (FSRU) that will strengthen the Greek natural gas network. In the past years we have also been active in the field of circular economy through LPC. We plan to capitalize on this experience and expand in other areas, such as biofuels’ production and hydrogen storage, transport and supply.

The energy transition of Motor Oil Group has already started. Through our strategy we are shaping a sustainable future for all.

At the same time, we are committed to continuously endorsing the ten principles of the UN Global Compact and embedding them into our business, strategy and operations.

We formulate our strategy responsibly and consistently with the aim of achieving three parallel goals for Motor Oil: to remain a dominant player in the energy sector in Greece and the wider region, to succeed in the transition to new forms of energy and to continue demonstrating environmental and social responsibility.

The energy transition of Motor Oil Group has already started. Through our strategy we are shaping a sustainable future for all.

Yannis V. Vardinoyannis
Executive Vice President
and Managing Director

Message from the Head of ESG

At Motor Oil Group, sustainability constitutes an integral part of our business strategy. We are strongly committed to operating in a responsible manner, to create shared value for all our stakeholders and business partners, as well as for the society. In this context, we developed a sustainability and ESG strategy, with a short, medium and long-term focus, ensuring the commitment for reducing GHG emissions, increasing carbon capture and storage, minimizing water usage, while targeting a net zero future.

Our sustainability values and commitments are in line with the latest trends and developments, including the European Green Deal, the Paris agreement, and the UN Sustainable Development Goals. The aim is to create value for our investors and stakeholders, by defining specific targets, goals and action plans aligned with positive impacts on the environment, society and the economy.

Sustainability is embedded in our strategic plan, pragmatically and progressively. Our plan this year was concentrated in advancing our Refinery’s operations by focusing on Energy Efficiency, Decarbonization, Carbon Capture and Digitalization. We continued investing in E-mobility with new electric vehicle charging points and innovative technologies, to gradually introduce the “Gas Station of the Future” aiming to create a new customer experience. We also worked hard around Power, Gas and Renewables. Our efforts were directed towards increasing renewable energy and gas activity.

In 2020, the Group continued its expansion in the renewable energy sector ending the year with a total portfolio of 123MW and a longer term target to exceed 1GW. We designed the construction of a floating storage and regasification unit (FSRU) to secure cleaner energy diversification. Finally, we assessed our product offering and manufacturing process to introduce Renewable and Alternative fuels, meaning biofuels, hydrogen, as well as circularity and waste to energy. As a result of our sustainable strategy, in 2020 the Group spent over €116m on environmental investments and €95m on renewables with a strong commitment to energy efficiency and CO2 reduction.

At Motor Oil Group we are more than proud of what our team has achieved so far, but we recognize the need for further action, as we remain committed to achieving our goals for decarbonization and supporting the transition to a low carbon economy. Therefore, we continue our efforts for improving our performance in terms of ESG and sustainable development, firmly considering it as the right path to successfully lead us into the future. Motor Oil Group will continue applying its sustainability strategy with responsibility, meeting the goals set and improving in all its priority areas, to make tomorrow’s refining industry climate neutral and continue creating shared value for all its stakeholders.

Helena Athoussaki
Head of ESG, Sustainability
and Climate Change

The actions we supported are in line with the following key axes:

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Sustainability Reports

Sustainability Report 2020

7,2 mb
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Sustainability Report 2019

3,9 mb
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Sustainability Report 2018

1,1 mb
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Sustainability Report 2017

2,0 mb
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Sustainability Report 2016

1,9 mb
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Sustainability Report 2015

2,6 mb
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Sustainability Report 2014

1,2 mb
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Sustainability Report 2013

2,7 mb
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Sustainability Report 2012

2,4 mb
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Sustainability Report 2011

5,0 mb
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Environmental and Social Report 2010

5,6 mb
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Environmental and Social Report 2009

4,0 mb
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Environmental and Social Report 2008

3,3 mb
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Environmental and Social Report 2007

3,8 mb
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Environmental and Social Report 2006

3,3 mb
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Environmental and Social Report 2005

2,7 mb
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Environmental and Social Report 2004

1,3 mb
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Environmental and Social Report 2003

823,0 kb
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Environmental and Social Report 2002

1,2 mb
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Environment and Sustainable Development

Environment and Sustainable Development

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