We have advised HELLENIC PETROLEUM Group of Companies one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries, in relation to its corporate transformation plan, which entails a hive-down of its refining operations, oil trading and petrochemicals sectors to a newly established company aiming to diversify its activities, redefine its ESG strategy, and develop its renewables business shifting to a Green Energy era.
The total book value of the hived-down sector assets and liabilities exceeds 5.1 billion euros and is one of the largest corporate transformations in Greece. The hived-down sector includes, among others, the refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 65% of the country’s total refining capacity and combine a storage capacity for crude oil and petroleum products of 6.65 million m3, as well as other land plots and auxiliary facilities in Piraeus, Elefsina, Mandra, Megara, Thessaloniki & Crete, the relevant real rights on pipelines, as well as photovoltaic facilities in Aspropyrgos and Thessaloniki.
In parallel, we have advised HELLENIC PETROLEUM Group of Companies in relation to the adoption of the new corporate governance law (law 4706/2020) and the overall structural amendments and overhaul of its corporate governance across the HELPE Group.
Our team was led by our Partner Catherine Karatzas, assisted by our Senior Counsel Christos Paraskevopoulos, and our Associate Olga Vinieri. Our Real Estate team was led by our Partner Vassiliki Salaka, assisted by our Senior Associates Athena Economou and Argyro Vagia, and our Associates Pantelis Zalokostas, Mara Skiada, Vassiliki Nikolaou and Christina Zevla. Our Labour Law team was led by our Senior Counsel Aggeliki Tsatsi.