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Hellenic Petroleum SA (HEPr.AT)

HEPr.AT on Athens Stock Exchange

28 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Hellenic Petroleum SA - Bulgaria anti-monopoly watchdog raids more oil firms in fuel inquiry - Reuters News
Friday, 22 Apr 2016 10:05am EDT 

Hellenic Petroleum SA:Bulgaria's anti-monopoly watchdog said it had raided the offices of Eco Petroleum, part of Hellenic Petroleum, and Shell Bulgaria, owned by Royal Dutch Shell, in an investigation into possible cartel agreements - RTRS.Bulgarians complain of high fuel costs despite a plunge in global oil prices and a call by Prime Minister Boiko Borisov for the competition authority to speed up checks on the fuel sector."Employees of the Commission for Protection of Competition are carrying out surprise checks on site at the offices of Eco Bulgaria and Shell Bulgaria," the commission said in a statement on Friday.Eco and Shell both confirmed in separate statements that checks were being made place at their offices and said they were fully cooperating, but denied any wrongdoing.Eco Petroleum said the only reason it was included in the probe was that it is Bulgaria's fourth biggest fuel retailer.The companies being investigated are all members of the Bulgarian Petrol and Gas Association, which has said there are no cartel agreements between any of its members.The latest raids follow others earlier this month on the Bulgarian offices of Russia's Lukoil LKOH.MM and Romania's Rompetrol RORRC.BX.It has also launched a probe into the Lukoil Neftochim Burgas oil refinery over possible breaches of competition rules related to the sale of its fuels on the local market.  Full Article

Hellenic Petroleum SA - Bulgaria investigates possible fixing of fuel prices - Reuters
Thursday, 25 Feb 2016 03:49am EST 

Hellenic Petroleum SA:Bulgaria's competition watchdog has launched an investigation into the country's only oil refinery and seven fuel retailers over possible petrol and diesel price-fixing - RTRS.The Commission for Protection of Competition said on Thursday that it had begun investigating the Bulgarian operations of Royal Dutch Shell, OMV, Hellenic Petrolleum, Nis Petrol, Lukoil, Rompetrol and Bulgarian Petrol Nis Petrol is majority owned by Gazprom Neft.The Lukoil Neftochim Burgas oil refinery is also under scrutiny over potential breaches of competition rules while selling its fuels on the local market, the watchdog said.The investigation follows complaints by Bulgarians over high fuel costs despite a plunge in global oil prices and a request by Prime Minister Boiko Borisov that the competition authority hastens checks on the fuel sector.A Lukoil Bulgaria spokeswoman said the company would not comment on the matter until it had seen the watchdog's documents, while an OMV spokesman said the Austrian company does not comment on ongoing investigations.The other companies did not respond immediately to requests for comment.The competition authority said it has launched the full investigation after an analysis of the fuel sector in the European Union country between 2013 and 2015 found that the retail price policy of the 7 companies was very similar and too slow to reflect drops in wholesale and production prices.  Full Article

Transfer of all Petroceltic Resources' hydrocarbons rights in Patraikos Gulf announces Hellenic Petroleum
Wednesday, 30 Dec 2015 10:20am EST 

Hellenic Petroleum SA:Transfer of all Petroceltic Resources' hydrocarbons exploration and production rights in Patraikos Gulf to Hellenic Petroleum Group and Edison International.Says both partners have 50 percent of total rights following the transaction.  Full Article

Hellenic Petroleum SA to Cut salaries for top managers; cuts Fixed annual and variable pay for its chairman and chief executive - Reuters
Wednesday, 14 Oct 2015 08:00pm EDT 

Hellenic Petroleum SA:The refiner also said salaries for top managers will be cut and it was reviewing remuneration for other executives as part of moves designed to cut operating costs - Reuters.Fixed annual and variable pay for its chairman and chief executive will be cut by 10 percent and 40 percent respectively, the company said - Reuters.  Full Article

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UPDATE 1-Hellenic Petroleum Q4 core profit beats forecasts

ATHENS, Feb 23 Greece's biggest oil refiner Hellenic Petroleum reported a 17 percent rise in fourth quarter core profit on Thursday, helped by strong refining margins and exports.