MOTOR OIL (HELLAS) CORINTH REFINERIES SA

12 A, HER. ATTIKOU
AMAROUSIO, 15124 PREFECTURE OF ATTICA
Tel: 210-8094000
Fax: 210-8094444
e-Mail: info@moh.gr
Web Site: http://www.moh.gr

COMPANY PROFILE

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. is an independent petroleum refining and marketing Company which through the years has become a key player of the sector in the Eastern Mediterranean region. The main asset of the Company is its refinery located in Agii Theodoroi close to the city of Korinthos (75 km away from Athens) while the headquarters are located in Maroussi suburb of Athens.

MOTOR OIL is the largest private industrial complex in Greece. It produces all the range of oil products and is the sole producer of base oils (lubricants) in the country. Its annual production capacity reaches 7.2 million Metric Tons (MT) with storage capacity of 2.3 million cubic meters, and modern loading facilities and port installations.

MOTOR OIL is among the top refineries in Europe in terms of complexity. Its high level of complexity allows the production of high value added oil products from heavy 100% sour crude oil. The Company has consistently been successful in adjusting the product mix to the needs of the market thus achieving the best selling prices for its products outperforming the complex Mediterranean refineries in terms of refining margin.

MOTOR OIL has strong presence in all three main markets (i.e. Domestic, Exports, and Bunkering). Based on historic data, domestic sales account for 40% of the Company´s turnover, which in terms of market share account for approx. 25% of the Greek market, while its exports account for more than 50% of the sector. MOTOR OIL enjoys long term relationships with its customers as its products meet the most stringent quality standards and specifications. It is the only Greek refinery and among just a handful European ones certified for both its Environmental Protection System – ISO 14001:2004 – and its Quality Management System - ISO 9001:2000. In addition, in 2007 the Company proceeded with the annual Environmental Statement according to the European Regulation 761/2001 EMAS (Eco-Management and Audit Scheme) verified by Bureau Veritas.

GROUP STRUCTURE

The wholly owned subsidiary AVINOIL is the Group´s retail arm with a network of 560 petrol stations throughout Greece and a market share of about 9% (fourth in ranking after EKO, BP and SHELL). Furthermore, MOTOR OIL participates directly and indirectly (through AVIN) with a stake of 28% in OLYMPIC FUEL COMPANY S.A which operates the aircraft fuel supply system and the storage facilities at the International Athens Airport, and indirectly (through AVIN) with a stake of 50% in HAFCO S.A which provides ground services with regard to aircraft fuel supply at airports located in Greece and abroad. All three afore mentioned companies are included in the consolidated financial statements of MOTOR OIL. In addition, MOTOR OIL has a stake of 16% in ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.

CAPITAL EXPENDITURE - DIVIDEND POLICY

MOTOR OIL has continuously been investing to maintain the technological and competitive advantage of its state-of-the-art refinery. A notable example of this strategy evidenced during the period 2003-2007 when the Company’s capital expenditure exceeded 550 million Euros with emphasis on the construction of a Hydrocracker complex. Apart form the increase in flexibility and production output, the Hydrocracker investment enabled MOTOR OIL to produce the 2008 and 2009 European Union fuel specifications (the so called “clean” fuels) which call for 10 ppm sulphur content in gasolines and diesels. Furthermore, the Nelson Complexity Index of the MOTOR OIL refinery rose to the highest end of all European refineries.

The 2008-2010 Capex of MOTOR OIL mainly includes the construction of a 60,000 bbl/day new Crude Distillation Unit (CDU) at a cost of 180 million Euros. Following the installation of the new CDU, the refinery’s total capacity will increase by 25% exceeding 170,000 bbl/d or 9 million MT per annum. Additional benefits for the Company are expected from the substitution of imported Straight Run Fuel Oil by own produced, the optimization of the crude slate, and the ability to process new types of crude oil. The new CDU is expected to be operational in 2010.

Since August 2001, MOTOR OIL is listed on the Athens Exchange and is a constituent of a series of indices the most important of which are: ATHEX General Composite, FTSE/ATHEX 20 (includes the top 20 caps) and Morgan Stanley Capital International (MSCI) Small Cap.

The dividend payout ratio during the last seven fiscal years 2001-2007 was 90% on average.

INDUSTRY » PETROLEUM & COAL PRODUCTS » LUBRICANTS
INDUSTRY » PETROLEUM & COAL PRODUCTS » FUEL
SUPPLIERS » FUELS & GASSES » FUELS

ΜΟΤΟΡ ΟΙΛ / ΚΑΥΣΙΜΑ / ΛΙΠΑΝΤΙΚΑ / ΜΟΕ / ΔΙΥΛΙΣΤΗΡΙΑ / ΠΕΤΡΕΛΑΙΟMOTOR OIL / FUELS / LUBRICANTS / MOH / REFINERIES / OIL
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