Annual Report 2016


Social Product

HELLENIC PETROLEUM has defined its stakeholders (interested parties) as parties with which it communicates, converses or cooperates, or who possess a direct/ indirect interest in its operations.

Interested parties include:

  • Shareholders/Investors
  • Customers
  • Employees
  • Suppliers
  • Society
  • Τhe State

The strategy and all of the Group’s activities aim at establishing relationships with the abovementioned stakeholders so that the Group can respond and comply with their needs, minimise the risks associated with its reputation and operation, as well as benefit from the competitive advantages generated through this interaction.

HELLENIC PETROLEUM defines its social product as the financial contribution that is made towards our key stakeholders, excluding its consumers/suppliers. The Group invests significantly, provides a considerable number of employment positions and contributes to the improvement of the economy in the countries that it operates; furthermore it has an indirect positive impact on growth, employment and national product. As a result of its activities, the Group also collects and pays an important part of indirect taxes (excise duty and VAT) to the authorities in the countries where it operates. Finally, the Group’s contribution to society as a whole, through targeted interventions, within the context of its Corporate Social Responsibility framework which placed an emphasis on supporting socially vulnerable groups and young people, was substantial.

In 2016, the Group’s turnover amounted to €6,680 million (2015: €7,303 million) from which the social product amounted to €1.4 billion (2015: €1.4 billion) distributed as follows:

  • €194 million distributed to employees (salaries and benefits)
  • €56 million paid directly to the Greek Sate via direct taxes and employee insurance contributions, as well as an additional €1.1 billion in indirect taxes
  • €3.4 million was also distributed to society as a whole through Corporate Social Responsibility initiatives

Corporate Social Responsibility

Our partnership with local communities is vital to all of us at HELLENIC PETROLEUM GROUP.

The modern challenges associated with business, and its relationship with society as a whole are more pressing than ever before. At a time characterized by uncertainty, the role of Corporate Social Responsibility is now essential to activities in both the European and global environment.

Enterprises’ voluntary commitment to social and environmental issues, mainly related to their business activity, interact with and are linked to the will of social partners.

While until recently, environmental issues were a top priority for businesses and the global economy, but the economic crisis witnessed in recent years, especially in Greece, has given priority to social issues. Commitments concerning corporate responsibility have never been as necessary as they appear today, whereby the focus is now placed on respect for human rights, transparency and corporate governance, support for socially vulnerable groups and creation of opportunities for the youth.

It is important to note that there is now talk of a large number of initiatives that companies are undertaking, in their efforts to meet the ever-increasing demands of their social partners and, above all, of the local communities in which they operate.

In this framework, HELLENIC PETROLEUM Group promotes actions and adopts practices to contribute to relieving society, supporting the young generation, reinforcing culture and sports and creating sustainable cities through infrastructure projects.

Our Sustainable Development Goals

Key categories of CSR

Education, Research & Innovation:

Having signed the European Pact4Youth and in support of the 17 UN Sustainable Development Goals, the Group places an emphasis on Goal number 4 (Quality Education) and concentrates much of its efforts in educational initiatives. In particular, it offers opportunities in regards to student internships, postgraduate studies, scholarships in Greece and abroad, organizes skills development seminars and supports student competitions and professional orientation events. It rewards newly-enrolled higher education students, who are residents of its neighboring municipalities, organizes educational visits to its industrial facilities and collaborates with student associations and other bodies, that promote and reinforce initiatives, aimed at equal access to quality education and vocational training.

Socially Vulnerable Groups:

The support of socially vulnerable groups is one of the Group’s priorities. For this reason, it has been consistently implementing programs aiming to improve their living conditions over the past few years. The Group cooperates with various bodies and NGOs and supports the social structures of neighboring municipalities. It offers free heating oil to institutions for the disabled, nursing homes and refugee camps. It strengthens the operation of the social groceries of neighboring municipalities, hosts children of deprived families in children’s camps and covers programs for preventive medicine for students. It participates in voluntary actions and initiatives to address the humanitarian crisis.

Sustainable Cities and Environment:

The protection of the environment and the implementation of infrastructure projects for sustainable cities constitute key pillars for the Group’s corporate social responsibility. It ensures the installation, monitoring and maintenance of environmental stations in the areas in which it operates and applies the best available techniques for the operation of all its facilities. It implements studies and projects to protect the environment and for energy saving, in collaboration with the academic community. It meets the energy needs of schools by installing photovoltaic panels. It contributes to the construction of parks, playgrounds and sports centers, as well as to the maintenance of road paving, etc. for a better quality of life for the inhabitants of neighboring municipalities. It offers medical equipment for the proper operation of hospitals.

Culture and Sports:

The Group supports and participates to all major cultural events of the local communities and the broader society, aiming at the dissemination of our cultural heritage. It takes initiatives and collaborates with local communities to restore buildings and create cultural centers. It supports libraries, museums and develops partnerships with organizations, institutions and cultural centers to preserve, promote and develop culture. It encourages and contributes to the development of the athletic spirit and participates in athletic initiatives for humanitarian purposes.