MOTOROIL BROCHURE

40 YEARS

MOTOR OIL (HELLAS)

1972-2012

CORINTH REFINERIES S.A.

ISBN: 978-618-80331-0-8 © MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

www.moh.gr

1972-2012

40 YEARS MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

RESEARCH AND WRITING: INSTITUTE FOR RESEARCH INTO LOCAL AND CORPORATE HISTORY ATHENS 2012

1972

2012

40 YEARS MOTOR OIL The 40th anniversary since the commencement of operations of MOTOR OIL represents the completion of a historic cycle and offers an opportunity to look back, reflect and plan for the future.

Throughout this long period, we have remained faithful to our original vision and strategy. With our insight, efficient organization and decisive business choices we have succeeded -all of us together, the MOTOR OIL family- in making our Company a leading Mediterranean player in the downstream oil sector.

The continual growth of MOTOR OIL, as well as the position it currently occupies, would never have been possible without the talents and hard work of the Company’s managers and employees, who safeguard both our present and our future. With continuous investments and an innovative spirit we have remained true to our commitment to add value to the Greek economy and Greek society.

Additionally, with our strict and ongoing implementation of our strategic objectives we have managed to win the confidence of our shareholders, always adhering to the principles of corporate responsibility and sustainability.

Today, the legacy accrued over these forty years represents a firm foundation from which to look forward with confidence and optimism.Trusting in its own strength and the skills and commitment of its people, MOTOR OIL will continue to be an active player, constantly growing through new investments while at the same time providing support and strengthening the Greek economy.

MOTOR OIL Board of Directors

40 YEARS MOTOR OIL Important Milestones in the Company’s History

1972

Commencement of operations at the refinery, which incorporates a Crude Oil Distillation Unit, a Base Oil Production Unit and Lubricants Blending and Packaging Units.

1975

The Company expands into the production of fuels, with the construction of an Atmospheric Distillation Complex with a capacity of 100,000 barrels/day.

1978 1980 1984

Expansion in storage facilities through construction of a tank farm with a capacity of 1.5 million cubic meters.

Production of gasolines with construction of a Naphtha Catalytic Reforming Unit.

Increased production of high added-value products with the installation of a Catalytic Cracking Complex.

Securing energy autonomy for the refinery with the construction of a Cogeneration Power Plant.

1986 1993 1996 1999 2000

Increased production of gasolines through the operation of an Isomerization Unit and an MTBE Production Unit.

Certification of the Quality Management System to the ISO 9002 standard for all Company activities.

Strategic cooperation with SAUDI ARAMCO, which acquires 50% of the Company’s shares.

Certification of the Environmental Management System to the ISO 14001:1996 standard.

Construction of new units to reduce sulphur and benzene in gasolines.

Increase in the octane rating of the gasoline pool through upgrading of the Naphtha Catalytic Reforming Unit.

Installation of a state-of-the-art Distributed Control System for the refinery’s production units.

2001 2002 2003 2004 2005

Share capital increase through public offering of shares and listing on the main market of the Athens Stock Exchange.

Acquisition of AVIN OIL.

Upgrading of the Quality Management System through certification to the new ISO 9001:2000 standard.

Operation of a new Truck Loading Terminal designed to meet contemporary safety and environmental protection specifications.

Operation of the Hydrocracker Complex for production of clean fuels.

2007 2008 2010

Certification of the Environmental Management System to the EMAS ER 761/2001 standard.

Certification of the Health and Safety Management System to the OHSAS 18001:2007 standard.

Increase in refinery production capacity, with the operation of a second Crude Distillation Unit, with a capacity of 60,000 barrels/day.

2011

Completion of the acquisition of SHELL operations in Greece.

MOTOR OIL achieves sales and fuel production records (10.8million and 9.4million tons respectively).

The Company enters the commercial power generation sector, with the operation of the KORINTHOS POWER S.A. power plant in collaboration with MYTILINAIOS S.A.

40 YEARS MOTOR OIL

Introduction Entrepreneurship and Business History is an important and fascinating branch of Economic History. Company archives are a valuable source for historians in their research, providing information on various aspects of the history of businesses themselves, as well as on diverse interesting facets of Economic and Social History: the history of techniques and technology, the history of the sciences and their practical applications, labour history, the historical uprising of the social responsibility of businesses, business ethics and so on.

The anniversary volume at hand was designed to mark the celebration for the 40 years of operations of MOTOR OIL. It consists of documented texts illustrating the progress of the Company throughout a number of discrete periods in time. The texts are accompanied by a wealth of photographic and archive material bearing witness to its fascinating history.

The history of MOTOR OIL represents a spectacular achievement within the Greek Economic History. It demonstrates vividly the transition from trade to industry, the integration of sectors of the Greek Economy into the international economic environment, as well as the particular contribution of individual personalities to the framing of business strategies, which have changed the course of our country’s economy and opened up new business opportunities.

Institute for Research into Local and Corporate History

11

Contents

1970-1973

The founding and early days of MOTOR OIL: A ground-breaking investment

1974-1980

Major investments in upgrading and expansion: Making a fully integrated refinery

1981-1995

Focus on the domestic market: Investments for the qualitative improvement of the products

1996-2000

A strategic partnership which opens up new prospects: Upgrading of administrative systems and investments in the production of cleaner fuels

2001-2009

Stock market listing and technological integration: Investments in safety, quality and the environment

2010-2012

Forward-looking organic growth: Investments and acquisitions that improve the Company’s competitive position in the marketplace

Social Responsibility

15

47 67

85 97

119 138

1970-1973

The founding and early days of MOTOR OIL A ground-breaking investment

1970-1973

The founding and early days of MOTOR OIL: A ground-breaking investment

The story of MOTOR OIL begins on 7 May 1970, with the publication in the Government Gazette (No. 511) of the official license to establish the company, under the name MOTOR OIL (HELLAS) LUBRICANT REFINERIES S.A. The first Board of Directors of the Company was formally incorporated on 19 June 1970, on which date Nikos J.Vardinoyannis assumed his duties as Chairman and Managing Director.

Under the original design, these two complexes would be able to operate independently or in combination. However, a decision was finally taken for a combined operation so that raw materials for the lubricants complex would be provided by the distillation complex. This process would ensure consistency of the quality and of the properties of the produced lubricants.

following Units: On 31 October 1972, the name of the Company was changed, by decision of the General Meeting of Shareholders, to MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. - the name it has retained to the present day.

Nikos J.Vardinoyannis - a man of great vision and insight - was among the first to see the opportunities for investment in the construction and operation of a refinery in the south-eastern Mediterranean area. He was assisted in his business plans and strategic decisions by his profound knowledge of the economic and geopolitical factors that influence the way the international oil market works.

Once his original business idea and his ambition to create one of the largest, purely privately owned industrial complexes in Greece had matured, he submitted, in 1965, the original application to the Greek state for a license to construct a lubricants refinery.

After five years of urging his case, he finally saw his application approved on 28 January 1970.

An area of 2 sq. km in the vicinity of Agioi Theodoroi, Corinth, was chosen as the site for this major investment. This location was selected for the number of significant advantages it presented: its proximity to Athens, the possibility of anchorage for ships with a deep draught, and the freedom it gave the Company, because of the geographical position of its facilities, to select suppliers of different qualities of crude oil from various oil-producing countries.

Geotechnical work (excavations and levelling of the site) began on 16 May 1971.

The work progressed rapidly and in just a few months, on 10 January 1972, mechanical engineering work was ready to commence. In the meantime, the Company was proceeding with the construction of the necessary port facilities designed to provide mooring for five vessels at the same time (one of which with carrying capacity of up to 250,000 tons), making it one of the largest ports in the Mediterranean.

In designing and construction of the refinery particular care was taken over environmental issues, ensuring the greatest possible protection for the atmosphere and marine environment. In this context, the Company introduced measures not seen before in Greece, such as: 85m respectively, even though local legislation only required heights of 30-40m;

The refinery was designed to be able to produce up to 2.000.000 tons of products each year incorporating two complexes: diesel and fuel oil. asphalt and paraffin.

16

cleaning waste water; refinery’s port facilities.

After just eighteen months, and with more than three million man-hours, the refinery was ready to commence its operations.

great ceremony and in the presence of more than two thousand guests. These

occasion by MOTOR OIL. On 16 November 1972, the tanker GOLD STAR, owned by the Group and sailing under the Greek flag, moored at the refinery port facilities. The tanker, with a capacity of 140,000 tons, was carrying the first ever shipment of crude oil to the refinery from the Persian Gulf - 130,000 tons. This was the largest tanker at the time to call and unload its cargo at any Greek port.

The refinery was manned by Greek personnel, all with high levels of technical training and many years of experience, as well as operators and technicians trained by the Company in a specialized and carefully structured training programme. Total staff was around 400, and in the first year of operation an additional 15 technical experts were brought in from abroad to share their expertise with their Greek colleagues.

Moreover, the Company laid particular emphasis on the organization and development of its administrative and financial services and on securing the best possible conditions for its staff. In this context, the Company proceeded to take out group insurance for all employees with a private insurance company –something innovative at the time.

One by one, the Company signed contracts with the global oil giants of the time -BP, MOBIL, FINA, SHELL and TEXACO- on the provision of crude oil and on the sale to these companies of lubricants and other Company products. The Company thereby ensured an uninterrupted supply of crude oil to its refinery, and purchasers for 85% of its lubricants production, opening up positive prospects for the viability of the whole investment.

At the same time, the sale of the refinery’s oil products to other major customers abroad, like the US Ministry of Defence, was a key factor in developing the operations of the refinery and establishing its export orientation, given that its operating license required 96% of production to be destined for export.

Anticipating a dramatic increase in demand for oil refinery products over the coming years, the Company took the view that it should waste no time in preparing to extend its productive base. This stance, along with the excellent quality of its products, which exceeded international specifications, encouraged the Company to draw up a wide programme of expansion and development of its facilities. Therefore, and following decisions taken already by the Management in 1971, the Company completed a financial and technical study for the expansion of the productive capacity of the fuels refinery to a level of 5 million tons.

Continuing growth in the refinery’s operations obliged the Company to also expand its storage facilities, constructing ten new tanks with a total capacity of 250,000 cubic meters for storage of crude oil and finished products, increasing therefore the total capacity of its tanks to 550,000 cubic meters.

On 2 July 1973, at the age of just 42, the founder of the Company and Chairman of its Board, Nikos J.Vardinoyannis, suddenly passed away. The difficult work of consolidating and expanding the Company was now undertaken by his brother,Vardis J.Vardinoyannis, who had worked with him closely, and who now assumed the duties of Chairman and Managing Director. Until this time Vardis J.Vardinoyannis had the overall supervision and management of the Group’s shipping sector.

In 1973, rapid increases in demand and limited supplies of crude oil, as well as dramatic fluctuations in exchange rates, were the main characteristics of the international developments in the Company’s area of operations; all these factors contributed to an increase in the price of crude oil. These unfavourable developments rapidly worsened on the outbreak of the fourth Arab-Israeli conflict (the Yom-Kippur War) in October, when the Arab countries imposed an embargo on exports of crude oil to certain western countries, while at the same time cutting their levels of production. This sparked the energy crisis of 1973, which led to a fivefold increase in the price of crude oil by the following year. A correct and timely diagnosis of the international situation, and the capable manoeuvres of the Company’s Management, helped MOTOR OIL to respond to the crisis by framing a strategy to secure an uninterrupted supply of crude oil via existing supply agreements and from the spot market. This allowed supplies to the refinery to be kept running, despite the quotas being imposed by the oil-producing countries.

17

1970 Model of the refinery, 1970 Archive of I. Kapasakalis

The signs have gone up. Everything is now ready for construction work to commence, 1970

18

Levelling the ground for the construction of the refinery, 1970 Archive of I. Kapasakalis

40 YEARS MOTOR OIL

Construction is under way for the big refinery stack and the surrounding works, 1971 Archive of I. Kapasakalis

19

1971 Pre-construction of pipelines, 1971 Archive of I. Kapasakalis

Layout of site, laying of foundations and construction of tanks, 1971 Archive of I. Kapasakalis

20

The lubricants refinery stack under construction, 1971

under construction, 1971

The tanks nearing completion, 1971 Archive of I. Kapasakalis

21

The stack and two groups of tanks under construction.

Centre right - a large crude oil tank is beginning to take shape, 1971

22

Panoramic view of group of tanks and the jetty under construction, 1971

23

1972

View of the MOTOR OIL refinery jetty, 1972 Archive of I. Kapasakalis

24

40 YEARS MOTOR OIL

The high standards MOTOR OIL port facilities at Agioi Theodoroi are capable of providing mooring for vessels up to 250,000 tons, 1972.

Archive of I. Kapasakalis

25

Unloading and transportation of the Distillation Tower, 1972 Archive of I. Kapasakalis

The work of MOTOR OIL does not take place only at the Agioi Theodoroi site. Here we see people hard at work also at the Head Office in Athens, 1972 Archive of I. Kapasakalis

26

A crane is used to set up the 44m-tall Distillation Tower, 1972 Archive of I. Kapasakalis

27

During the construction phase. Nikos Vardinoyannis and his close associates Giorgos Alexandridis and Panayiotis Kontaxis, watch the progress of the construction work, 1972

28

View of the refinery, 1972 Archive of I. Kapasakalis

40 YEARS MOTOR OIL

MOTOR OIL TRAINS As construction work gets under way, the Company starts the search for the skilled technical staff capable of operating the various units of the refinery. In the absence of any specialised school for training refinery operators in Greece, a number of alternative solutions are proposed and finally it is decided that the Company will train its operators using its own resources and at its own expense.

Training sessions for operators, 1972 Archive of I. Kapasakalis

First of all, suitable candidates for positions as operators were selected, graduates of high or technical schools, and a programme of training was drawn up, comprising of three stages.

The programme was launched in early March 1972. The first phase, held in the rooms of the Cretan Students Hall in Pagrati, focused on classes in theory, scheduled to be completed by the time work was finished on the refinery, so that the next two phases of training could be held on site.

After a review of key concepts in maths, physics, chemistry, electrical engineering and metallurgy, the trainees moved on to study special subjects related to the oil industry and the production of lubricants. During this period the trainees studied the operation of control instruments, key concepts in chemical engineering (distillation, extraction and heat exchange), and aspects of the production process. They were also taught how to read and interpret flow diagrams, as well as the specifications for refinery products. The training was complemented by extra courses on the fire safety system, the storage and handling of products and the maintenance of machinery.

The second stage of training, commencing on 6 July, was held in the still under construction refinery at Agioi Theodoroi, lasting until 25 September 1972. The trainees were able to acquire their first practical experience, with simulations and exercises using models and the engineering plans of the refinery. The courses covered identification of pipelines and other equipment, a detailed description of the various processing units, as well as the utility units.

Particular importance was attached to the classes relating to procedures for planned startups or shutdowns, as well as the procedures for emergency shutdown.

The third and final stage of training involved participation by the trainees in the preliminary preparations for the start-up of the refinery. During this period they focused on on-site identification of pipelines and other equipment at the refinery, taking part in trial operation of the machinery, as well as hydrostatic tests of vessels and pipelines.

One of the many problems that was dealt with successfully was the complete lack of training materials in Greek. It was necessary for the Company’s engineers to compose all the relevant training manuals from scratch, for distribution to the aspiring operators.

In this way the Company drew up a comprehensive training programme, successfully moulding its own technical staff, capable of filling any personnel needs.

Training sessions for operators, 1972 Archive of I. Kapasakalis

This approach -modified to suit changing conditions- has been followed continuously until this day.

29

The Lubricants Units at the refinery, under construction, 1972

30

40 YEARS MOTOR OIL

Nikos Vardinoyannis, with his associates Stavros Triantafyllidis and Giorgos Alexandridis, signing a contract with Dimitris Kontominas of INTERAMERICAN, for the group insurance of the Company’s workforce, 1972 Archive of I. Kapasakalis

Panayiotis Kontaxis, Giorgos Alexandridis, Nikos Vardinoyannis and Stavros Triantafyllidis at a reception marking the commencement of trial operation of the refinery, 1972 Archive of I. Kapasakalis

31

The Lubricants Dewaxing Unit, 1972

32

40 YEARS MOTOR OIL

Installation of the furnaces at the lubricants refinery, 1972

Panoramic view of the construction work, 1972 Archive of I. Kapasakalis

General view of the lubricants refinery and jetty, 1972

33

Arrival of the distinguished foreign guests in Athens, flown in on a chartered OLYMPIC AIRWAYS aircraft, 11 November 1972

Arrival of official guests at the refinery on opening day, 1972

Archive of I. Kapasakalis

Archive of I. Kapasakalis

Nikos Vardinoyannis with his son Pavlos and brother Sifis, at the official opening of the refinery, 11 November 1972 Archive of I. Kapasakalis

34

Arrival of dignitaries and view of the reception room for the guests at the official opening of refinery, 11 November 1972 Archive of I. Kapasakalis

40 YEARS MOTOR OIL

Vardis Vardinoyannis and his wife Marianna welcome Rear-Admirals Theodoros Manolopoulos and Aristeidis Yiannopoulos to the official opening, 11 November 1972 Archive of I. Kapasakalis

Nikos Vardinoyannis with his wife Manuela and his children, his brother Vardis and his wife Marianna, on the official opening day, 11 November 1972

The Vardinoyannis brothers (from the left:Vardis, Pavlos, Nikos, Giorgos and Theodoros), with their mother Chrysi Vardinoyanni, at the official opening of the refinery, 11 November 1972

Archive of I. Kapasakalis

Archive of I. Kapasakalis

35

Nikos and Vardis Vardinoyannis with his wife Marianna and their son, together with their mother Chrysi Vardinoyanni, at the official opening of the refinery, 11 November 1972 Archive of I. Kapasakalis

36

More than 2,000 guests attend the opening ceremony at the refinery, 11 November 1972

Nikos Vardinoyannis explains the Company’s vision, the importance of the investment and its first achievements during his speech at the opening ceremony, 11 November 1972

Archive of I. Kapasakalis

Archive of I. Kapasakalis

40 YEARS MOTOR OIL

Nikos Vardinoyannis and his mother Chrysi at the cutting of the ceremonial cake at the official opening of the refinery, 11 November 1972 Archive of I. Kapasakalis

Model of the refinery, 1972 Archive of I. Kapasakalis

Vardis Vardinoyannis with his wife Marianna and brother Theodoros at a reception organized at the Hotel Grande Bretagne to mark the opening of the refinery, 11 November 1972 Archive of I. Kapasakalis

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The first shipment of crude oil arrives at the Company facilities in Agioi Theodoroi, 16 November 1972 Archive of I. Kapasakalis

38

40 YEARS MOTOR OIL

Nikos Vardinoyannis with his son Pavlos on the deck of the GOLD STAR tanker, 1972 Archive of I. Kapasakalis

Nikos Vardinoyannis with his brother Giorgos and associates Stelios Spanoudakis, Giorgos Alexandridis and Panayiotis Kontaxis, on the bridge of the GOLD STAR tanker, 1972

Nikos Vardinoyannis with his associate Panayiotis Kontaxis on the deck of the GOLD STAR tanker, 1972 Archive of I. Kapasakalis

Archive of I. Kapasakalis

39

1973 Vardis Vardinoyannis with Stavros Triantafyllidis on the refinery jetty, 1973 Archive of I. Kapasakalis

Nikos Vardinoyannis with Stig Host, General Director of Mobil’s International Operations, who contributed significantly to the establishment of a strategic partnership between the two companies, 1973 Archive of I. Kapasakalis

40

Vardis Vardinoyannis with his wife Marianna and brother Nikos at the entrance to the refinery offices, 1973 Archive of I. Kapasakalis

40 YEARS MOTOR OIL

Nikos Vardinoyannis with his brother Vardis, Giorgos Alexandridis and other Company executives at the cutting of the traditional New Year cake, 1973

41

Nikos Vardinoyannis, 1973 Archive of I. Kapasakalis

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40 YEARS MOTOR OIL

Nikos J.Vardinoyannis was born in Episkopi, Rethymnon, on the island of Crete, in February 1931. He was the fourth child of John and Chrysi Vardinoyannis. In 1948 he completed his studies at high school in Rethymnon and entered the Hellenic Naval Academy. As an officer of the Hellenic Navy, he serves the sea with passion on surface ships and submarines, demonstrating exceptional leadership abilities, versatility, courage and resoluteness.

Meanwhile, Nikos J.Vardinoyannis was also very successfully engaged in the shipping sector, building up an impressive fleet in just a few years, with orders for new vessels in 1973 alone exceeding 600,000 tons.

Departure from the Navy in 1962 marked the start of a creative period for Nikos J. Vardinoyannis, in which he became one of the most prominent figures in the Greek business world.

However, Nikos J.Vardinoyannis involvement in shipping and trading of oil products was only an intermediate step towards the realisation of his vision to create a new refinery. After a great deal of very hard work, on 11 November 1972, the MOTOR OIL refinery had its official opening. This was a huge investment for Greece and the fact that it was being operated by a Greek workforce was something Nikos J.Vardinoyannis was particularly proud of.

A man of great vision and ambition, he conceived the idea of creating a refuelling station for ships at Kaloi Limenes in Crete. Familiar with the routes taken by merchant vessels in the south-eastern Mediterranean, he realized the huge potential of such a facility in this corner of south-eastern Crete, which is exposed only to southerly winds, and lies just seven miles from international waters and the sea route to the Suez Canal.

In his address to the guests at the official opening of the refinery, he emphasized that ‘...behind the gleaming fresh paint of these facilities lies a story of much hard work and effort, with many pleasant and many difficult moments. A purely Greek project, in which we take great pride, and which from today makes an important addition to the Greek industrial sector. A project designed to international technical specifications, whose role will be to make an important and varied contribution to the growth of our economy’.

In this endeavour he enjoyed the valuable assistance of his brother Vardis J. Vardinoyannis, also a former officer of the Hellenic Navy and fellow student at the Hellenic Naval Academy, as well as his other brothers.

The founding of MOTOR OIL and the building of the refinery were huge achievements for Nikos J.Vardinoyannis. Achievements which he attained through his ability to set targets, to choose the right managers and associates, to find the most appropriate solutions to problems and to frame a long-term, visionary strategy.

Initially, the tanker Aristophanis was moored in the natural harbour of Kaloi Limenes for passing vessels to draw fuel from its tanks. This difficult undertaking enjoyed complete success, with no fewer than 450 vessels calling in to refuel in less than two years.

Nikos Vardinoyannis died suddenly on 2 July 1973, at the age of 42, and sadly would never see the huge expansion of the project for which he had striven so hard.

Before long he manages to seal an agreement for the supply of oil with Mobil.

The company SEKA, owned by Nikos J.Vardinoyannis, established two new refuelling stations in Piraeus and Syros, seeking to develop a broad network of stations which would cover other Mediterranean sea routes.

43

The DETROIT, an auxiliary vessel in the US fleet, approaches the refinery jetty to refuel, 1973 Archive of I. Kapasakalis

Chairman and Managing Director of MOTOR OIL,Vardis J.Vardinoyannis, his brothers Giorgos and Theodoros and MOTOR OIL executives, together with discharged officers of the Hellenic Navy who had taken part in the Naval Mutiny of 1973 against the Greek junta and were subsequently offered employment by the Company, September 1973 Archive of I. Kapasakalis

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40 YEARS MOTOR OIL

MOTOR OIL Chairman and Managing Director Vardis J.Vardinoyannis Archive of I. Kapasakalis

45

1974-1980 Major investments in upgrading and expansion Making a fully integrated refinery

1974-1980

Making a fully integrated refinery

This period ushered in a new era in the history of the Company, under the leadership of its Chairman and Managing Director Vardis J.Vardinoyannis. The Company grew stronger, modernized and adapted to the new conditions shaped by developments in the domestic and foreign arenas.

The Company now moved to implement a comprehensive investment programme which further consolidated its position in the market. With this programme the Company ensured the expansion of the production capacity of the refinery through the construction of new Units which improved quality across the entire production range.

The objective underlying these investments was to safeguard the economic viability of the Company and to ensure its products would meet the new specifications soon to be introduced.

In 1974, the Company found itself facing a particularly difficult business and financial environment, both domestically and internationally. The drachma was decoupled from the US dollar, which in combination with a quadrupling of international prices for crude oil, led to recession and inflationary pressures, while there was no end in sight to the prolonged crisis in the shipping sector. It was against this backdrop that the Company had to implement its on-going investment programme and overcome all challenges.

The range of the new complex included the following products: naphtha, jet fuel, kerosene, gasoil, diesel, fuel oil and gases (propane, butane, LPG), as well as solid elemental sulphur as a by-product.

While the new refining complex was under construction, intensive training programmes were being held for about 200 new operators, who were to raise the size of the refinery staff to 600.

The same year saw the successful completion of a comprehensive programme of construction of new storage tanks, for both crude oil and refined products. This raised the overall storage capacity of the refinery to 2,050,000 cubic meters.

In 1976, Chairman and Managing Director Vardis J.Vardinoyannis steered the Company towards a reorientation of its investment strategy. This was thought to be necessary because of the anticipated change in the country’s oil policy, relating to the supply of the domestic market with petroleum products and the anticipated removal of restrictions preventing MOTOR OIL from supplying the public sector and other oil companies in Greece.

metric tons of gasoline per year.

The new complex consisted of the following units:

these products, also incorporating the supplementary Units of Hydrogen Production and Hydrogen Sulphide Washing, as well as the environmental protection Sulphur Recovery Unit, which converts the recovered sulphur into solid form.

48

In 1979, as part of its continuing efforts to expand and to technologically upgrade its refinery production, the Company decides to construct the Fluid Catalytic Cracking Unit-FCC. This was a ground-breaking investment in both Greek and international terms, as only very few refineries in Europe or elsewhere had so far installed complexes of this kind. This investment significantly increased the level of technological complexity of the refinery, which was now upgraded into a highly integrated production facility,

capable of expanding its range of products (gasolines, diesel). This allowed the Company to operate the refinery on a fuller and more rational basis, with maximum exploitation of the whole investment, while at the same time expanding the output and production volume of high added-value products.

Throughout this whole period, despite the unfavourable economic circumstances arising from the oil crisis and domestic economic instability, the Company succeeded in implementing its investment plans, while also significantly expanding its commercial penetration into both Greek and foreign markets.

One of the refinery’s products is asphalt which is a residue produced by the Vacuum Distillation Unit. In 1979, the original Atmospheric Distillation Unit which had meanwhile been closed down was converted into a Visbreaker Unit. This Unit converts part of the asphalt into naphtha and gasoil, as well as fuel gas.

Following completion of the expansion of the refinery, and in tandem with construction of the Fluid Catalytic Cracker complex, supplementary work was carried out to upgrade the Waste Water Treatment Plant, as well as the fire safety system. At the same time work was carried out to upgrade the refinery jetty, allowing it to meet the increased needs of the Company and provide mooring for vessels with a capacity of up to 400,000 tons.

Meanwhile, in order to ensure an adequate supply of water to the refinery the Company constructed its first Seawater Desalination Unit, able to provide 800,000 tons of water each year. The project was of significant value in allowing the Company to reduce its fresh water requirements from either underground or surface sources, thereby considerably reducing the environmental footprint of the refinery.

49

View of the filling machines for small containers, 1974

UNITS

At the Company’s Lubricants Blending Unit more than 200 types of lubricants are prepared, for every possible use, to be distributed in Greece and abroad. They are marketed under the MOTOR OIL brand EMO. The Unit is capable of producing 45,000 tons of finished, packaged products each year.

EMO products cover a wide range of applications and can be used in gasoline and diesel engines of all kinds, twostroke engines, circulating and hydraulic systems, turbines, closed and open gear systems, manual and automatic transmissions, metal and marble working machinery, textile machinery, agricultural and excavation machinery, axle and cylinder lubrication systems of heavy-duty machinery, as well as marine engines.

Although these lubricants are not available for retail sale, they become known to the public and manage to enjoy the confidence of customers for their high quality. They are sold to large companies abroad, to the Public Power Corporation (PPC) for its diesel engines, to the Greek Armed Forces, the Greek Merchant Marine, the Greek Railways Organization (OSE), to ministries and to other major businesses.

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Company lubricants packaged for sale, 1974

40 YEARS MOTOR OIL

Partial view of blending area, 1974

Filling machinery being fed from blending vessels, 1974

Automatic drum-filling machinery, 1974

The Drum Reconditioning Section, 1974

Chemical additives addition in blending vessel, 1974

Control room: the control panel for the automated blending process, 1974

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1975

View of the Company’s refinery, 1975

52

40 YEARS MOTOR OIL

MOTOR OIL Chairman and Managing Director Vardis J.Vardinoyannis takes the Minister for Industry, Konstantinos Konofagos, on a tour of the refinery, 1975

53

Distillation columns C-201, C-205, 1975

54

40 YEARS MOTOR OIL

Fuel Production Units, after the completion of construction works, 1975

Volumetric flow meters at the refinery port, 1975

55

View of the Fuel Production Units during construction of the underground pipelines linking the refinery to the site of the new tanks, north of the New National Highway, 1975

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40 YEARS MOTOR OIL

Views of the refinery after completion of its expansion, 1975

Completion of construction of the tanks

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1976 Interior view of the new wing of Agioi Theodoroi Primary School, 1976 Archive of I. Kapasakalis

View of new Hydrogen Production Unit, 1976

Official opening of the new wing of the Agioi Theodoroi Primary School, Corinth. Its construction and equipment was financed by MOTOR OIL in memory of Nikos J.Vardinoyannis.

Archive of I. Kapasakalis

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The Chairman and Managing Director of MOTOR OIL,Vardis J.Vardinoyannis, with students of the Agioi Theodoroi Primary School, at the official opening of the new wing, 1976 Archive of I. Kapasakalis

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1978

View of the refinery from the eastern side, 1978

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40 YEARS MOTOR OIL

Section of the Naphtha Catalytic Reforming Unit, 1978

View of the refinery’s new Gasoline Units, 1978

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1979

Tankers moored at the Company jetty, 1979

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40 YEARS MOTOR OIL

Snapshots taken during a visit of journalists to the refinery facilities, 1979

Special issue of the OIL magazine dedicated to the new investment initiatives of MOTOR OIL, 1979

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1980

The newly acquired oil skimmer vessel, 1980 Archive of I. Kapasakalis

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40 YEARS MOTOR OIL

Construction of the refinery’s Waste Water Treatment Plant, 1980

While developing and expanding its installations and operations, the Company took pioneering at the time measures to protect the environment, going far beyond what was required by law.

In order to prevent air pollution and from the very beginning the Company made ongoing investments in anti-pollution technology (Sulphur Recovery Unit, installation of special filters, great height of flares and stacks, etc.).

To separate out the oil contained in the refinery waste water, as well as the rainwater and waste from de-ballasting of vessels, waste water was processed in two gravity oil-water separators, operating in sequence and constructed to meet the specifications of the American Petroleum Institute.

In 1980, MOTOR OIL proceeded to make a new investment in protection of the marine environment from possible oil spills, complementing its existing equipment with the purchase of a stateof-the-art oil skimmer vessel. The vessel had the capacity of collecting around 35 tons of oil per hour, equipped with a special belt for absorbing oil and other pollutants while rejecting water.

Furthermore, the vessel was also equipped with two motors which allowed it to achieve a speed of 16 knots while moving to the contamination site, and 6 knots while collecting waste, being thus able to operate in choppy waters (waves up to 1m high).

The newly acquired oil skimmer vessel, 1980

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1981-1995

Focus on the domestic market: Investments for the qualitative improvement of the products

1981-1995

Investments for the qualitative improvement of the products

This period was marked by international events which did much to shape the Company’s strategic decisions. Greece’s entry into the European Economic Community (EEC) had a decisive impact on all subsequent economic and social developments in the country.

to the investment in question. The investment involves facilities as well as means of protecting the sea from pollution and special equipment to counter noise and air pollution’.

A change occurred in the status quo governing supply of the domestic fuel market, with gradual concession to the oil companies (between 1.1.1986 and 31.12.1989) of the right to make a free choice of supplier for products of European origin, in order to meet the needs of the domestic market.

At the same time, as consumers became more sensitive to issues of environmental protection, the oil sector gradually adopted more rigorous specifications in respect to both fuel quality and the operating conditions of refineries.

Within this context, the Company’s strategic approach led to the implementation of an investment programme focusing on the following areas:

adding new units to the refinery or upgrading existing Units;

In 1982, the Extraction Unit of the Lubricants Complex was expanded and modernized, resulting in improvements in the quality of the base oils produced and increasing the complex’s productivity.

Furthermore, both a Dimersol Unit and a new Sulphur Recovery Unit were installed at the Catalytic Cracking Complex. Notably, the Dimersol Unit for the production of a component with a high octane rating to be used in automotive gasoline, was only the second to be constructed at a European refinery. This was a ground-breaking investment by MOTOR OIL allowing it to provide the domestic market with unleaded gasoline produced at the refinery and intended first and foremost for foreign markets, conforming to more rigorous international quality specifications.

In 1983, work was completed on the expansion and upgrading of the Waste Water Treatment Plant. The improvements were designed to improve performance and increase the plant’s capacity in order to meet increased needs arising from current and future expansion projects. This was an important environmental investment, in respect of which the Chairman and Managing Director Vardis J.Vardinoyannis stated: ‘MOTOR OIL takes a real interest in environmental protection, and this is why we proceeded

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oxidation and degradation of biological pollutants through natural processes under controlled conditions.

The same year saw an increase in the production capacity of the Visbreaker -already in operation since 1979- for the production of high added value products. This investment allowed further processing of the quantities of asphalt (a product of a very low added value) produced through the operation of the second Vacuum Distillation Unit.

Taking the view that expansion of its activities and its continually increasing obligations required the substantial modernization and upgrading of its administrative and financial services, the Company decided to set up an Information Technology (IT) division and to install a mainframe computer. This would lay the foundations for computerization of the Company’s operations and procedures, in relation both to the refinery, as well as to product distribution, administration and financial management.

In the same year, MOTOR OIL was ranked 403rd among the 500 largest industrial companies outside the USA, in the list published by the internationally respected FORTUNE magazine. The rankings were based on the value of sales in 1982.

efficient and safe way.

efficiency by reducing air pollutant emissions.

With this in mind, the Company also installed two gas turbines with a total nominal power of 26 MW, powered by refinery gas or LPG. A heat recovery boiler to produce steam was also installed, with a capacity of 60 tons/hour. This Plant allowed the Company to meet almost all the refinery’s needs in respect to electricity, and furthermore to acquire the right to sell surplus power to the national power company (Public Power Corporation- PPC). This led to an overall reduction in operating costs, with the investment paying for itself in less than three years.

In the same year, with the adoption and use of new available technologies the Company upgraded the refinery’s Fluid Catalytic Cracking and Vacuum Distillation Units, in order to increase the volume of production at the Catalytic Cracking Complex from 120 to 160 tons per hour.

station has 4 double loading bays and can load 36 road tankers in an eight hour-period.

In 1988, the nominal power of the Cogeneration Power Plant was increased from 26 MW to 30 MW with the installation of humidifiers and steam injection equipment in the gas turbines. This investment allowed the new and increased power needs of the refinery to continue to be met independently.

Two years later, in 1990, expansion work increased the capacity of the Naphtha Catalytic Reforming Unit by 50%. One reactor was replaced and other modifications were carried out to increase gasoline production at the refinery.

Ever since it commenced operations, MOTOR OIL has treated its customers with respect and responsibility, focusing its efforts on supplying them with high-quality products. This commitment to quality is a key element in the Company’s strategy.

In 1985, in order to meet in an environmentally friendly way the refinery’s everincreasing need for water, a second Seawater Desalination Unit was put in operation, with a capacity of 800,000 tons per annum. This new plant raised overall desalination capacity to 1,600,000 tons per annum, allowing the Company to meet most of the refinery’s water needs without any adverse impact on the environment.

In 1986, the Company installed two new units within the Catalytic Cracking Complex: the Light Naphtha Isomerization Unit and the MTBE (Methyl Tertiary-Butyl Ether) production Unit. Both of these units produce components with very high octane numbers, which are blended with gasoline in order to get the required octane rating, meeting the relevant specifications without the addition of lead. This investment meant that the Company was prepared at a very early stage to meet the increased demand for unleaded gasoline, resulting from the sale of more and more cars running on this kind of fuel.

In 1995, the Diesel Desulphurization Unit was upgraded and its reactor replaced. The intention was to meet the new European specifications for diesel with respect to its sulphur content. Simultaneously, the Unit’s capacity was increased from 120 to 150 tons per annum.

Finally, during the same year, work on construction of new tanks and storage facilities was completed, thus raising the overall capacity of the refinery to 2,200,000 cubic meters.

During the same year, the MOTOR OIL Employees’ Union, founded in 1975, signed a Collective Labour Agreement with the Hellenic Federation of Enterprises. The agreement regulated pay levels and employment terms at the refinery and was renewed annually in the form of a private contract. In the context of its communication with the workforce the Union issued, starting in 1978, the newspaper which later became the magazine , still being published today.

In 1987, the AVIN OIL Truck Loading Terminal was put in operation, on a site adjacent to the refinery facilities, being supplied directly from the refinery through pipelines. The

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1981

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View of the Visbreaker, 1981

40 YEARS MOTOR OIL

General view of the refinery, 1981

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View of the refinery with the Catalytic Cracking Complex in operation, 1981

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40 YEARS MOTOR OIL

The Lubricants Packing Unit, 1981

Theodoros and Vardis Vardinoyannis, photographed at a Christmas party for staff at the Hanikian Beach Hotel, Agioi Theodoroi, 1981

Various lubricants produced by the Company, 1981

View of the oil separator at the Waste Water Treatment Plant, 1981

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1982

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The refinery jetty, 1982

40 YEARS MOTOR OIL

Solid sulphur collection site, 1982

A tanker moored at jetty A’, 1982

Company Chairman and Managing Director Vardis J.Vardinoyannis with his associates Panayiotis Kontaxis and Theodoros Manolopoulos welcomes students from the Hellenic Naval Staff and Command College to the refinery facilities, 1982

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1984 An educational visit by students and officers of the Hellenic National Defence College, during which Company Chairman and Managing Director Vardis J.Vardinoyannis explained the operations of the refinery and its technological infrastructure, 1984

General Manager of the Company Panayiotis Kontaxis (left) and Dean of the Athens University of Economics and Commerce, Professor P. Tzortzopoulos (right), address final-year students of the School, 1984

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General Manager of the Company Panayiotis Kontaxis briefs officers of the Hellenic Naval Staff and Command College on the infrastructures and productive capacity of the refinery, 1984

40 YEARS MOTOR OIL

Letter from the West German Ministry of Finance thanking the Company for welcoming a group of officials and giving them a tour of the refinery facilities. The letter notes that this visit allowed the foreign officials to acquire ‘a clear picture of the Greek economy’, 1984

The new Power Generation Plant of the refinery, 1984

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1985

A Company advertisement in the OIL magazine, 1985

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1986

Upgrading of the Fluid Catalytic Cracking Unit, 1986

40 YEARS MOTOR OIL

Since 1986 the MOTOR OIL Employees’ Union has been publishing the magazine

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1987 Aviation fuel distribution schedule, 1987

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1988

40 YEARS MOTOR OIL

Photographs taken during a visit by journalists, representatives of oil companies and EEC officials. The tour of the refinery was organized by the Company as part of a special open day to present the energy-saving investments being implemented in the production process, 1988

The AVIN OIL Truck Loading Terminal, 1988

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1992 Replacing the head of the fuel flare, 1992 Archive of F. Kazazis

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1993

40 YEARS MOTOR OIL

The first certification of the Quality Management System according to the ISO 9002 compliance standard, 1993

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1996-2000

A strategic partnership which opens up new prospects Upgrading of administrative systems and investments in the production of cleaner fuels

1996-2000

A strategic partnership which opens up new prospects: Upgrading of administrative systems and investments in the production of cleaner fuels

to a newly built office complex. The new offices, constructed to meet contemporary standards of safety and workplace planning provided an ideal working environment for the Company’s staff.

shareholder base of MOTOR OIL was effected whereby the legal entities

SAUDI ARAMCO is the world’s leading oil producer and its participation in the share capital of MOTOR OIL constituted one of the largest foreign direct investments ever made in Greece.

The Vardinoyannis and SAUDI ARAMCO Groups set as their top priority the achievement of organic growth for MOTOR OIL by the means of further modernization of its refinery production facilities, through continuous investments, while, at the same time, taking into consideration the issue of sustainable development, an issue closely related to the protection of the environment.

The cooperation of the two shareholder groups secured the uninterrupted and on time supply of crude oil for MOTOR OIL while the Company benefited greatly from the know-how, experience and international management practices which the SAUDI ARAMCO executives brought in the daily business operations.

Within the framework of the operation of the Company Board of Directors, the establishment of an Audit Committee and of a Remuneration Committee was decided, according to the internationally accepted standards of Corporate Governance. The establishment of these Committees combined with the fact that the Internal Audit Department of MOTOR OIL was in operation already since 1990, denote that the Company fulfilled in advance all requirements introduced many years later by the Greek Corporate Governance Law 3016/2002.

On 23 June 1996, the Company’s registered headquarters were relocated from Athens (Syntagma Square) to Marousi, Attica, with a parallel relocation of the head offices

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In September 1996, the Vice Chairman of the MOTOR OIL Board of Directors Theodoros J.Vardinoyannis passed away. He was an extremely active man of diversified interests, who, as a Member of the Board of Directors of the Company since 1974, marked its course with his significant insight and entrepreneurial spirit.

In December of the same year, the Company decided on the installation of an Enterprise Resources Planning System (ERP). The system chosen was the SAP, which was to provide IT support for all the Company’s business and operational activities. The system, went live on 1.1.1999, allowed the Company to move away from the traditional model of fragmented information systems to a single, advanced and comprehensive system for managing of all corporate information. The new system was gradually to be proved of decisive importance in improving and modernizing operational functions and procedures.

since then states: ‘To be a leading oil refiner and oil products marketing enterprise in Greece and the wider SE Mediterranean region’.

In the same year, the second gas turbine of the Cogeneration Power Plant was replaced, completing the modernization process which had began with the replacement of the first gas turbine the preceding year. These modifications brought the nominal power of the Plant up to 29 MW. At the same time, work to upgrade the Vacuum Distillation Unit in the Lubricants Complex was completed raising the feed rate by 9% and improving the quality of the base oils produced.

In 1998, MOTOR OIL participated -as a founding shareholder- along with a number of other companies in the establishment of the OLYMPIC FUEL COMPANY S.A. The Company’s scope included the planning, financing, construction and operation of storage installations, as well as the aviation fuel supply system, for Athens new ‘ELEFTHERIOS VENIZELOS’ International Airport. The total stake held by MOTOR OIL and AVIN OIL in the new company amounted to 28% (14% each).

This year also saw the installation of a new Nitrogen Production Unit, while work was completed on installation of an automatic tank level gauging system in all tanks at the refinery. This was to improve safety and environmental protection levels as well as render additional efficiency in the movement of oil products.

The Company also participated, for a second time, in a global survey which involved a comparative evaluation of refineries. The survey is carried out every second year by SOLOMON ASSOCIATES INC. The assessment process ranked MOTOR OIL among the most efficient of a total of 103 facilities in southern Europe and the Middle East.

Specifically, the MOTOR OIL refinery was ranked among the 25 most efficient facilities in the region in terms of capacity utilisation and maintenance costs, and among the 50 most efficient in terms of operational cost and conversion of raw materials into final products. These indicators illustrate the improvements made by the Company in key areas, when compared with the findings of the preceding survey in 1996.

Specifically, the main requirements of the new EU specifications for transport fuels envisaged the withdrawal of leaded petrol and the reduction of sulphur levels to 150 ppm and 350 ppm for unleaded petrol and diesel respectively.

The Company responded proactively to this new challenge by constructing two new units: the Benzene Hydrogenation Unit to reduce benzene levels in gasoline and the Gasoline Desulphurization Unit to reduce sulphur levels. Work was also carried out on upgrading the Naphtha Reforming Unit, to convert its operation from semi-continuous to continuous, in order to produce 103-octane gasoline, a component used to increase the octane rating of the gasoline sold to the end consumer.

System was certified according to the ISO 14001:1996 standard. The certification

The capacity utilisation rate is one of MOTOR OIL’s most important comparative advantages, ranging between 95% and 100% for all key units of the refinery over this period.

The year 1999 saw completion of a comprehensive programme of upgrading of the Fluid Catalytic Cracking Unit. The modifications made resulted in safer operation, an increase in input volume from 160 to 190 tons/hour, and an improvement in the conversion rate of heavy oil fractions into light fractions of higher value. At the same time, there was an improvement in the quality of the fuel oil produced, a process of twofold significance in the reduction of the environmental footprint of the Unit by reducing both emissions of catalyst particles into the air and the consumption of energy.

In 2000, MOTOR OIL took part as a founding shareholder (with a 16% stake) in the establishment of a company under the name ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., which was to construct and run the pipeline bringing jet fuel to Athens ‘ELEFTHERIOS VENIZELOS’ International Airport.

Over the five years 1996-2000, MOTOR OIL pursued an aggressive sales strategy which allowed it to increase its share in the domestic market from 18.1% in 1996 to 22.2% in 2000. The main features of this commercial policy focused on providing seamless customer service, the provision of integrated solutions and services, concluding of agreements with fuel terminals in the major urban areas of Athens and Salonica, and the exploitation of opportunities created by deficits in the fuel balance in the Greek market, through the import and sale of products.

At the same time, work was completed on the refinery’s investment programme to meet new EU specifications for transport fuels. These specifications aiming at reducing the impact of automotive emissions on the environment and human health, address issues pertaining to both fuel and engine specifications.

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1996

The new Board of Directors – commemorative photograph, 1996 Archive of I. Kapasakalis

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40 YEARS MOTOR OIL

Photographs taken at the reception held in honour of the Saudi Arabian Oil Minister Ali Al-Naimi, marking the signing of the partnership agreement between MOTOR OIL and ARAMCO, 1996 Archive of I. Kapasakalis

ARAMCO executives during a visit at the refinery facilities, 1996

Photograph taken during the first meeting of the new Board of Directors at 15.3.1996

Archive of I. Kapasakalis

Archive of I. Kapasakalis

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2000

Theodoros J.Vardinoyannis Theodoros J.Vardinoyannis was born in 1942 in Episkopi, Rethymnon, on the island of Crete. He was the ninth child of John and Chrysi Vardinoyannis.

He studied Economics in Athens and then Shipping in London.

He returned to Greece to work alongside his brother Vardis J. Vardinoyannis at MOTOR OIL. In 1974 he was appointed to the Board of Directors, becoming Vice Chairman in 1975, and embarked on a dynamic career with the Company marked by many successes.

He was involved on a daily basis with the operation of the refinery and the Company’s trading and marketing activities. A gifted negotiator and diplomat, he made an important contribution to the expansion of MOTOR OIL and the consolidation of its position in the oil market as a reliable supplier and purchaser of crude oil and oil products.

He also managed successfully to develop the Company’s trading activities in the markets of the UAE, Iraq, the former Soviet Union and the countries of the Black Sea region.

Theodoros Vardinoyannis passed away on 21 September 1996, at the age of 54, having achieved a great deal not only at MOTOR OIL but also in the other fields in which he was interested, including energy, media and sports.

To all those who knew him and worked with him he was an inexhaustible source of energy, vision, social sensitivity and humanity.

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View of Catalytic Cracking Unit, 2000 2000

40 YEARS MOTOR OIL

The first ISO 140001:1996 certificate for the Company’s Environmental Management System, 2000

Gasoline Desulphurization Unit, 2000

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View of the Naphtha Reforming Unit, 2000

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40 YEARS MOTOR OIL

View of the Gasoline Desulphurization and Benzene Hydrogenation Units, 2000

View of the Isomerization and MTBE Units, 2000

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Control room the transition from the analogue to the digital era The explosive development of digital technology in the 1980’s and 1990’s, with the rapid spread of micro-computer systems and computer networks, led to an equally rapid growth and dissemination of Distributed Control Systems (DCS). Previously, refineries and other industrial facilities had made widespread use of analogue control systems; these performed satisfactorily in terms of monitoring and control, but were very limited in their capacity to optimize the production process.

The old Control Room, 1974 Archive of F. Kazazis

Back in 1996 the Company first installed a pilot DCS in the Hydrogen Production Unit. The very encouraging results led to the implementation of a major investment programme for the installation of a comprehensive DCS across the whole refinery in order to replace the independent analogue control systems being then used to run each Unit separately.

The introduction of the DCS brought significant benefits to the Company, including: particularly in relation to start-up and shut-down procedures;

consumption, with corresponding reduction in carbon dioxide emissions; recording and storing of all operating information.

The year 2000 was a milestone in the Company’s development as the new Central Control Room, located at a site far removed from the Units themselves for safety reasons, was completed and was ready for operation.

At the same time, control of the individual Units was gradually being transferred to the DCS, the first one being the Naphtha Reforming Unit in 2000, followed by the Fluid Catalytic Cracking Unit, the Units of the Fuel and Lubricants Complexes, and so on. The whole transfer procedure was completed in 2003. The electronic equipment handling the signals received from 20,000 control points, is located in rooms which -since they are placed within the Units- are constructed to withstand the impact of an explosion in order to achieve the highest possible level of safety.

Training of the Unit operators to work in this entirely new environment -where all information required to monitor and regulate the operation of each Unit ends up in digital form on their screens- began in 1999, in tandem with the DCS implementation programme.

As part of its ongoing training policy, MOTOR OIL invested in the installation of Operator Training Simulators to ensure new operators are properly prepared for their tasks and to keep up the high level of training of existing staff. There are currently four simulators available for use at the refinery: one for the DCS, one for the Catalytic Cracking Complex, one for the Hydrocracker Complex and one for the new Atmospheric Distillation Unit.

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The old Control Room of the Automated Blending Unit, 1974 Archive of F. Kazazis

40 YEARS MOTOR OIL

The refinery’s new Control Room, 2000

Peripheral Control Unit, 2000

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2001-2009 Stock market listing and technological integration Investments in safety, quality and the environment

2001-2009

Investments in safety, quality and the environment

The Initial Public Offering (IPO) for the introduction of the shares of MOTOR OIL in the Athens Stock Exchange (ASE) took place during the period 10-13 July 2001. In its meeting dated 20 July 2001 the ASE Board approved the listing of the aggregate number of Company shares (105,507,600 existing plus 5,275,380 newly issued ones as a result of the share capital increase through the IPO) in its main market. The trading of the shares in the ASE commenced on 6 August 2001 with the Company cash account balances approximately 50 million Euro higher on the back of the public offering net proceeds.

As part of the Company’s investment programme, a 3rd gas turbine and a 2nd heat recovery steam generator were installed at the Cogeneration Power Plant. This investment, representing an overall spending of 23.5 million Euros, increased the nominal power of the Plant to 46 MW and its steam generation capacity to 63 tons/hour.

MOTOR OIL, which had been operating with responsibility and integrity ever since the launch of its operations, became a full member of the Hellenic Network for Corporate Social Responsibility. In the following year it issued its very first Environmental and Social Report (Sustainability Report), a practice it has continued every year until the present day, recording the activities engaged in by the Company, their results, as well as its continuous effort to improve and contribute to sustainable development.

In March 2002, and in the context of a relevant condition set by the Boards of the Athens Stock Exchange and of the Hellenic Capital Market Commission in the course of the listing approval procedure, the Company acquired 100% of the shares of AVIN OIL for a total consideration of approximately 37.5 million Euros.

In the same year, in a drive to cut gas emissions by at least 10%, the Company procured the necessary equipment and launched a pioneering programme of periodic checks at selected equipment points for detecting fugitive emissions of volatile organic compounds and immediately repairing the leaks causing the emissions. This scheme, known as the Leak Detection and Repair (LDAR) programme, made a significant contribution in improving air quality.

The project was intended to improve and optimize the distribution system, helping to increase the Company’s market share in the Peloponnese and western Greece. The design of the Terminal incorporated innovative techniques regarding health, safety and environmental protection issues. These included state-of-the-art automated loading systems, independent and stand-alone fire-fighting systems and a Vapour Recovery Unit.

The Terminal has 14 tanks with a total capacity of 30,500 cubic meters for 11 different products, and 10 loading bays, which can serve more than 220 road tankers in a tenhour operation.

At the same time the European Union laid down new and stricter specifications on the sulphur content of gasoline and diesel, as part of its environmental protection policies. It was decided that compliance with these new requirements would be introduced in two stages: sulphur content would be reduced to 50ppm from 1.1.2005 and to 10ppm from 1.1.2009 (but with gasoline and diesel with a sulphur content of 10ppm being gradually introduced to the market from 1.1.2005).

demand. The extra diesel produced could be used to replace imports to the

was able to supply international customers with fuels meeting specifications not introduced until 2009.

For the purposes of this project, the following Units were constructed: available technique for production of fuels with essentially zero sulphur content;

refinery with the most reliable high-voltage transmission grid; In 2003, work was completed on installation of a new Sulphur Recovery Unit, an investment representing a total spending of 9.3 million Euros. The new Unit contributed to an enhanced environmental protection, while improving the efficiency of the refinery’s processing Units. In 2004, construction work was completed on the refinery’s Truck Loading Terminal, an investment representing a total spending of 20.2 million Euros.

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of the Plant to 68 MW, and the steam generation capacity to approximately 105 tons/hour; and handling the sulphur produced, allowing the whole process to be carried out in a closed circuit with minimal environmental impact. Completion of the investment meant that the refinery’s score on the Nelson Complexity Index rose significantly to 11.4, making it one of the most integrated and complex facilities of its kind in Europe a comparative advantage it has retained to the present day.

In 2005, the Electric Power Management System -designed to increase the reliability of the refinery’s electricity network was installed- representing a total investment of 3.1 million Euros. This system would put an end to the frequent outages and drops in voltage of the power supply, which caused sudden disruptions to unit operation, with all the attendant risks.

In 2008, the Company signed up to the UN Global Compact - the largest global initiative of a voluntary nature in the field of corporate responsibility. This meant that the Company would incorporate in its policies and operations the Ten Principles of the Compact, relating to human rights, labour, environment and anti-corruption.

In May 2008, the refinery received the first shipment of natural gas, following

On 15 September 2005, MOTOR OIL HOLDINGS S.A. announced that it was accepting the proposal by Aramco Overseas Company B.V. to purchase from the latter all its shares in MOTOR OIL. On 22 November 2005, the shareholder control of MOTOR OIL passed to the Vardinoyannis Group, of which the total stake increased to 67.4%. On 22 March 2006, the Vardinoyannis Group sold a 5.9% Company stake by the means of private placement to domestic and international institutional investors, enhancing the free float of MOTOR OIL to 38.5%, while at the same time enriching the quality of its shareholder registry.

The MOTOR OIL free float enhancement lead to its increased weighting on a series of domestic stock exchange indices (ATHEX COMPOSITE INDEX, FTSE/ATHEX 20) and laid the foundations for the inclusion of the Company in the renowned and internationally recognizable Morgan Stanley Capital International (MSCI) Index to which it was finally included on 31 May 2006.

In 2005, operations commenced at the new upgraded Industrial Waste Water Treatment Plant, a 13.1 million Euros investment designed to incorporate best available techniques to ensure that the quality of the treated liquid waste meets legal requirements. The Unit was upgraded to increase its capacity so that it could deal with the larger volumes of waste water resulting from commencement of operations at the new Units of the Hydrocracker Complex. Also, new technologies were used to add more treatment levels using bio-filters, to further improve the quality of the effluents.

Construction of the internal natural gas distribution network, linking the refinery with the pipeline, which began in 2006 and was completed the following year, represented a total investment of 8.5 million Euros. Use of natural gas at the refinery as an alternative fuel, or as feedstock to the Hydrogen Production Unit, improved the financial results of the Company as well as its environmental efficiency, by reducing carbon dioxide emissions.

Furthermore, in order to meet the refinery’s water needs (now increased by the construction of new Units) in an environmentally friendly way, a new Seawater Desalination Unit of reverse osmosis technology was constructed, along with an additional water tank. These represented a total investment of 2.8 million Euros.

In the same year the Health and Safety Management System was revised and upgraded to meet the requirements of the OHSAS 18001:2007 standard. The relevant certification was granted in December 2008, confirming the Company’s ongoing commitment to continuing improvement in the area of health and safety.

On 8 May 2009, the MOTOR OIL Group increased its participation in the share capital of OLYMPIC FUEL COMPANY (OFC) S.A from 28% to 92.06%. MOTOR OIL and its subsidiary AVIN OIL were now each in possession of a 46.03% stake in OFC. In December of the same year the corporate name of the above company was changed to OFC AVIATION FUEL SERVICES S.A.

In accordance with its explicit commitment to ongoing improvement in environmental management and reporting on the impact of its activities on the environment, the Company adopted and implemented, in 2007, the EU Eco-Management and Audit Scheme (EMAS) set out in Regulation ER 761/2001. In implementation of this voluntary initiative, the Environmental Management System was EMAS ER 761/2001 certified and in July of the same year the first Environmental Statement was issued, for the year 2006, covering the refinery area and attested by an external certifying agency.

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2001 The Prospectus and a photograph taken at the event marking the listing of the Company on the Athens Stock Exchange, 2001

The Chairman and Managing Director Vardis J.Vardinoyannis with Deputy Managing Director Petros T. Tzannetakis, 2001

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2002 The Company’s first Environmental and Social Report, 2002

Stavros Triantafyllidis Stavros Triantafyllidis was born in Athens in 1935. He studied Law at Athens University, and then went on to do postgraduate studies at Columbia University in the USA. After completing his studies and passing the New York Bar Association exams he worked for a period as a lawyer with the firm Reid and Priest, and then returned to Greece where he worked first for the National Bank of Greece, and then for ESSO PAPPAS. In October 1971 he was hired by MOTOR OIL taking on the role of the General Counsel. At the same time he was elected on the Board of Directors of the Company.

He was a personality of natural authority with a wealth of knowledge and experience not only regarding the law but also regarding the oil industry and finance issues more generally. Through this knowledge he made a significant contribution to the growth of the Company, ensuring that it enjoyed the best possible terms -from a legal standpoint- in all its dealings, investments and strategies, both in Greece and abroad.

Being for thirty years a devoted and trusted associate of the Chairman of the Company Vardis J.Vardinoyannis, whose total confidence he enjoyed, Triantafyllidis defended the interests of the Company and the decisions of its Board, always seeking to achieve the best possible outcomes.

Stavros Triantafyllidis passed away on 6 June 2001, at the age of 66. To all those who knew him and worked with him, he was a shining example of responsibility, good judgment and fairness of mind

The third gas turbine at the Cogeneration Power Plant, 2002

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AVIN OIL was founded in 1977, its original purpose being the marketing of lubricants produced exclusively by MOTOR OIL. Subsequently, in 1982, the decision was taken to expand its activities by entering the fuel sector, and the Company opened its first petrol station in the Attica region.

As part of a broad investment programme, and in accordance with its strategic planning, the Company proceeded to construct, in November 1987, a Truck Loading Terminal in the vicinity of the MOH refinery. This investment was intended to make an important contribution to the rapid development of the AVIN OIL network, initially in southern and western Greece, as the location of the Terminal facilitates distribution of products to the petrol stations. Over the next few years AVIN OIL managed to build up a robust network of stations covering the whole of Greece. In 1998 it established its presence on the country’s motorways, completing the model Motorway Service Station in the area of Megara.

Today, AVIN OIL is one of the largest oil marketing companies in the Greek market. After its takeover by MOTOR OIL in 2002 it began to incorporate in its procedures and management the philosophy and values of the parent company, while upgrading the quality of its services.

AVIN OIL now has 500 stations across the country, with a market share of around 9%. It has its own oil storage facilities at Agioi Theodoroi. With MOTOR OIL as its main supplier, its commercial activities cover the areas of motor fuels, fuels for industry and domestic heating, asphalt, autogas and lubricants.

AVIN OIL petrol station, 1986

and ACEA, as well as those laid down by the major auto manufacturers. The company implements rigorous procedures in the handling and distributing of fuels from the loading points (company facilities and refineries) to the means of transport (road tankers) and to the final delivery points (petrol stations, industrial facilities, etc.) in order to ensure their quality and that they are transported safely to the final consumer.

Ever since it was founded AVIN OIL has remained firmly committed to its people-oriented philosophy, laying emphasis on ethics, reliability and respect for the consumer. Its vision is: ‘To establish itself as the leading Greek company in the oil products marketing sector, supporting people by offering quality products and services in an honest and responsible way and at affordable prices, making full use of the strength and technology of the MOH refinery’.

AVIN sponsors the Acropolis Rally, 1982

View of filling machines for AVIN lubricants.

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AVIN OIL petrol station, 2012

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2003

Special LPG tanker moored at the MOTOR OIL facilities, 2003

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The Chemical Laboratory of the refinery at its new premises, 2003

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2004

The refinery’s Truck Loading Terminal, 2004

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Construction begins at the Hydrocracker Unit, 2004 Archive of F. Kazazis

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2005 View of the new Hydrogen Production Unit, 2005

The Distillation Tower and stack of the Hydrocracker unit, 2005

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The Hydrocracker Unit by night, 2005

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The pre-heating train of the heat exchangers at the Hydrocracker Unit, 2005

Panoramic view of the Hydrocracker Unit, 2005

View of the furnace and part of the flare at the Hydrocracker Unit, 2005

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2006

View of the Industrial Waste Water Treatment Plant, 2006

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The fixed air pollution monitoring station, 2006

The ISO 17025:2005 certification for the Company’s Chemical Laboratory, 2006

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2007

View of workers engaging in a rescue drill at height, 2007

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The EMAS ER 761/2001 certification for the Environmental Management System, 2007

Operators during training session, 2007

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2009

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View of the refinery from the Naphtha Catalytic Reforming Unit, 2009

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The OHSAS 18001:2007 certification for the Health and Safety Management System, 2009

Early stage of construction work on the new Crude Distillation Unit, 2009

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Snapshots during the transportation and underground installation of LPG tanks, 2009

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Views of the LPG tank farm, 2009

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2010-2012

Forward-looking organic growth Investments and acquisitions that improve the Company’s competitive position in the marketplace

2010-2012

Investments and acquisitions that improve the Company’s competitive position in the marketplace

This period represents a significant milestone in the history of MOTOR OIL. Doing business in a highly unfavourable economic environment - as that being experienced by the country in the wake of the economic crisis- the Company is completing a series of important investments and acquisitions. At the same time, it is achieving extremely satisfactory financial results, with historically high levels of production and sales.

Europe.

The operation of the new Unit created 30 new jobs, while more than 2,000 people were employed in the construction phase. Construction took a total of 2.5 million man-hours, with another 500,000 man-hours required for the engineering design work involved.

The Unit, representing a total investment of 200 million Euros, strengthens the Company’s market position, makes it even more competitive and improves its profit potential through qualitative improvement of refining margins. At the same time, the adoption of cutting-edge technology ensures optimization of the crude oil and raw materials mix, offering extra processing flexibility, broadens the potential for effective resource management and makes a significant contribution to energy-saving.

Moreover, two new Sulphur Recovery Units of a total capacity of 170 tons of sulphur per day were put in operation, in order to meet the increased requirements brought forth by the operation of the new CDU Unit.

The agreement on the acquisition of SHELL’s activities included approximately 700 retail stations, 200 of which were company-owned, company-operated, the storage facilities at Perama, Kalohori, Amfilohia and Chania, the lubricants blending and filling facilities in Perama, the storage and distribution of chemicals and the 49% of the aviation fuels activity. Additionally, the network of the retail stations would continue to bear the SHELL logo and trademark and to sell SHELL products, on the basis of a Trademark Licensing Agreement, and the same is expected to be the case in the aviation fuels sector, where the products will be marketed by the new company.

On completion of the takeover, the Executive Vice Chairman of MOTOR OIL, Yannis V. Vardinoyannis, stated: ‘The takeover of SHELL in Greece, a leading company with a prominent position in our country and possessing an internationally recognized brand, is a strategic success for us. MOTOR OIL already having a leading role in the oil refining sector, can now strengthen its presence in the marketing of fuels and chemicals. The MOTOR OIL Group has now an expanded network of retail stations and a broad range of quality products, and this will allow us to respond to the contemporary needs of even the most demanding Greek consumer’.

In August 2010, MOTOR OIL announced, jointly with the MYTILINEOS S.A. - GROUP OF COMPANIES, the establishment and the commencement of operation of a company under the corporate name M and M NATURAL GAS S.A. The two partners participate with a 50% stake each in the share capital of this company aiming to engage in the import, supply and trading of natural gas in the domestic and international markets. The jointly established company accomplished the first import of natural gas ever made by the private sector in Greece a feat which, in practical terms, signified the liberalization of the natural gas market in our country.

In the same year, the Company installed a Desalination Unit of the reverse osmosis technology, with an annual capacity of 1.1 million tons, while a major programme to increase the refinery’s storage capacity to 2.5 million cubic metres, by installing another

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14 tanks was completed. Work was also carried out to upgrade the Lubricants Complex in order to improve the quality of base oils and increase production levels.

Furthermore, as health and safety is concerned, the MOTOR OIL Group spent 12.5 and 15.8 million Euros in the years 2010 and 2011 respectively, in investments and operating costs in order to upgrade existing infrastructures and procedures for accident prevention. Significant investments (37.6 in 2010 and 40.1 million Euros in 2011) were also made in the area of environmental protection.

2011 was a challenging year for both the Greek and the global economy. MOTOR OIL demonstrated its ability to survive these difficult economic circumstances, recording excellent financial results and an increase on both sales (10.8 million tons) and fuel production (9.4 million tons).

The Company has completed major investment projects, which are now at the stage of maturing and optimization, and has made acquisitions which are now being integrated into the Company’s operations. Despite the decline of the demand in the fuel market caused by the crisis, MOTOR OIL’s market share is still growing and has now reached 30% of the domestic market. This figure demonstrates the benefits of vertical integration, given that 90% of domestic sales are achieved through the CORAL and AVIN OIL retail stations now owned by the Company.

On 30 March 2012, KORINTHOS POWER S.A. acquired a commercial operating license marking the entrance of MOTOR OIL in the power generation sector. KORINTHOS POWER S.A. operates a 436.6 MW Combined Cycle Unit and is fuelled with natural gas. This Unit, located within the MOTOR OIL plant at Agioi Theodoroi, was completed in November 2011 at a total cost of 285 million Euros. The shareholders of KORINTHOS POWER S.A. are MOTOR OIL with a 35% stake and MYTILINEOS S.A. - GROUP OF COMPANIES with a 65% stake.

Over the year 2011, the MOTOR OIL Group employed an average workforce of 2,000 persons. With a consolidated turnover corresponding to 4.1% of the country’s total GDP, and total assets on a consolidated basis of 2.6 billion Euros, it is one of the main pillars of the Greek economy. It plays a leading role in the refining of crude oil and the marketing of oil products, and continues to grow in an extremely competitive and challenging environment (both national and international). Its priority remains to supply products and services of excellent quality, showing responsibility towards the environment, its employees and the community at large.

During 2011 investments in the refinery continued, with the installation of another gas turbine at the Cogeneration Power Plant, as well as of a new heat recovery steam generator to exploit the energy content of the new turbine exhaust gases to produce steam. This investment, costing 28 million Euros, incorporates state-of-theart technologies to reduce emissions for protecting the environment, optimize energy efficiency and minimize maintenance costs.

The Cogeneration Power Plant comprises now of five gas turbines with a total installed power of 85 MW and three heat recovery boilers producing about 140 tons of steam per hour, giving the refinery complete independence in its electricity demand and covering most of its requirements for steam.

In the same year, in the ‘Hrima’ Business Awards MOTOR OIL took first prize in the ‘Best Company’ category, 2nd prize in the ‘Investor Relations’ category, and 3rd prize in the ‘Corporate Governance’ category.

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2010 Equipment check for a possible hydrocarbon leak, 2010

Reverse osmosis filters in the Desalination Unit, 2010

Snapshots taken during an oil spill emergency response drill held in collaboration with the Port Authorities, 2010

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Oil spill emergency response drill: Booms are deployed and white oil-dispersant spraying is being simulated, 2010

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Solid sulphur storage silos, 2010

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View of a lubricants tank, 2010

View of the Hydrocracker Unit, 2010

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Night view of the new Crude Distillation Unit, 2010

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View of the new Crude Distillation Unit, 2011

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SHELL fuel station, 2012

CORAL GAS LPG cylinder, with FLV safety valve, 2011

Supplying an aircraft with jet fuel

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Executive Vice Chairman of the Board of MOTOR OIL Yannis V.Vardinoyannis with SHELL Vice President Strategy & Portfolio Marc Gainsborough, at the signing of the agreement to buy SHELL operations in Greece, London 24 September 2009

SHELL has been active in Greece since 1926. With a dynamic presence in the fuels sector, it has been serving the Greek consumer reliably and responsibly for more than 80 years.

In September 2009, in pursuit of its strategic plan to strengthen its presence in the domestic fuel market, MOTOR OIL signed an agreement to acquire all SHELL operations in Greece. When the acquisition was successfully completed, in July 2010, the Company had acquired the most efficient and well managed network of retail stations in Greece.

This acquisition of SHELL operations allowed the Company to take advantage of major synergies, combining the quality and technological superiority behind the retention of the SHELL brand, with the potential of the MOTOR OIL versatile and state-of-the-art refinery.

CORAL S.A. (formerly SHELL HELLAS S.A.) now operates 700 petrol stations under the SHELL brand, with a market share of around 18%, making it the largest operator in the Greek market.

Its main activities are the distribution and sale of a wide range of oil products, through its own distribution network. Incorporating the pioneering SHELL technology in gasoline products like Shell Fuel Save, Shell V-Power and Shell V-Power Racing, as well as in the Shell V-Power Diesel, it offers the very best fuel in Greece. At the same time its activities also cover the commercial sector, chemicals and shipping.

Executive Vice Chairman of the Board of MOTOR OIL Yannis V.Vardinoyannis with Giorgos Prousanidis, Panayiotis Kontaxis, Ioannis Kosmadakis, Natassa Kasapaki and Petros Tzannetakis, at the signing of the agreement to buy SHELL operations in Greece, London 24 September 2009

CORAL’s vision is to be the ‘the best oil products marketer and customer’s first choice, a company with human face, distinguished for its respect to the environment’ Its strategy is focused on continual upgrading of its services in order to meet ever-changing market and customer needs, while differentiating itself from its competitors on all levels.

CORAL GAS S.A. (formerly Shell GAS S.A.) has been engaged in the storage and sale of liquefied petroleum gas (LPG) since 1965. From its three facilities in Athens, Thessaloniki and Ioannina it serves more than 1,000,000 customers.

It is a reliable and responsible supplier of LPG: in cylinders and cartridges for domestic and professional use; in tanks for household, professional and industrial consumption; and finally, to vehicles as an alternative source of motor fuel, offering more economical driving with greater environmental protection. The CORAL GAS vision is achieving continual growth, optimal levels of safety, and respect for the community and the environment’.

SHELL & MOH AVIATION FUELS S.A. with an infrastructure to refuel all types of airplanes at the country’s 19 largest airports and, via the global SHELL AVIATION network, at more than 800 airports around the world, aims to provide a complete and safe service for Greek and foreign aviation companies.

The comparative advantages it derives from SHELL expertise and the robust presence of the MOTOR OIL Group in the petroleum products sector, make it one of the leading players in its field.

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2011

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View of the 5th gas turbine in the Cogeneration Power Plant, 2011

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View of the boiler of the 5th gas turbine in the Cogeneration Power Plant, 2011

Workers engaged in a rescue drill at height, 2011

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2012

Panoramic view of the refinery, 2012

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Panayiotis Kontaxis Panayiotis Kontaxis was born in Vrontamas, Lakonia, on 16 December 1929. In 1955 he graduated from the Department of Chemistry of the University of Athens and embarked on an impressive career in the oil industry which would last no fewer than 55 years.

At the early stages of his career he acquired significant experience and successfully completed major refinery design and construction projects in Teheran, Haifa, Baghdad, Lisbon, Beirut and elsewhere.

A turning point in his career came in 1970, when he made the acquaintance of Nikos Vardinoyiannis, who appointed him General Manager of the Company and entrusted him with the task of designing and overseeing construction of the refinery, as well as giving him responsibility for its subsequent operation.

After the death of Nikos Vardinoyannis, Panayiotis Kontaxis supported the strategic choices of Vardis J.Vardinoyannis who assumed the direction of the Company, and espoused his vision of expansion and growth for MOTOR OIL. The confidence placed in him by the new Chairman, and the latter’s appreciation of his work, marked the beginning of a deep and longlasting friendship between the two men.

Until the end of his life he took an active part in all major projects and decisions of the Company, assisting it with his invaluable knowledge and wealth of experience.

On 4 January 2012 Panayiotis Kontaxis,Vice Chairman of the Board of MOTOR OIL, passed away after 42 years of service to the Company.

All those who knew him well and worked with him will remember the depth of his knowledge of the Greek and international oil markets, his professional insight and vision, and his generous endeavours to share his experience and knowledge with younger colleagues, encouraging them to assume responsibilities and undertake initiatives for the benefit of the Company.

Panoramic views of the refinery, 2012

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Bird’s eye view of the refinery, 2012

View of the refinery jetty, 2012

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KORINTHOS POWER facilities, 2012

Bird’s eye views of the refinery, 2012

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SOCIAL RESPONSIBILITY

View of the 2nd Kindergarten at Ermioni, 2011

Social Responsibility has always been at the core of MOTOR OIL strategy, as one of the pillars which ensure the practice of sustainable and responsible entrepreneurship, benefiting both the stakeholders and the society as a whole.

The Company has always taken the view that its activities must have a positive and creative interaction with the social environment in which it operates. This is possible by playing an active part in shaping a society with greater respect for values and a more humane and optimistic future.

Over the forty years since it was founded the Company has offered consistent and committed support to the community, providing discreet and respectful backing to a host of programmes and initiatives in a wide range of different areas of need -from education and the environment, to social solidarity, sports and culture.

Of the many initiatives and programmes organized or supported by MOTOR OIL as part of its commitment to social responsibility -some of them being large, some small, some local, some at national level- there are certain activities which deserve special mention, either because of their scale, their impact on the community, or the international attention they have attracted.

Within the local communities where it operates, MOTOR OIL has shown a deep commitment to the taking on of a multitude of substantive actions aiming to strengthen social cohesion and improve the quality of life. The Company has provided regular practical assistance to Corinth General Hospital, the ‘Efthymeio Centre’ of Corinth (providing treatment and rehabilitation for persons with special needs), as well as many local schools and institutions - supplying them with heating oil and supporting them in meeting the costs of other operational needs. It also supplies daily meals, prepared at the refinery restaurant, to the Elderly Persons Day Care Centres in Corinth and Agioi Theodoroi, in addition to financial support to help with their running costs.

In the areas of culture, sports and the arts, the Company provides aid to the Agioi Theodoroi Cultural Centre, the Educational-Cultural Centre of the City of Corinth, as well as many other organizations, associations and clubs to assist them in their work. For a number of many years MOTOR OIL has been participating in organizing the famous ‘Spartathlon’ ultramarathon race between Athens and Sparta

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Children’s festival organized by the Pan-Cretan Association, December 2011

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MOTOR OIL sponsors a concert by the ‘Mikis Theodorakis’ Popular Orchestra, at Eksamilia, Corinth, 2011

The Regional Health Centre in the Municipality of Sphakia, 2011

MOTOR OIL provides regular, practical support to the Corinth General Hospital.

Runners leave the blocks at the International ‘Vardinoyanneia’ track and field event, July 2011

Rethymnon MP Olga Kefaloyianni awards medals at the 27th ‘Vardinoyanneia’, July 2011

AVIN OIL sponsored the Aegean sea crossing by Olympic medal-winner Nikos Kaklamanakis, 2011

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The Company has an equally strong commitment to community life in Crete, the birthplace of its founders. For years MOTOR OIL has been supporting local institutions and organizations engaged in community work, sports and the arts. In the area of social welfare the Company has made a particularly important contribution through its support over 32 years for the ‘Vardinoyanneio Foundation’, based at the Panayia Kalyviani Convent in Irakleio, which provides accommodation and vocational placement for orphan and indigent girls.

A major contribution in the area of sports has been the ongoing support to local athletic clubs provided by MOTOR OIL since 1985, enabling them to organize the ‘Vardinoyanneia’, an international track and field event featuring prominent Greek and foreign athletes. The games achieved the EAA Premium ranking and attract considerable interest from the international athletics community.

On the national level, a key feature of the Company’s social responsibility programme has been its support for the ‘ELPIDA’ Association of Friends of Children with Cancer, which has benefited from MOTOR OIL backing since it was first founded. The construction of the first cancer hospital for children in Greece, the Children’s Oncology Unit ‘Marianna V. Vardinoyannis- ELPIDA’, was only possible thanks to the sustained efforts of the Association and substantial support from MOTOR OIL. Another important project was the reconstruction of houses in the village of Makistos, in the prefecture of Ileia, badly damaged in the summer fires of 2007. MOTOR OIL undertook to provide all necessary finance for the reconstruction. The repairs were completed in 2010. Two churches underwent repairs, as well as 45 buildings containing 70 independent dwellings. Flood defence infrastructures were also built. More than 25 engineers of various disciplines were employed on the project over a period of three years, assisted by a large number of craftsmen and labourers.

Finally, the Company also provides regular support to the ‘Foundation for the Child and the Family’, to the humanitarian organization ‘LIFELINE Hellas’, and to other organisations which have distinguished themselves through their work in assisting and supporting children in need.

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The reconstructed Church of Agios Georgios in Makistos, Ileia. Above, the same church after the fire of 2007.

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Marianna V.Vardinoyanni at the ceremony marking the completion of reconstruction work of the homes in Makistos, Ileia, 2010

Employees load free meals for Elderly Day Care Centres in Corinth and Agioi Theodoroi.

The Efthymeio Centre for Treatment and Rehabilitation of People with Special Needs, Corinth.

View of the Children’s Oncology Unit ‘Marianna V.Vardinoyannis- ELPIDA’, and photographs taken at the official opening ceremony, held in the presence of H.E. the President of the Hellenic Republic Karolos Papoulias and the Archbishop of Athens and All Greece Ieronymos, 2010

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RELYING ON A MUTUALLY COLLABORATIVE RELATIONSHIP WITH ITS PEOPLE, RESPECTFULL TO ITS SHAREHOLDERS AND CUSTOMERS, THE PRESENT DAY MOTOR OIL, AS ALWAYS ON THE LEADING EDGE, IS PREPARED TO CREATE NEW PROSPECTS AND LEAD THE DEVELOPMENTS IN THE ENERGY SECTOR. MOTOR OIL, 40 YEARS AFTER ITS FOUNDING, REMAINS DEVOTED TO THE VISION OF BEING THE PRE-EMINENT REFINING AND OIL PRODUCTS MARKETING COMPANY IN THE MEDITERRANEAN REGION.

ACKNOWLEDGMENTS The Company and the authors of this anniversary volume owe a great debt of gratitude to everyone, individuals and organizations, for allowing us to use their valuable archive material and photographs, and for allocating their time to make this edition, for the 40 years of MOTOR OIL, as complete as possible.

Special thanks are owed to: Admiral (Ret.), editor of the magazine OIL, for taking the time to share with us his personal recollections. for making available the wealth of photographic material from the archive of his father, Iordanis Kapasakalis.

MOTOR OIL retiree, for making available his personal, artistic photographs illustrating the life and activities at the refinery.

MOTOR OIL retiree, for making available personal photographs showing early staff training.

We would also like to express heartfelt gratitude to all Company managers and employees who gave up their valuable time to offer comments, corrections and additions to the text. We must also thank the staff of the refinery for their hospitality and unstinting assistance at each stage of preparation of this anniversary volume.

Without the invaluable help of all the above, we would not have been able to produce such a full and accurate record of the history of MOTOR OIL over the last forty years.

40 YEARS MOTOR OIL

SOURCES

BIBLIOGRAPHY Energy sources: Oil and Greece, Athens, June 1974.

The archive contains all the Company Board of Directors meeting minutes over the period 1971-2012, a wealth of photographs, training material and other corporate literature, financial and sustainability reports, as well as a complete collection of all issues of the OIL magazine. Many of the photographs in the archive were taken for the Company by the press photographer Iordanis Kapasakalis.

The petroleum products sector in Greece, Economic and Industrial Research), Industrial Sector Research and Information Unit, Series: Special Sector Issues - 9, Athens 2004.

OIL magazine,, 1971-2011.

All photographs used in this commemorative volume are taken from the Company archive, unless otherwise attributed.

Daily newspapers and periodicals.

Periodicals.

Daily newspapers and periodicals.

Photographs relating to MOTOR OIL activities.

For many years Iordanis Kapasakalis, one of Greece’s best-known press photographers in the post-war period, worked as the Company’s exclusive photographer. He left behind him a large and well-organized photographic archive, which is now managed by his son Euripides Kapasakalis, who kindly offered a significant number of photographs illustrating the history of MOTOR OIL.

Including personal, artistic photographs showing everyday scenes from the work at the refinery and its employees.

Containing personal photographs showing the first refinery staff training sessions.

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THE ANNIVERSARY VOLUME

1972 - 2012 HAS BEEN PRINTED IN A RUN OF 5,000 GREEK AND 700 ENGLISH COPIES PRODUCTION: STEPHANOS KARYDAKIS S.A. WITH ASSISTANCE IN COLLATING, WRITING AND EDITING THE TEXTS FROM THE INSTITUTE FOR RESEARCH INTO LOCAL GIORGOS MELIOS DIMITRA SAMIOU WITH ASSISTANCE IN VISUAL DESIGN, LAYOUT AND COORDINATION FROM COMMUNICATION LAB AND PRODUCED UNDER THE GENERAL SUPERVISION OF THE COMMUNICATION, CORPORATE AFFAIRS AND CORPORATE SOCIAL RESPONSIBILITY DEPARTMENT OF MOTOR OIL

PRODUCED ON BEHALF OF MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.