Company history

Company history

EL.P.ET. Balkaniki S.A. was founded in 1999 as a Limited Liability Petroleum, Trading and Investment Company.
The company’s headquarters are located in Maroussi, Athens and the company has the following shareholding structure:
  • HELLENIC PETROLEUM S.A. with a 63% equity stake.
  • APE Commercial Property Land, Touristic & Development SA with a 37%

In August 06, 2007 the International Chamber of Commerce (ICC) in Paris, issued its Final Award in favour of ELPET-Balkaniki SA claims in relation to its argument with the Government of FYROM.

After a period of negotiations between the representatives of ELPET-Balkaniki SA and the Government of FYROM, settlement agreement achieved on 31/12/2007 that satisfies both parties. The Government of FYROM agreed to pay the amount of $40 million that corresponds to 80% of the ICC Award.

Also, a settlement of certain pending issues was arranged in purpose of the continuation of the smooth and profitable operation of ELPET-Balkaniki in the neighbouring country (permits, environmental issues, product specifications etc).

The share capital of EL.P.ET. Balkaniki S.A. on the 31st December, 2009 stood at 96,3 million EUR equally divided in 3.282.787 shares with a par value of 29,35 EUR each.

ΕL.P.ET. Balkaniki S.A. is a subsidiary of the Hellenic Petroleum Group of Companies as is shown in the Group’s structure:
  Click here for bigger image

Source: ELPE