Environmental and Social Report 2008 - Motor Oil Hellas€¦ · MOTOR OIL and MYTILINEOS S.A.,...

Environmental and

Social Report 2008

planning for a sustainable future

Your views and comments on the structure and content

of the Environmental and Social Report 2008

will help us to improve.

Please e-mail us at: [email protected]

Environmentaland Social Report 2008

2 [ENVIRONMENTAL AND SOCIAL REPORT 2008

CONTENTS

Management Message . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4MOTOR OIL’s Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Timeline of MOTOR OIL’s growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Vision, Mission, Principles and Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7MOTOR OIL: 36 years of achievements and growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

The 2008 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9The refinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Added value – Economic benefits to society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Growth - Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Health, Safety and Environmental Management - Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Customer Service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Communication with Stakeholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Commitment to Corporate Social Responsibility and sustainable development . . . . . . . . . . . . . . . . 19Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21AVIN OIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Human resources management system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Equal opportunities and human rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Labour relations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Personnel composition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Gender profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Educational level. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Personnel categories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Average age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Length of service and mobility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Discretionary non-wage benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Education and training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Education and training tools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Health and Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Health and Safety Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Upgrading and improving the safety conditions and the quality of the work environment . . . . . . . 40

Investments and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Internal and external inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Upgrading and improving safety procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Complying with legislation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Risk identification and control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Reports, measurements and indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Emergency Response Plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Medical services - health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Planned shutdowns of refinery units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Training, safety awareness and cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Accident statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49The REACH Regulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

ENVIRONMENTAL AND SOCIAL REPORT 2008] 3

Security – revised edition of «Port Information & Regulations». . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51AVIN OIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Environmental management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Environmental Management System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Environmental investments and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Environmental impact management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Best Available Techniques . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Climate change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

International initiatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59MOTOR OIL’s position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60CO2 emissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Energy consumption optimization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Introduction of natural gas to the refinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Electricity and steam co-generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Monitoring and daily practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Air quality management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Liquid waste management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Solid waste management – recycling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Water management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Noise management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Marine environment protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Communication with Stakeholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Participations and collaborations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70Compliance with environmental legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71AVIN OIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Community involvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Contribution to society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74Contribution to local communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75Social solidarity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78Heating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Environment – Improving local infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Sports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Entrepreneurship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Broader social contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Social solidarity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Education, science and culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Health care and volunteering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92Sports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

Global Compact: Communication on Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Principles and boundaries of the Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

GRI indicators table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99


MO

TOR

OIL

’s P

rofil

e ] Management Message

The strategic objectives and businesspolicies we apply at MOTOR OIL aimat the achievement of sustainabledevelopment, which pursuitseconomic growth consistent withhuman well-being, in conditions ofenvironmental sustainability.

The Environmental and Social Report2008 that you are currently perusing –the seventh consecutive edition –presents the disciplined andsystematic work of our employees, themeasurable results and the strategichandling of challenges by MOTOR OIL,as they arise from the pursuit ofsustainable growth through theapplication of the principles ofCorporate Social Responsibility.

This year, we endorsed and areparticipating in the United NationsGlobal Compact initiative, the purposeof which is to guide enterprisestowards sustainable growth throughvoluntary and responsible behavioursand actions. Therefore, we arecommitted to full compliance with theten principles of the Global Compact.

We strive for continuous improvementin what we do, and for our efforts to bemore effective, we need to set the righttargets. In year 2008, with theparticipation of all our people, wefocused on programmes relating tosafety at work, environmental

protection, our human resources andsocial contribution, as well as therealization of our economic anddevelopment objectives.

In year 2008, MOTOR OIL’s salesamounted to 9.3 million metric tons,breaking the 9 million tons barrier forthe first time. However, the year’sfinancial results were significantlyburdened by the negative effect ofstock valuation at the end of the year,due to the very sudden adjustment ofinternational oil prices in the secondhalf of the year and especially in thelast quarter.

Our investment plan continued in year2008 with the new Crude DistillationUnit project entering the constructionphase, and the largest-scale periodicmaintenance programme in the historyof the refinery being completedsmoothly and safely. The new unit,together with the expansion of thesulphur recovery and production units,will be commissioned in year 2010.

Occupational safety continues to beour primary objective. This year, ouractivity in this area focused on thecertification of the Health and SafetyManagement System in accordancewith the OHSAS 18001:2007international standard, on equipmentimprovement projects and on projectsminimizing the risk of accidents.

In the field of human resourcesmanagement, we continued providingour structured programme ofdiscretionary benefits, and we renewedour personnel by hiring new colleagues.

Environmental protection is always aprincipal issue, and efforts to improvethe refinery’s environmental footprintare continual. In year 2008, therefinery was connected to the naturalgas network; the project of upgradingsteam production was completed;many other smaller environmentalinvestments were implemented; andthe company received the «ECOPOLIS2008 – Environmental Investment»award for the second consecutive year.

In the field of community involvement,year 2008 saw the disbursement ofaround 4.7 million euros in support ofthe work of various foundations andauthorities, both in the localcommunities and in the broadersociety. We continued with our projectfor rehabilitation of Makistos village inIleia, which was destroyed in the forestfires of August 2007. The last home isexpected to be handed over within year2009.

The perusal and acceptance of ourReport by all of you, our stakeholders,and your comments (favourable orunfavourable) help us in becomingbetter.

MOTOR OIL’s Profile

Value creation with respect for people and the environment

Combining a progressive perception on corporate responsibility with an efficient business model,competent people and management, MOTOR OIL is on a course of continual growth and valuecreation for all stakeholders, while it effectively fulfils its social role, enhancing its societalcontribution and paving the way for its future growth.


MO

TOR

OIL

’s P

rofil

e ] Timeline of MOTOR OIL’s Growth

1972 Refinery begins operations. It comprises a crude oil distillation unit, base oils production unit and

port facilities.

1975 Construction of a 100,000 barrels/day crude distillation unit and storage facilities of 1.5 million cubic metres

capacity.

1978 Construction of a catalytic reformer unit (further processing of naphtha for gasoline production).

1980 Commissioning of a catalytic cracking unit (for converting fuel oil to higher-value products).

1984 Construction of a power plant, burning fuel gas. Company granted the right to sell surplus energy to the national

power grid.

1993 ISO 9002 quality certification for the entire range of the company’s commercial and manufacturing activities.

1996 Purchase of 50% of the company’s shares by Aramco Overseas Company B.V., a wholly-owned subsidiary of

the Saudi Arabian Oil Company (Saudi Aramco). Relocation of head office to new modern facilities in Maroussi.

2000 Production of fuels conforming to EU specifications for 2000. New units were constructed and the naphtha

reformer was upgraded into a continuous 103-octane number catalyst regeneration unit. ¡ew central control

room and installation of a Distributed Control System. The Environmental Management System is ISO

14001:1996 certified.

2001 Increase of the company’s equity capital through public offer of shares and listing on the Athens Stock

Exchange. Installation of a new gas turbine in the power plant. Upgrading of the lubes vacuum distillation unit.

2002 Acquisition of 100% of the retail oil marketing company AVIN OIL.

2003 Certification of the Quality Management System of the company compliant with ISO 9001:2000 in January

2003, for the whole spectrum of its operations.

2004 Commissioning of the new Truck Loading Terminal at the refinery. The Environmental Management System is

recertified, according to ISO 14001:2004, for a further three years.

2005 The Hydrocracker Complex is commissioned, facilitating the production of clean fuels conforming to European

Union specifications for 2005 and 2009. Motor Oil Holdings S.A. acquires the stake in MOTOR OIL previously

held by Aramco Overseas Company B.V.

2006 Recertification, according to ISO 9001:2000 for three more years. ISO 17025:2005 certification of the

refinery’s chemical laboratory.

2007 ISO 14001:2004 recertification of the Environmental Management System valid until 2010. Registration of

the company in the Hellenic Register of EMAS (Eco-Management and Audit Scheme). Award «ECOPOLIS 2007

– Environmental Investment» Award "ECOPOLIS 2007 – Environmental Investment"

2008 Health and Safety Management System is certified compliant with OHSAS 18001:2007. Safe accomplishment

of the largest shut down in the history of the refinery for periodic maintenance works. New Crude Distillation

Unit enters the construction phase. The company is awarded by the NGO Ecocity with the "ECOPOLIS 2008 –

Environmental Investment" award for a second consecutive year.


[ MO

TOR

OIL’s P

rofile

Vision, Mission, Principles and Values

Since 1972, when MOTOR OIL beganoperating as an oil refiner and oilproducts marketing company, it hasalways functioned with responsibilityand integrity, aiming at sustainableprofitability and growth in a sociallyresponsible way. Its Corporate Visionand Mission define the context whichdrives the planning and implementationof its dynamic growth. Moreover, itsoperation is founded on a set of firmPrinciples and Values that underpin itsbusiness activity.

MOTOR OIL’s Vision and CorporateMission are underpinned by three basicPrinciples:

Respect for our peopleRespect for the environmentTransparency

The realization of the Vision andCorporate Mission is based on fourcorporate Values:

Efficiency ResponsibilitySocial ResponsibilityIntegrity


MO

TOR

OIL

’s P

rofil

e ] MOTOR OIL: 36 years ofachievements and growthMOTOR OIL plays a leading role inthe crude oil refining sector and themarketing of petroleum products inGreece and the greater region of theEastern Mediterranean, supplying thisregion with a wide range of highquality products. With a consolidatedincome, in 2008, equivalent toapproximately 2.4% of Greece’s GDP,it constitutes one of the main pillars ofthe national economy.

MOTOR OIL was established in 1970,and its refinery was commissioned in1972. It is listed on the Athens StockExchange since 2001, and isincluded in the FTSE/ATHEXInternational Index, the FTSE/ATHEX-20 Index, the General Index (ATHEXComposite Index), the MSCI (MorganStanley Capital International) SmallCap index, and in other sector-specific indexes.

The company owns 100% of AVINOIL shares and, directly or indirectly,is a shareholder with various holdingsin eight other companies, details ofwhich are included in MOTOR OIL’sAnnual Financial Report 2008.

Key Consolidated Results (in million euros)

0

1,000

2,000

3,000

4,000

5,000

6,000

0

50

100

150

200

250

300

Turnover EBITDA Earnings before Taxes

Turn

over

Ear

ning

s be

fore

Tax

es,

EB

ITD

A

2006 2007 2008

MOTOR OIL Sales by Market Sector (in thousand MT)

2006 2007 2008

Domestic market Public Power Corporation Export market Bunkering market

8,376 8,3139,321


[ MO

TOR

OIL’s P

rofile

KORINTHOS POWER S.A. has beengranted an electricity productionlicence by the Ministry ofDevelopment, for a 396 MW naturalgas combined-cycle plant, located inAghioi Theodoroi/Corinth. On thebasis of a Joint Venture Agreementsigned in November 2008 betweenMOTOR OIL and MYTILINEOS S.A.,MOTOR OIL’S holding in the sharecapital of KORINTHOS POWER will be reduced to 35%, and theholding of MYTILINEOS S.A. will be65%, and expected to be included inthe energy portfolio of ENDESAHELLAS S.A.

The 2008 resultsThe consistent and successful pursuitof MOTOR OIL’s strategy has resultedin successively increased sales andprofitability. Year 2008 was yetanother important year with respect tothe achievement of financial results,implementation of investments andforming of strategic alliances.

The chart shows the progress of threekey indicators of consolidatedperformance– Turnover, EBITDA(Earnings Before Interest, Taxes,Depreciation and Amortization) andEBT (Earnings Before Taxes). MOTOR

OIL’s consolidated financialstatements – apart from the parentcompany – also incorporate the resultsof AVIN OIL, KORINTHOS POWERS.A. and MAKREON S.A., with the"full consolidation" method, and thoseof OLYMPIC FUEL COMPANY S.A.and HELLENIC AVIATION FUELCOMPANY S.A. (HAFCO S.A.), withthe "net equity" method, whileATHENS AIRPORT FUEL PIPELINECOMPANY S.A., AVIN ALBANIA S.A.,BRODERICO LTD andELECTROPARAGOGI SOUSSAKI S.A.are included at their acquisition cost.

MOTOR OIL’s sales figures for 2008,in the three markets in which itoperates – domestic, exports andbunkering (marine-aviation) – brokethe barrier of 9 million metric tons forthe first time in its history, reaching

MOTOR OIL Sales by Product Group (in thousand MT)

2006 2007 2008

Asphalt Fuel OilDiesel Oil (Automotive-Heating) Jet FuelGasoline LPGLubricants Other

8,376 8,3139,321

2.4% of GDPThe 2008 Consolidated Income

HOLDINGS (as at 31.12.2008)

SUBSIDIARIES ShareAVIN OIL S.A. 100%

KORINTHOS POWER S.A. 100%

MAKREON S.A. 100%

AVIN ALBANIA S.A.* 100%

BRODERICO LTD* 100%

ELECTROPARAGOGI SOUSSAKI S.A.* 70%

ASSOCIATED COMPANIES ShareOLYMPIC FUEL COMPANY S.A. 28%

HELLENIC AVIATION FUEL COMPANY S.A. (HAFCO S.A.) 50%

ATHENS AIRPORT FUEL PIPELINE COMPANY S.A. 16%

* Inactive.

MOTOR OIL Share in the Inland Market

2006 2007 2008

Domestic market 21.6% 20.6% 27.4%

Bunkering market 29.0% 25.7% 21.3%

INLAND MARKET TOTAL 23.4% 21.9% 25.9%


MO

TOR

OIL

’s P

rofil

e ]

The Crude Oil (Atmospheric)Distillation unit produces liquefiedpetroleum gas, naphtha, jet fuel, diesel and fuel oil. Some of theseproducts are subjected to secondaryprocessing in view of improving theirquality, such as the catalytic reformingof naphtha to produce gasoline and the hydrotreating of middledidtillates to produce heating gasoiland low-sulphur diesel oil. Fuel oil, which accounts for the largestquantity but lowest value product of atmospheric distillation, is processed in conversion units(Thermal, Catalytic andHydrocracking), which increase theproduction of high value whiteproducts, such as diesel and gasoline.

411.4 million eurosThe year 2008Social Product

The refinery

The company’s refinery is located inAghioi Theodoroi, Corinth,approximately 70 km from the centre ofAthens. Together with its auxiliaryfacilities and its marine and truckloading terminals, it is the largestprivate industrial complex in Greeceand is considered as one of the moststate-of-the-art refineries in Europe,with a Nelson Complexity Index of11.95.

The refinery processes crude oil ofvarious types, producing a wide rangeof oil products, complying with themost stringent internationalspecifications, and supplies oilcompanies in Greece and customersabroad. Moreover, it is the only Greekrefinery that produces base oils. Theproducts produced at the refinerycomply with the European Unionspecifications that became effective onJanuary 1st, 2009, as well as thestrictest relevant internationalspecifications.

9.3 million tons. The quantitiessupplied to each of these markets aredetermined by the relevant demand,but also by the company’s aim ofsupplying its products in marketsoffering higher margins.

Exports to more than fifty countrieswere realized in year 2008.

As for the annual financial results(earnings before taxes), despite theparticularly strong 9-months earnings,were negatively influenced during thelast quarter of 2008 by the suddenadjustment of international oil prices,due to the global economic crisis andthe consequent unfavourableconditions in the refinery sector.

We create value for both ourshareholders and other stakeholders,and for the society as a whole, byaiming at achieving sustainabledevelopment, and by faithfully applyingthe principles of Corporate Governance.

The scale of our operations, combinedwith our consistent focus on steadygrowth, result in a very significantcontribution to the national economy.This contribution, which is directlyassociated with the efficiency andcommercial success of our industrialoperations, encompasses value and jobcreation, the contribution to socialprogress and cohesion while protectingthe quality of the environment.

Our functioning in the particularlyimportant energy sector reduces thecountry’s dependence on foreignsuppliers of oil products. On a firstlevel, our interaction with stakeholderscreates primary value for all thoseconcerned. On a second level, itcontributes to the creation of value forthe national economy and society as awhole. This is achieved by creating


Added Value -Economic Benefitsto Society

It produces all types of fuel

products and is one of the most

complex and state-of-the-art

refineries in Europe, with

Hydrocracking and Catalytic

Cracking units and with a Nelson

Complexity Index of 11.95.

It produces clean fuels (gasoline and

diesel) in accordance with EU

specifications for 2009.

It has ISO 9001:2000 certification

for quality, ISO 14001:2004 for the

environment, OHSAS 18001:2007

for Health and Safety, while the

refinery’s Chemical Laboratory is

also certified as per ISO

17025:2005.

It is the only Greek refinery that

produces base oils.

It is energy-independent – installed

power 68.3 MW.

Its tanks have a capacity of

2,300,000 m3.

It has modern facilities for tanker

docking, suitable for tankers of up to

450,000 tons DWT.

The operation of a refinery requiresauxiliary supplies of electric power, water and steam. The refinery’s electricenergy requirements are fully covered byfour gas turbines in the Power Co-generation Plant. Needs for high pressuresteam are covered by four boilers,combined with the steam produced in some refinery units, while the seawaterdesalination units produce water of a suitable quality for supplying theboilers. By the addition, in 2007, of anew, reverse osmosis desalination unitthe refinery’s water requirements are fullycovered, saving significant quantities offresh water, the at risk highly valuable

natural resource. In year 2008, therefinery was connected to the nationalnatural gas network, acquiring thecapability of using natural gas for theproduction of hydrogen, and also as a fuelfor its thermal and energy requirements.This capability adds flexibility in theselection of the best mix of raw materialsand fuels, while also further improving therefinery’s environmental performance.

Liquid waste is collected and treated atthe Waste Water Treatment Plant and theUrban Liquid Waste Treatment Plant.

The Truck Loading Terminal which hasbeen operative since year 2004 hassignificantly strengthened MOTOR OIL’scompetitive position on the market inSouthern Greece. Additionally, in view of improving its share in Northern Greece and obtaining betteraccess to the Balkan markets, thecompany obtained, in year 2007, a long-term lease for a Truck Loading Terminalin the area of the city of Kavala.

Social Product Components in 2008Total: 411.4 million euros

Other procurements14.5%

Maintenance

8.0%

Donations/Sponsorships

1.1%

Salaries, wages and other personnel benefits, including Social Security contributions

23.5%

Shareholders32.3%

State revenues11.1%

Banks9.5%

[ MO

TOR

OIL’s P

rofile


MO

TOR

OIL

’s P

rofil

e ]

stakeholders in 2008 was 411.4million euros (compared with 409.1million euros in 2007 and 380.0million euros in 2006).

In the past three years, MOTOR OILhas contributed in excess of 167million euros in revenue to the statebudget, through taxes and otherpayments, and has paid its personnel,in net salaries and other benefits, over208 million euros.

Furthermore, during the past threeyears, its contribution to public welfareinitiatives amounts to 12.0 millioneuros (see chapter CommunityInvolvement).

jobs, continuously improving ourproduction processes, as well as byinvesting in expanding or upgrading ourown facilities.

In 2008, the group’s income totalled5,544.9 million euros, equivalent toapproximately 2.4% of Greece’s GrossDomestic Product (GDP) that year. Of this, 4,980.6 million euros wereallocated to the purchase of rawmaterials (crude oil) and fuel products,accounting for 89.8% of the group’stotal revenue, this high proportionbeing an inevitable consequence of thenature of the group’s activities.

The extent and composition of ourcontribution to society is clearlydetermined by the magnitude and theconstituents of the social product weproduce.

The social product can be defined asthat part of our income that is allocatedto a selected group of stakeholders,that is: company employees, the stateand social security funds, shareholders,banks, suppliers and society in general(donations and sponsorships). It encompasses: payroll expenditureand various other employee benefits,over and above those required bylegislation (such as additional healthinsurance for hospital treatment andadditional pension allowances); social insurance contributions made to the various social securityfunds; corporate income taxes andduties paid to the state; donations and sponsorships; interest paid tocredit institutions; expenses related to regular preventive maintenanceprogrammes; payment of suppliers anddividends paid to shareholders.

On the basis of the above assumptions,the social product paid off to

726 million euros

The total investments over the last seven years


The core of MOTOR OIL’s businessmodel comprises the responsible growthof the value of the company for the benefitof all stakeholders. This is achieved bymeans of a continual and duly targetedinvestment programme, and theapplication of effective organizational andmanagement systems, which lead to highoperational efficiency in all sectors, withconsequent higher financial returns. Atthe same time, the company’s Principlesand Values impose the element ofsustainability to this growth, whichmeans that the pursuit of the bestpossible results goes hand in hand withrespect for people and the environment,and by guaranteeing safe workingconditions.

In this context, our strategic objectiveremains the consolidation of MOTOROIL’s position as a leading refining andfuel products marketing company in thebroader Eastern Mediterranean region. Inorder to achieve this objective, weimplement a consistent but flexiblebusiness strategy, which is focused on thefollowing three key goals:

● Maximising economic performance(i.e. the refinery profit margins) bymeans of:

Expanding the refinerydistillation capacity by 60,000barrels per day (see below).Applying new productspecifications promptly and ascost-effectively as possible, byexploiting state-of-the-arttechnologies (see below).Improving the energy-efficiencyof the refinery, thus reducing itsoperating cost as well as CO2

emissions (see chapterEnvironment).

Growth - Investments

Full automation of refineryoperations.Increasing the efficiency ofproduction processes and theavailability of process units.

● Effective product marketing in away that enables the attainment ofoptimal overall profitability fromthe three principal markets(domestic, bunkering and export),in order to achieve the bestpossible profitability, by means of:

Maximising the domestic marketshare by improving thedistribution network.Developing export sales,particularly targeting highpotential developing marketswith significant profit margins.Expanding and exploiting thecompany’s storage facilities in viewof improved response to demandfor products and improvedcustomer service offer.

● Achievement of the highest possiblelevel of Health and Safety,Environmental Protection andQuality, through technological,operational and organizationaladaptations to the refinery, such as:

Implementation of programmes

concerning the Environment,Health and Safety.Strengthening of preventivesafety measures in process unitsthrough investments inautomated prevention andprotection systems that fulfil orexceed the specificationsforeseen by Hellenic law andinternational regulations.Upgrading the reliability of theprocess units’ support systems,such as the power and steam Co-generation Plant and othercritical utilities.Implementation of personneltraining programmes based on theuse of the most advancedtechnology systems, such assimulators for training theoperators of process units.

Achieving our strategic objectives – valuecreation through the production andmarketing of oil products conforming tothe most stringent internationalspecifications, without compromisingenvironmental protection, and the healthand safety of our own employees andsubcontractors – requires major capitalinvestments. In the seven-year period2002-2008, total capital investmentsreached 726 million euros (refer tochapter Environment). The major part ofthis investment was spent on the

[ MO

TOR

OIL’s P

rofile

The largest-scale periodicmaintenance programme in thecompany’s history (31.1 millioneuros).Expenditure for the New CrudeDistillation Unit, which entered theconstruction stage in year 2008(26.6 million euros).Works to increase storage capacity(7.9 million euros), with theconstruction of tanks for LPG (5tanks), fuels (6 tanks), lubricants (2tanks) and desalinated water (1tank).The project for upgrading thelubricants’ production complex. The following projects, which werecompleted in year 2008:

● Connection of the refinery to thenational natural gas network.

● Construction of the new machineshop and the new centralwarehouse.

● Maintenance and refurbishmentof all steam production boilers.Expenditure for the last of the 4boilers for 2008 came to theamount of 1.4 million euros.

● Refurbishment of the TruckLoading Terminal in Kavala,which the company has obtainedthrough a long-term leasecontract. Expenditure for 2008amounted to 1.1 million euros.

The Company growth prospects for the3-year period 2008-2010 are based onan investment plan which includes anincrease in distillation capacity due to the


MO

TOR

OIL

’s P

rofil

e ]

construction of the Hydrocrackercomplex. The commissioning of thiscomplex, in November 2005, allowedthe production of clean fuels compliantnot only with European Unionspecifications for 2005 but also with thestricter specifications applying from2009. At the same time, it helped toincrease the production of middledistillates of which there is a shortage inGreece and in Europe. The refinery hasalso gained more flexibility, allowing themaximization of either diesel or gasolineproduction, according to seasonaldemand. Finally, commissioning of theHydrocracker helped to improve therefinery’s environmental performanceeven further by reducing emissions ofcertain pollutants.

The rest of the capital investmentprogramme has been focused on thetechnical upgrading of the refinery, interms of vertical integration, automation,energy sufficiency and environmentalprotection. As a result, it is nowconsidered as one of the most technicallyadvanced refineries in Europe andworldwide (on the basis of the NelsonComplexity Index achieved), with OHSAS18001:2007, ISO 14001:2004 andISO 9001:2000 certification for itshealth and safety, environmental andquality management systems,respectively.

Overall, the group’s investments for year2008 amounted to 78.4 million eurosand concerned the following, amongstothers:

investment in the new Crude OilDistillation unit, to be commissioned in2010. The capital expenditure for thenew 60,000 barrels/day Distillation unitwill come to around 180 million euros.This investment is part of the refineryexpansion programme, for whichMOTOR OIL has already investedsignificant capital funds. With the newunit, the refinery’s capacity will exceed170,000 barrels/day or 9.0 million MTper annum. Additional benefits areexpected from the substitution ofimported Straight Run Fuel Oil by own-produced product, the possibility forfurther optimization of crude oil supplies,and the ability to process new types ofcrude oil.

Besides the construction of the newCDU, growth prospects include thecurrent projects of upgrading thelubricant unit and expanding the storagecapacity.

Finally, of the new projects to becommissioned in year 2009, the mostimportant are: the construction of a newsulphur recovery unit and the upgradingof the wastewater treatment plant(environmental projects that will make asignificant contribution to theimprovement of the refinery’senvironmental performance), as well asprojects for increasing the electricitygeneration capacity.

488 million eurosthe environmental protection investments

over the last seven years


[ MO

TOR

OIL’s P

rofile

We are equally committed to qualitymanagement, which is an integral part ofour strategy. Since the start of itsoperations, MOTOR OIL, with respectand responsibility towards its customers,has focused its efforts on supplying themwith high-quality products.

MOTOR OIL’s quality policy is summedup in two key principles, to which bothmanagement and employees are fullycommitted:

MOTOR OIL will produce and sellproducts that satisfy its customers,

always taking under considerationthe stakeholders’ interests.MOTOR OIL focuses on itscustomers, examines and evaluatestheir requirements and applies allnecessary technologies and actions,in order to avoid compromises inquality matters and constantly strivesto improve the effectiveness of itsQuality Management System.

The quality policy is applied throughpreventive management procedures,which allow potential problems to bepre-empted before they arise.

Health, Safety and Environmental Management - Quality

Health, Safety and Environmental Protection Policy

MOTOR OIL operates with due respect for Health, Safety and the Environment.

To that end, the company is committed to:

Setting goals compatible with the continuous improvement of its Health, Safety

and Environmental management systems.

Complying with, or exceeding, the requirements of relevant legislation or other

obligations.

Producing guaranteed quality products in accordance with or exceeding Health

and Environmental Protection specifications applicable to each, making efficient

use of raw materials, energy and technology.

Reporting its performance, good or bad, as a responsible corporate citizen.

Maintaining emergency action plans which are regularly rehearsed.

Operating a coherent Integrated Management System that takes account of

Health and Safety, and Environmental Protection factors when plans are drawn

up, or business and operational decisions are being taken.

Offering advice, information and training, to its own employees and to

subcontractors and others working on its premises, so as to ensure their vigilance

and commitment to compliance with safe working practices.

Actively and uncompromisingly complying with environmental operating

standards that set limits on waste and polluting emissions.

Co-operating with all stakeholders for developing and applying balanced Health,

Safety and Environmental Protection programmes that take into account the

needs of all parties involved.

At MOTOR OIL, anything we plan, design or do is done safely, in an

environmentally-friendly manner, and with financial efficiency.

Ensuring Occupational Health andSafety and Environmental Protectionis part of our corporate Principles andValues and constitutes a fundamentalstrategic aim. That is, we strive tocarry out our industrial andcommercial operations withoutcompromising the health and safety ofour employees and collaborators,while maintaining the higheststandards of environmental protectionand respecting the quality of life ofthose living in the vicinity of ourindustrial facilities.

The importance we attach to themanagement of Health, Safety andEnvironmental Protection, and ourcommitment to the continuousimprovement in these areas, is set outin the relevant policy that governs theoperation of the EnvironmentalManagement System (ISO14001:2004 certified) and the Health and Safety ManagementSystem (OHSAS 18001:2007certified since 2008), which lay downthe detailed programmes andmeasurable targets to be achieved.


MO

TOR

OIL

’s P

rofil

e ]

The customer-oriented IntegratedManagement System takes full accountof quality issues in all operational andmanagement processes, as shown inthe diagram. The consolidation of theEnvironmental Management Systemand the Health and SafetyManagement System, into theIntegrated Management System confersan overall coherence to the company'soperational management and linksthese management systems with otherrelated processes, helping to maximisetheir effectiveness.

The company’s Integrated ManagementSystem, through which its qualitypolicy is implemented, is certifiedaccording to ISO 9001:2000, byBureau Veritas (BV). In year 2008, thecertification’s scope was extended toinclude activities relating to biofuels(production, distribution and trading).

The Quality Control Managementprocess meets the requirements of theISO 17025:2005 standard and theHellenic Accreditation System (ESYD)has certified the refinery’s ChemicalLaboratory as fit for purpose and able tocarry out testing in accordance with therequirements of the standard, andissues Quality Certificates endorsed byESYD for practically all the company’sproducts. This certification is anadditional competitive advantage, thatis the quality of our products is nowguaranteed.


[ MO

TOR

OIL’s P

rofile

The supreme administrative body ofthe company is the Board of Directors,which is elected by the Annual OrdinaryGeneral Meeting of Shareholders andoperates according to the provisions oflaw 3016/2002 on CorporateGovernance and the company’s Articlesof Association. Information about theboard’s structure is available in thecompany’s website.

The company’s management and controlis based on the modern principles ofcorporate governance, as prescribed bylegislation and the relevant regulations,and by other international codes of bestpractice and auditing standards. Itsstrategy and daily operations aredeployed within the framework ofcorporate governance principles, whichgovern issues such as: the structure of itsBoard of Directors; its compliance withlegal and regulatory provisions; therespect for, and protection of,shareholders’ interests; the reliability ofinformation disseminated; and thesystematic assessment and managementof corporate risks.

Two three-member committees operatewithin the framework of the Board ofDirectors: the Internal Audit Committeeand the Compensation Committee.

The Internal Audit Department reportsdirectly to the Board of Directors, and issupervised by the Internal AuditCommittee. The company’s independentinternal audit system aims at ensuringcompliance with the company’sprocedures for managing financial andoperational matters, as well as atsafeguarding issues related to theefficient management of business risks.The company’s financial results are alsoaudited by independent charteredauditors, in view of complying with itslegally instituted obligations.

MOTOR OIL aims to being ascustomer-focused as possible and isadopting a systematic approach tosatisfying customer requirements.Besides its direct contact withcustomers, it conducts a quantitativeand qualitative customer satisfactionsurvey approximately every two years,covering the full spectrum of itsclientele. This is aimed at establishingan objective view of their level ofsatisfaction, learning about theirperception of the quality of ourservices, and obtaining feedback abouttheir overall impression of MOTOROIL’s corporate image. Within theframework of the survey, customers areasked to respond to 7 groups ofquestions covering the following issues:determination of the customer’srelationship with the company,satisfaction from the quality of thecompany’s products, speed of orderprocessing, issuance of bills of loadingand invoices, loadings on ships ortrucks, handling of complaints, andgeneral evaluation of the company’simage by the customer.

The basic objectives of this survey are:

Evaluating customer satisfaction.Evaluating the perceived quality ofthe whole range of MOTOR OIL’sservices.Determining aspects of MOTOROIL's current products, services andoffers that need to be improved.Determining the criteria used bythose selecting MOTOR OIL as asupplier, and assessing theimpression they have of MOTOROIL’s image as a supplier orpartner.Assessing MOTOR OIL's overallcorporate image.

The results of the survey are analysedand evaluated with a view to buildingon the company's strengths, detectingweaknesses and taking action tocorrect them, thus demonstrating thecustomer-focused nature of thecompany's strategy.

Such surveys were carried out in years2003, 2004 and 2007. Theprocessing of responses andrecommendations from these surveysled to a series of interventions thatallowed for a reduction in oral orwritten complaints from customers,despite the fact that the increase insales volumes between 2003 and2008 exceeds 35%.

CorporateGovernance

Customer Service


MO

TOR

OIL

’s P

rofil

e ]

Shareholders: At the end of 2008,61.5% of the company’s sharesbelonged to its founding family(Vardinoyannis family), while theremaining 38.5% belonged toinvestors. Communication withshareholders is implemented invarious ways: through thecompany’s website, with pressreleases and announcementsissued by the Investors’ RelationsSection, through the AnnualFinancial Report and theEnvironmental and Social Report,through the operation of anInvestors’ Relations Section, andwith regular participation inroadshows.

Employees: Variouscommunication methods are used,such as corporate announcements,the intranet and task forces.

Society (with emphasis on localcommunities affected by thecompany’s operation):Communication takes place mainlythrough Local Authority bodies, aswell as other authorities, such asprivate associations andorganizations (see chapterCommunity Involvement and p. 69).

Stakeholder "Society" also includes:

● Non-Governmental Organizationsand other social organizations, aswell as Academic and ScientificBodies. Chapter CommunityInvolvement contains detailedreference to collaborationsdeveloped with these stakeholdersin year 2008.

● Business Organizations: MOTOROIL is a member of the HellenicGlobal Compact Network, the

MOTOR OIL’s stakeholders, as wellas their interaction with the company,are schematically shown in thediagram. The communication andcooperation we have developed with stakeholders expresses theimportance we attach to this issue,

and our desire to discuss and take into consideration their needs, so thatany social and environmental impactsmay be confronted with mutuallyacceptable solutions, as much aspossible.

Communication with stakeholders


[ MO

TOR

OIL’s P

rofile

Hellenic Network for CorporateSocial Responsibility, the HellenicFederation of Enterprises (SEV),the Athens Chamber of Commerceand Industry (EBEA), and otherregional Chambers, CONCAWE,MOIG (Mediterranean Oil IndustryGroup, and OCIMF (OilCompanies International MarineForum), see p. 70.

Customers: Due to the nature of itsbusiness, MOTOR OIL has arelatively small number ofcustomers. Communication withcustomers is mainly the task of theMarketing Division, which involvesother company departments ifnecessary. Information aboutproducts can be found on thecompany’s website, as well as inthe Material Safety Data Sheets.

Associates and suppliers: Theseare providers of products andcontractor services at the refinery,where there is a structuredcommunication programme forproviding them with suitableinformation on matters of health,safety and environmentalprotection.

Public Authorities: There is open,honest and bilateralcommunication and cooperationwith the relevant Public Authorities,for the provision of informationnecessary to each party, as well asfor documented discussion on anyissues arising.

MOTOR OIL operates in the oil sector,where the principles of CorporateSocial Responsibility and sustainabledevelopment need to be particularlyapplied and respected, given that crudeoil reserves are finite, and that theirexploitation – from extraction andtransportation, to refining and the useof refined products – has environmentalconsequences that need to beeffectively dealt with, using the latestavailable technology.

Corporate Social Responsibility (CSR)indicates a balanced approach to theeconomic, social and environmentalimpact of business operations that isconsistent with the "society –environment – economy" triangle. Thisis widely and universally accepted byresponsible members of the globalbusiness community and underpins themain aspiration of corporations interms of creating value for theirshareholders, while satisfyingcustomers, ensuring employee welfare,protecting the environment andcontributing to society. Thisencompasses the notion of sustainabledevelopment, the kind of developmentthat aims at meeting current needswithout putting at stake the availabilityof resources for future generations.

We fully acknowledge the importanceof the above-mentioned issues and weexpress our social responsibility byrecognising the extent of our obligationsin this area, as expressed by ourcommitment to pursue our businessactivities with due respect for people,the environment and society. A naturalconsequence of this commitment is theadoption of a holistic approach toimplementing Corporate SocialResponsibility principles, byconsidering the protection of the

Commitment to Corporate Social Responsibility and Sustainable Development

environment, and fulfilling ourobligations to all stakeholders (ouremployees, shareholders, customers,suppliers and society as a whole).

MOTOR OIL is a founding member ofthe Hellenic Network for CorporateSocial Responsibility and the HellenicGlobal Compact Network, since it hasratified in 2008 and participates in theUN Initiative for the Global Compact,the purpose of which is to guideenterprises towards sustainabledevelopment, through volunteer andresponsible behaviour and actions.Therefore, the company is committedto complying fully with the tenprinciples of the Global Compact withrespect to:

human rights,labour relations,the environment, and transparency (anti-corruption).

Moreover, MOTOR OIL as a responsiblepublic company, listed on the AthensStock Exchange, ensures that itsactivity complies with the current codeof business ethics and meetscontemporary demands for moretransparency, and reliable and timelydissemination of information to allstakeholders.

MOTOR OIL has adopted a CorporateSocial Responsibility model thatincorporates the four sectors of actionincluded in Corporate SocialResponsibility programmes, as theymoreover arise from the UN GlobalCompact and the internationallyaccepted Global Reporting Initiative(GRI) standard.

Each one of these sectors has itsrespective stakeholders. The diagram


MO

TOR

OIL

’s P

rofil

e ]

indicates these sectors, the respectivestakeholders and the current issues ofinterest ("effects, challenges andopportunities" according to GRIterminology) on which MOTOR OIL’sactivities are focused.

MOTOR OIL:

as a responsible employer, cares about the career and personaldevelopment of its employees, investsin their training, provides a creative andsupportive workplace environmentcharacterised by good team-work andmutual respect, and conducive toinitiative and innovation; where Healthand Safety constitute major prioritiesthat are assured through state-of-the-art infrastructure and modernmanagement practices;

having a responsible attitude towardsthe environment,tries to ensure that its activities havethe minimum possible impact on theenvironment, by having in place aneffective Environmental ManagementSystem, using Best AvailableTechniques and other advancedsystems for environmental protectionand efficient energy saving andmanagement;

as a responsible member of society,seeks fruitful social dialogue, in aclimate of mutual trust and respect,with the local communities in which itchiefly operates; it supports thesecommunities, by participating in

programs that enhance their economic,social and cultural life, and becomesinvolved in similar activities that benefitsociety as a whole;

having a responsible position on themarket,respects market rules and produces topquality products; it focuses on relationsof trust with its customers, suppliers

and partners, and strives – through thesystematic and consistent achievementof its business targets – to obtain thebest possible return for its shareholderswithout compromising its corporatesocial responsibility and sustainabledevelopment standards.


[ MO

TOR

OIL’s P

rofile

Evaluation and management ofCorporate Social ResponsibilityissuesThe evaluation of material issues andchallenges relating to sustainabledevelopment and concerning MOTOROIL is implemented by taking thefollowing into consideration:

The company’s Principles andValues, Vision and Mission.The company’s strategy.The corporate governanceprinciples applied by the company.The company’s policies (Health,Safety and Environment Policy,Quality Policy, Human ResourcesManagement Policies).The views of stakeholders andespecially those of localcommunities.

The efficient management andimplementation of programmes andactions arising from the aboveevaluation:

Follows the procedures foreseen bythe Annual Operating Plans and inthe Five-year Business Plans,where the programmes and actionsare recorded as explicit short- andlong-term goals of the company’soverall strategy, on the basis ofwhich we operate and we areassessed. Is implemented and monitored bythe certified Management Systemsfor Quality (ISO 9001:2000), theEnvironment (ISO 14001:2004)and Health and Safety (OHSAS18001:2007) on the basis ofspecific procedures and workingguidelines.

The MOTOR OIL Environmentaland Social ReportMOTOR OIL’s annual EnvironmentalSocial and Report, the present editionof which is the seventh in a consecutiveseries, is an independent source ofinformation presenting the systematicand strategic confrontation of thechallenges arising from the pursuit ofsustainable development through theapplication of the principles ofCorporate Social Responsibility. TheEnvironmental Social and Reportrecords, in detail, all the relevant issuesmanaged by the company and relatingto the fields of Corporate Governance,Communication with stakeholders,Human Resources, Health and Safety,the Environment and CommunityInvolvement.

The Environmental and Social Report isan appropriate demonstration ofMOTOR OIL’s commitment toproducing value while respectingpeople, the environment and society,and reporting on its actions andperformance in the above fields.

In year 2008, MOTOR OIL receivedthe «ECOPOLIS 2008 – EnvironmentalInvestment» award from theEnvironmental Non-GovernmentalOrganization Ecocity (see p. 56).

It was also awarded by the Municipalityof Penteli for the support it provided tothe town’s Civil Protection group in2007, for the purchase of a fire engine.

2008● «ECOPOLIS 2008 – Environmental

Investment» Award (see p. 56).2007● «ECOPOLIS 2007 – Environmental

Investment» Award.● «Entrepreneurship Award 2007»

from the Corinth Chamber ofCommerce.

● The MONEY Business Award in thecategory «High Investments».

2006● The LEADERS OF THE YEAR Award

to MOTOR OIL’s Chairman andManaging Director, Mr. VardisVardinoyannis, for «ConsistentBusiness Achievements».

● The MONEY Business Award in thecategory «Investor Relations».

2005● The MONEY Business Award in the

category «Best Company in theFTSE/ATHEX-20 Index».

● The MONEY Business Award in thecategory «High Investments».

2004● The MONEY Business Award in the

category «High Investments».● The MONEY Business Award in the

category «Investor Relations».2003● The MONEY Business Award in the

category «High Investments».

Awards


MO

TOR

OIL

’s P

rofil

e ]

AVIN OIL was established in Athens in1977. It commenced its commercialactivity with the distribution oflubricants, produced by MOTOR OIL,throughout Greece. The first petrolstations bearing the AVIN OIL trademarkwere established in Attica, in October1982. The first AVIN OIL petrol stationsin the Peloponnese were established in1985. AVIN OIL’s network began toexpand rapidly in 1987, with thecommissioning of its owned TruckLoading Terminal in Aghioi Theodoroi,Corinth, which is supplied by theadjacent MOTOR OIL refinery.

At the same time, the AVIN OIL networkcontinued to expand throughoutSouthern Greece, and particularly in theareas of Sterea, Evia, as well as inWestern Greece and most of the IonianIslands. The first AVIN OIL petrolstations in Northern Greece opened in1984, and specifically in the prefecturesof Thessaloniki and Serres. The growthof its network in Northern Greece wasand continues to follow a steep path.

Today, with more than 560 petrolstations throughout Greece and withannual sales of around 1,200,000metric tons in year 2008, AVIN OIL is4th in the Greek market, among morethan 20 retail companies. Its turnover

for 2008 was 1,019.0 million euros,with a net profit of 2.5 million eurosbefore taxes.

AVIN OIL’s only shareholder is MOTOROIL.

AVIN OIL is marketing high qualityfuels to private and professional carowners, to aviation and the industry,asphalt, Liquefied Petroleum Gas andlubricants, which comply with theinternational API, SAE, CCMC, ACEAtechnical specifications as well as thespecifications of major car manufacturers.

Since year 2008, AVIN OILimplemented an EN ISO 9001:2000certified Quality Management System forthe branches of Fuels and LubricantsStorage, Distribution and Trading andRetail Network Management .

AVIL OIL procures its products mainlyfrom MOTOR OIL, as well as from theother Greek refineries, and itscomparative advantage consists in thesale of high specification products atcompetitive prices.

AVIL OIL sells its fuels in the Greekmarket, mainly through its ownedStorage and Truck Loading Terminalin Aghioi Theodoroi, Corinth. The

facility in Aghioi Theodoroi wasinaugurated in 1987 and constitutes asophisticated loading terminal,equipped with comprehensive safetyand environmental protectionsystems. Our partners are also servedby other 3rd party terminals in otherparts of Greece (Attica, Thessaloniki,Kavala, etc.) with which AVIN OIL hasthroughput agreements in place. Thecompany exports fuels and lubricantsto neighbouring countries (Albania,Bulgaria, FYROM, Romania andCyprus).

AVIN OIL has constructed and operatesthe Megara Twin Petrol Station and wasrecently awarded the contract for theconstruction and operation of the TwinPetrol Stations of Platanos on Egnatiahighway, and of Leptokarya on theLamia-Thessaloniki National Road.

AVIN OIL holds a 14% stake in theOlympic Fuel Company S.A., which hasbuilt and solely operates the AviationFuel Supply System (Hydrant System) atthe "El. Venizelos" Athens InternationalAirport. Also, the company has a stake,together with Chevron, in the HellenicAviation Fuel Company S.A. (HAFCOS.A.), which currently operates at fourGreek airports (Athens, Thessaloniki,Kavala and Zante).

AVIN OIL

∏uman Recources

We ensure a workplace of trust, team spirit and respect for people

We recognize the fact that our value as a company is created by our human resources. Realisingour vision requires the active involvement of all our people. With their participation we can achieveour corporate objectives, implement our growth business plans and safeguard our long-termcompetitiveness. Our business operations, the quality of our products and the service to ourcustomers, are fully dependent on the performance of our staff, which we strive to reinforce byproviding excellent work conditions in a workplace of respect for people and their needs, and byplacing particular emphasis on the efficient use, proper management and development of ourhuman resources.

In year 2008, we refreshed our human resources with new hirings, we applied an extendededucational programme for staff training and development, and we continued to provide thestructured welfare plan of discretionary benefits.


Hum

an R

ecou

rces

]

Human Recources Management System

The respect for our employees andtheir needs is one of our corporateprinciples, which leads us to considerthe care for our people and theirfamilies as one of our primaryentrepreneurial and social obligations.This concern is manifested in ourcontinuous effort to develop andmotivate our employees, to support andencourage them and offer them fairnessand equality of opportunity; to create aworking environment in which they canachieve their full potential throughprofessional and personaldevelopment. This same philosophyunderpins our policies and programmesthat aim at fostering a coherentcorporate culture, ensuring employeejob satisfaction, providing professionaldevelopment opportunities andachieving a healthy balance betweenwork and family life.

This approach, which amongst othersis well suited to our objective ofattracting young and talentedemployees, is implemented through theapplication of a modern and integratedHuman Resources ManagementSystem. The system is based on ourvalues and principles and is defined byour vision and strategic objectives.

Its main components include attractingcompetent people, providing equalopportunities, personnel training anddevelopment, as well as the appraisal,the compensation and discretionarybenefits systems, while a grid ofprogrammes and policies supports theachievement of the system’s objectivesin practice.

Objectives of the Human ResourcesManagement System

Compliance with legislation inforce and with universallyestablished principles of humanand labour rights.

Fairness and meritocracy in allaspects of employee relations.

Ensuring equal opportunities foremployees and offering thempossibilities for professional andpersonal development.

Accountability of employees forthe achievement of the company’sbusiness goals.

Fair and competitive remunerationsystem linked to employees’performance and expectations,and in line with prevailing marketconditions.

Providing allowances exceedingthe legally anticipated and thoseprovided for by collective labouragreements.

Providing continuous educationand training for human resourcesdevelopment, to ensure that thenecessary skills are acquired andthat work is being carried outeffectively and safely.

Extending the scope of welfareprovisions to cover employees’families and making efforts toimprove their work/life balance.

Creation of strong bonds betweenemployees and the organisation,through candid, reciprocal andopen communication.

Enhancement of corporate cultureand corporate values.


[ Hum

an Recources

Equal Opportunities and Human Rights

Within the framework of applying ourcorporate Principles and ourcommitment to Corporate SocialResponsibility, we offer a workplacewithout exclusions, which favoursdiversity and provides equalopportunities to all.

All aspects of human resourcesmanagement are pursued withtransparency, fairness and on the basisof meritocracy. Recruitment, transfers,promotions, remunerations andbenefits, education and training, etc.are governed by the principles of ourequal opportunities policy, theavoidance of any form ofdiscrimination and the respect foremployees’ dignity. In applying theequal opportunities policy we try toensure that:

The composition of managementreflects the composition of theworkforce as a whole.

Education and trainingprogrammes are available to allpersonnel, in accordance withbusiness needs.

Equal remuneration is provided tomen and women.

The various benefits and welfareprovisions provide additionalsupport for employees and theirfamilies, while aiming at themaintenance of a healthy balancebetween their professional andpersonal lives.

Moreover, we acknowledge theimportance of the role played bybusinesses in the collective effort toestablish a society without exclusions,where disadvantaged people areprotected not only by welfareprovisions, but mainly by the effortsthat are made for their societalinclusion in a productive manner.Thus, we offer jobs to disabled people,providing them with equalopportunities with respect toemployment, education andprofessional development. In year2008 we employed 20 peoplebelonging to this category.

As for the protection of labour rightsand of the fundamental human rights,our respect for these is a naturalconsequence of our corporatePrinciples and corporate culture, and isreflected in our commitments, policiesand practices. Besides, MOTOR OIL’sactivities take place exclusively onGreek territory, the legislativeframework of which is harmonized withthe requirements of the 1998Declaration of the International LabourOrganization (ILO) on FundamentalPrinciples and Rights at Work, withreference to the Greek Constitution andlabour law. The eight fundamental ILOconventions have been ratified by theGreek Parliament and constitute Greeklaw. Included in these are the twoconventions concerning the protectionof freedom of association and the rightto collective bargaining, adopted in1948 and 1949 respectively andratified by the Greek Parliament in1962. Finally, it is a fact that there hasbeen no case of compulsory or childlabour in the operations of thecompany, nor does the companytolerate such violation.

1,485 peoplewere employed by Motor Oil

and Avin Oil in year 2008

97.8% of employees in 2008 were on open-ended

contracts


Hum

an R

ecou

rces

]

Employment

In year 2008, the human resources ofMOTOR OIL and AVIN OIL amountedto an average of 1,485 people, ofwhich 1,294 were men and 191 werewomen. In relation to year 2007,human resources presented a netincrease of 15 people.

Besides employees directly employedby the two companies, it should benoted that a significant number ofpeople are indirectly employed throughsub-contractors.

Due to the continuous growth of thegroup, personnel levels have beensteadily increasing since year 2000, inspite of investments aimed atincreasing the level of refineryautomation and of efforts made tosimplify tasks. The significant rise inthe total number employed since2003, reflects increasing numbersrequired at the refinery, in order tocomplete and operate the expandedand upgraded facilities for theproduction of clean fuels conforming tothe relevant 2005 and 2009 EUspecifications. This investmentprogramme was completed in 2005

when the new units werecommissioned. It also reflects the needfor timely and sufficient training of newemployees hired to cover the vacanciescreated by the relatively high numberof retirements in the period 2005 –2007.

In 2008, 1,090 out of MOTOR OIL’s1,278 employees were based at itsmain site (the refinery in AghioiTheodoroi, Corinth). The remaining188 were based at the company'shead office in Maroussi. About half ofthe refinery personnel live in thebroader area of Corinth, where MOTOROIL is the biggest employer. AVIN OIL,by comparison, employed 207 peoplein year 2008.

Labour Relations

Labour relations are at a particularlygood level. We not only comply withlegal requirements, relating to workerparticipation and the protection ofhuman rights, but also aim to cultivatemutual trust and co-operation. Weoperate a progressive system of humanresources management policies, whichincorporates clarity and fairness inmatters of recruitment, transfers,promotion, remuneration, educationand training, benefits, holidays andother types of leave. A reflection of theharmonious state of industrial relationsis the fact that there have been nostrikes in recent years. At MOTOR OIL,terms and conditions of employmentare regulated by a company collectivelabour agreement, which has been inplace since September 1974 and isapproved by the Ministry of Labour.

Employees are free to participate intrade unions and professionalassociations without any limitation.Refinery employees have their ownunion which has been a signatory to acollective labour agreement with theFederation of Greek Industries since1986. This agreement, which laysdown the terms of employment andpay levels at the refinery, issupplemented by an annual localagreement between the company andthe union. We believe that cooperationwith the employee’s union is veryimportant, and therefore hold regularmeetings with its representatives, withthe common aim of developingbilateral relations, preserving labourpeace and improving the overallworking environment.

Direct Employment (annual averages) 2000 - 2008

1,430 1,470 1,4851,3771,3381,2801,2401,2201,207

2000 2001 2002 2003 2004 2005 2006 2007 2008


[ Hum

an Recources

Personnel Composition

Gender profileWe respect diversity and we try tocreate an inclusive work environmentwhere all employees have equalopportunities, and we do notdiscriminate on grounds of gender.However, due to the nature of mostrefinery jobs, the ratio of women tomen is relatively low. Thus, in 2008,13% of all employees were female,rising to 34% for head office personnel.Among management, women made up11% of the total, a satisfactoryreflection of the general percentage ofwomen in overall staff numbers, whilein other office and technical jobs thepercentage was 13%.

Educational level Considerable importance is attached tothe educational level of our workforce,and our aim is to attract, develop andretain suitable and competentemployees. 25% of the workforce areuniversity or college (TEI) graduates. In order to develop the skills ofpersonnel and maintain a high-outputculture in the workplace, we implementvarious educational, vocational trainingand personal developmentprogrammes, and the personnel areencouraged to follow external courses

leading to the award of recognizeddiplomas.

Personnel categoriesIn 2008, across the group,management grades made up 12% oftotal personnel, while technicians andadministrative personnel accounted for88% of the total. Each employee has the opportunity toascend management hierarchy,depending of course on theirqualifications, performance and skills,as the company aims at filling vacantmanagerial posts from within thecompany, wherever and whenever thisis possible.

Average ageOver the last few years, the average ageof the group’s employees remainsaround 41.5 years, coming to 41.7years in 2008, up from 41.4 years in2007 and from 41.6 in 2006, anddown from 42.3 in 2005. 62% of theemployees were aged less than 45.

Length of service and mobility As far as length of service is concerned,the average was 14.6 years in 2008,reflecting the low level of personnelturnover. Some 52.6% of the group’s

Gender Profile

13%87%

MaleFemale

2008

Educational Level

Secondary/Technical

72%

Elementary

3%

College Gratuates (TEI)

University Gratuates

8%

17%

2008

Technical

66%

Administrative22%

Managerial 12%

2008

Personnel Categories

combined workforce has considerableexperience in the group, as their serviceis longer than 10 years, while 37.1%have less than 5 years’ service. Thesefigures suggest a healthy balance in theservice profile of our personnel: betweenexperienced, older employees and those,more recently recruited, who bringdynamism to the workforce as a whole.

Long-term employment at MOTOR OILis rewarded with additionalcompensation benefits and, at therefinery, with honouring gifts foremployees completing 15 and 20 yearsof service.

A large percentage of employees(32.6%) falls in the 1 to 5 years rangeof service length. This figure is due tothe increased number of recruitmentssince 2003, mainly to confront theadditional personnel requirementscaused by the operation of the newunits at the refinery, and the need tocover vacancies arising from therelatively high number of retirementsdue to the change to the retirementconditions foreseen by law, whereupona number of employees chose to retirea bit earlier under the provisions of theprevious retirement regime.


Hum

an R

ecou

rces

]

Average Age

4%

58%

38%

< 25 years 25 - 45 years > 45 years

2008

Length of service

4.5%

10.3%6.4%

16.2%

11.2%

18.7%

32.6%

< 1 year 1 - 5 years

5 - 10 years

10 - 15 years

15 - 20 years

20 - 25 years

> 25 years

2008

In 2008, we recruited 57 newemployees, while 59 left for variousreasons. The number of recruitments in2006 and 2007 was particularly high,for the reason mentioned above, i.e. inview of preparing to cover the needsarising from the expected increasedretirements.

One of MOTOR OIL’s main objectivesis to offer its employees competitiveand high level salaries, so as to rewardtheir contribution to the company andmaintain high employee satisfactionlevels. Our approach to pay policy is toset, manage and review salary levels ina consistent, transparent and objectiveway, in line with current sector-specificand national practices. Negotiations forthe drafting of collective agreementsrelating to salary readjustments arebased on the industry practices appliedat national level. Moreover, thestructure of compensation ensuresequal pay treatment for men andwomen for the same job, and rules outdiscriminations of any other kind. The remarkably low level of personnel

turnover (averaging 4.0% across theworkforce in 2008) reflects theestablishment of mutual trust betweenthe workforce and the company, theprofessional satisfaction of employees,and the development of harmonious,long-term labour relationships.

Personnel Mobility2006 2007 2008

HiringsNew hirings 123 139 57

Resignations by reasonRetirement 56 44 37

Resignation 12 20 11

Other 9 8 11

Total 77 72 59

Personnel mobility* 5.4% 4.9% 4.0%

Compensation and Benefits

*Personnel Mobility =Number of persons leaving x 100Average personnel number


[ Hum

an Recources

Average Annual Salary Increase vs the Average Consumer Price Index(Base Year 2000 = 100)

100110120130140150160170

2000 2001 2002 2003 2004 2005 2006 2007 2008

Average Annual Salary Increase Average Consumer Price Index

The additional non-statutory wage allowances, which constitute a discretionarybenefit paid to employees, are meant to significantly enhance their income andreward their performance and contribution to the company’s results, as well as tofoster their long-term stay with the company.

Principal Supplementary Wage Allowances

A long-service supplement, which is a percentage of the base salary, is first paidafter three years' service and then increased every three years of service, up to amaximum of 57% of base salary.

A complementary long-service supplement, equivalent to a double annual leaveallowance, is paid to those who complete five years of employment, and adouble Easter bonus is paid to those who complete 10 years of employment.This means that an employee with 10 years of employment receives theequivalent of 15 months pay each year.

A continuous attendance allowance is paid to refinery employees who achieveexceptionally low levels of absenteeism.

An one-off payment to refinery employees on completing 25 years of service,equivalent to one month's base salary and a similar one-off payment aftercompletion of 30 years of service, equivalent to one month’s gross salary.

A Marriage allowance.

319 Recruitments in the period2006-2008

4% The very low personnelmobility in 2008

The Basic Principles of ourCompensation System

Competitive remunerationcompared with market rates.A fair and reliable salary reviewprocess.Consistency and meritocracy in paypolicy.

Compensation Cost Breakdown 2008(in million euros)

54.8

19.4

14.2

Additional Allowances

Employer contributionGross wages

including additionalallowances

Annual Total: 88.5 millions euros

The average annual salary increments, as a rule, significantly exceed the average

Consumer Price Index.

The remuneration paid is performance-based; performance is annually appraisedfor each employee on the basis ofstructured procedures. These appraisals,besides evaluating performance, also actas a tool for motivating employees,providing incentives and determiningeducation and training requirements. Thefactors determining salary levels aremainly the grade scale, the responsibilityposition held, the educational level andseniority (length of service).

Total personnel expenditure during2008 amounted to 88.5 million euros.This includes the compensation cost ofregular and overtime work, variousmandatory employer contributions toSocial Security Funds and otheradditional employee allowances notrequired by legislation.


Hum

an R

ecou

rces

]

Discretionary Non-Wage Benefits

Besides the basic pay and benefitspackage, we have developed a widerange of complementary discretionarynon-wage and insurance benefits forour employees, as well as for theirfamily dependents. The MOTOR OILdiscretionary benefits plan has beenestablished for many years, while itscurrent structure is in place since2002.

These discretionary provisions aim atproviding for the welfare and security ofemployees over and above what thelaw requires, at their personaldevelopment, at the furtherstrengthening of their ties with thecompany for the purpose of developingthe corporate culture, at cultivating co-operation and team spirit, and at

Schemes covering retirement benefits, life insurance and hospital treatment

We try to support our personnel and their families with improved and flexiblebenefits in line with contemporary trends and requirements, and aim at providingprotection and financial assistance in cases of unforeseeable medical emergencies,which can incur hard to bear costs. In this context, since 2002, we have operated agroup health insurance scheme covering employees and their dependant familymembers.

This health insurance scheme provides compensation in the following cases:

Loss of life due to illness or accident.

Permanent total disability due to illness or accident.

Permanent partial disability due to accident.

Loss of income due to illness or accident.

Hospital and out-patient care.

Maternity allowance.

Employees also benefit from a private pension scheme which pays out a lump sumto those retiring at normal retirement age or earlier due to disability.

The entire cost of both these schemes is covered by the Group.

Discretionary non-Wage Benefits(in million euros)

7.5

15.2

7.4

2006 2007 2008

helping towards achieving a healthywork/life balance.

The cost of the discretionary non-wagebenefits in year 2008 amounted to 7.4million euros, significantly lower than

the 15.2 million euros in 2007, due tothe imponderable factor ofextraordinary payments for the pensionplan; such extraordinary payment wasmade in 2007 to cover differences fromprevious years.


[ Hum

an RecourcesPersonal development and welfare Pension plan (see p. 30).

Study subsidies (see p. 34).Provision of financial facilities to cover emergencies.

Corporate culture and team spirit Organization of excursions and dinner events for employeesand their families. Financial support for the employees’ football teams to compete in Corporate Games.Organization of Christmas parties for employees’ children. This event is a major company institution, and is very popular among employees.Organization of New Year's celebrations with lotteries and gifts. For the refinery in particular, an "annual employee ball" is organized; it is a big corporate celebration of fraternisation and entertainment, away from the workplace formalities.Provision of "name-day" gifts.Long-service gifts – at 15 and 20 years – for workers at the refinery (54gifts in 2008).

Health Hospital treatment scheme for employees and their dependent familymembers (see p. 30).Private life insurance scheme.Full compensation for the first three days of illness (consecutive orotherwise) within the year. Availability of three occupational physicians to deal with bothoccupational and personal health concerns.

Family Implementation of more favourable maternity policies – compared with the law– for working mothers.Wedding present allowances (26 allowances in 2008).Paid leave arrangements on special occasions (e.g. covering bereavement,in other serious situations, to parents for taking care of school childcareissues, etc.). For refinery employees:● performance awards for secondary school children (65 awards in 2008).● award of educational grants for university students (113 grants in 2008).● full coverage of the children’s participation cost in summer camps (47 cases

in 2008).● award of a day care nursery allowance (46 allowances in 2008).● award of financial assistance for the beginning of the school year (853 cases

in 2008).

Facilities Operation of a restaurant at the refinery, with a symbolic cost contribution paidby employees and at headquarters with special prices for employees. Free transportation of employees to/from work by bus.

Discretionary non-Wage Benefits

Football teams

In year 2008, the MOTOR OIL employees’ football team celebrated the winning ofyet another championship. For the 13th consecutive year, it came first among 24other teams in the Athens Corporate Games Football League championship, andwas crowned champion.

The MOTOR OIL team has competed for 16 consecutive years in these games andwon several major trophies: eight "doubles" (championship and cup), fivechampionships, one cup, and two ethos awards. The team has also succeeded ininternational competitions, having won the World Corporate Championship in 2004and the European Corporate Games tournament in 2003 and 2005.

In 2008, the equivalent AVIN OIL football team achieved the fourth place in theGreek Oil Companies 8-a-side championship. In previous years, the team was partof the 5-a-side championship and was champion in year 2006.


Hum

an R

ecou

rces

]

Education and Training

MOTOR OIL continued to invest in theeducation and training of its personnelin year 2008. We recognise that in aglobalized and highly specialisedsector, such as the oil sector, followingour growth path and implementing ourbusiness strategy is closely linked withthe development of the skills andcompetencies of our staff. Hence, oureducation and vocational trainingactivities, and the personaldevelopment of our employees, are ofparamount importance and we allocatesignificant resources to those activities,both in terms of money and effort.

Our training policy aims at ensuring thateach employee’s knowledge and skillsmatch their job function, without anygender or age discrimination, and atmeeting the following principal objectives:

The continuous, responsible andcomprehensive education andvocational training of employees.

The continuous expansion of theprofessional know-how and thedevelopment of employees’personal skills.

The internal designation andpromotion of staff to managerialpositions.

2,700employees and family members

took part in 46 excursionsto various parts of the country

in 2008.


[ Hum

an Recources

Training Performance in 2008

Training Activity Ratio1: 8.0 hours/person

Training Cost Ratio2: 1.0%

Training Participation Ratio3: 29.9%

1. Total training hours over total number of employees.2. Total training expenditure over total payroll expenditure including employer’s social security

contributions.3. Total number of trainees over total human resources.

Education and training programmesare planned, according to the needsarising, on an annual basis. Thefollowing factors are taken into accountwhen planning vocational trainingactivities:

The prevailing corporate prioritiesand goals.

The training activities of previousyears.

The Health and Safety trainingrequirements, both from a technicalpoint of view and from the point ofview of increasing the awareness ofthe importance of safety at allemployee levels.

The requirements for specialisttraining on particular technicalthemes, on EnvironmentalProtection and QualityManagement.

The individual employeerequirements for personaldevelopment.

Education and vocational trainingprogrammes concern the followingsectors in general:

Induction training for newly-hiredunit operators and maintenancetechnicians.

Induction training for newly-hiredengineers.

Training of technical personnel onthe specific scope of their tasks.This training concerns the know-how each employee needs to havein order to complete their taskssuccessfully.

Training of non-technical staff onthe basic Health and Safetyregulations, use of fire-fightingequipment and First Aid.

Training on business skills andpersonal development issues.

Academic education (graduate andpost-graduate programmes) withinthe framework of employeepreparation for undertakingincreased responsibilities.

Preparedness for emergencies withregular planned or unplanned drills.This training also includes jointdrills with the other Greekrefineries, and sessions with theparticipation of the Fire BrigadeSearch and Rescue Team (EMAK).

Foreign language learning.

Health and Safety training forsubcontractor personnel.

1,230

730

1,1801,020

850

Training Cost (in thousand euros)

2004 2005 2006 2007 2008

92,500 man-hours of training in the period 2004-2008.


Hum

an R

ecou

rces

]

Training Cost Ratio*1.9%

1.0%

1.6%

1.3%

1.0%

2004 2005 2006 2007 2008

*Total training expenditure over total payroll expenditure includingemployer' s social security contributions.

The high value of the Training Cost Ratio in 2004 is due to the programmeimplemented that year for the induction training of the newly-hired operators inview of the operation of the new units in 2005, while its high value in 2006 isdue to the extensive Health and Safety training programme. By contrast, the lowvalue in 2008 is due to the fact that no new operators were hired, and thereforethe relevant programme was not implemented.

The implementation of vocationaltraining programmes is achievedthrough various approaches, including:

In-house training seminars.

Participation of employees in externalseminars organised by internationally-recognised educational and trainingbodies, such as the Institute ofPetroleum and the Oxford PrincetonProgramme, and in local orinternational conferences, such as theEuropean Refining TechnologyConferences (ERTC) and theCONCAWE (of which MOTOR OIL isa member) seminars and meetings.

Offering opportunities for employeesto continue their education or tofollow postgraduate courses, bycovering the relevant cost.

Encouraging employees to learnforeign languages, according tobusiness requirements, andsponsoring them accordingly.

Paying for technical magazinesubscriptions and coveringprofessional society membershipfees.

The in-house training seminars arecarried out in dedicated in-housetraining facilities, fully equipped withstate-of-the-art IT and presentation

systems, available at both the refineryand the head office.

A total of 11,830 man-hours ofeducation and vocational training weredelivered in 2008, at a total cost(including indirect costs) of 850,000euros.

The number of employees participatingin the training programmes was 444 intotal (202 managers and engineers and242 other employees). This numberdoes not include training hours relatingto the execution of emergency drills. Onthe basis of these data, the averagelength of training undertaken was 26.6hours per participant (down from 64.9in 2007 and 40.3 in 2006).

In year 2008, there was no need totrain new operators (hence the reducednumber of training hours per trainee inrelation to the two previous years).Emphasis was placed on the training ofexisting technical staff, aimed atdeveloping and improving further theskills of employees on personnelmanagement and various specializedtechnical issues. Health and Safety inthe workplace, as well as EnvironmentalProtection, were also main themes ofthe 2008 training process.

Finally, a major part of the trainingprocess was dedicated toAdministrative, Financial and ITsubjects, aiming at developing theadministrative and technical skills ofother personnel.

Also in 2008, in line with the policy ofpaying the tuition fees for employeesfollowing graduate or post-graduatestudies, we covered the cost for thefollowing cases:

three employees for participating in thepost-graduate Business Administrationcourse run by the HellenicManagement Association (EEDE),

two employees for acquiring aBusiness Administration degree,

one employee for acquiring apostgraduate diploma in HumanResources Management,

one employee for specializing inInternational Accounting Standards,

two employees for specializing inApplied Accounting – Auditing,

one employee for specializing inTaxation;

one employee for specializing as aComputer Systems technician,

two employees to attend foreignlanguage courses.

Training Man-Hours by Subject in 2008Total Training Hours = 11,830

ManagementIT

Finance/Accounting

Health,Safety &

Environment

Technical

0

2,000

4,000

6,000

8,000

10,000

12,000

flÚÂ˜


[ Hum

an Recources

5.0 million eurosinvested inemployeeeducation andtraining in theperiod2004-2008

Training and induction of new operators and maintenance technicians:an integrated system

It is MOTOR OIL’s policy that when refinery operators retire, and also for the coverageof new jobs arising from the investment programme, new operators must be bothadequately trained and experienced in performing the duties of their prospective postsbefore assuming actual responsibilities. To achieve this, new operators are hired aboutone year before the retirement of their predecessors or the activation of new jobpositions. Training takes the form of a specially organized multi-faceted andcomprehensive induction programme. This programme, which includes appropriatetheoretical and practical training, ensures that the refinery's future technical personnelhave acquired both technical skills and competencies and a full understanding of theresponsibilities associated with their work in a demanding and potentially hazardousenvironment. The approximately twelve-month induction training is carried out byrefinery managers, engineers and skilled operators from various units of the refinery,according to the responsibilities the new recruits will take on.

As with any other form of training, the newly hired operators training process isevaluated when completed, in view of identifying weaknesses and implementingimprovements for the future delivery of the training package. Thus, an evaluation of thetraining experience gained in previous years led to the partial restructuring of the newoperators induction programme, with respect to the emphasis placed on practicaltraining at the initial stage of the induction programme; this is no longer limited to thetheoretical coverage of the curriculum, but in addition includes practicaldemonstrations/exercises on site.

The induction training schedule, and the subjects covered are as follows:

One month’s training on fundamental subjects (Health and Safety, Protection ofthe Environment, Fire Protection, Quality, First Aid, Properties andSpecifications of Crude Oil and Petroleum Products, Refining Processes, PlantEquipment, Maintenance, Technical English, Computers, etc).

Five months of day-shift full-practice in the particular job function to betaken up.

Six months practice shift-working, without assuming actual operationalresponsibilities, in order to gain experience and for evaluating their knowledgeand experience, their interest and devotion to the task, in view of a finalevaluation of their suitability for the job in question.

At the end of each of the three training stages, the new operators take a written testthat ensures their gradual evaluation.

After completion of the above training, the new operators take up their posts in aphased way, working with experienced operators, initially taking on basic tasksbefore moving on to assuming their full responsibilities.

A similar programme, adapted to the relevant requirements, is also applied for theinduction of the newly-hired maintenance technicians.

Education and training toolsInvestments are made for the correctand effective support of the educationand training process for refinerypersonnel, and the refinery’sspecialized staff apart from deliveringthe training, plans the educationprocess and prepares the requiredsupport material, in the form oftechnical manuals and other printedmaterial. A four-volume set of trainingmanuals has been published to coverthe training needs of refinery personnelwith respect to the structured andspecialized provision of informationfocused on the operations andprocesses of the particular refinery:

Volume π – Fundamentals andLubricants’ ProcessesVolume ππ – Fuels’ ProcessesVolume πππ – ProductsVolume πV – ElectromechanicalEquipment


Hum

an R

ecou

rces

]

These manuals were exclusively writtenby MOTOR OIL refinery engineers toreplace earlier documentationpublished during the 1980s, whichbecame obsolete following the recentlarge-scale upgrading and expansion ofthe refinery. They are perfectly adaptedto the refinery’s current structure, coverall aspects of processes and products,and they provide the necessarytheoretical and technicaldocumentation, so as to constitutesingle, integrated and comprehensivesources of information.

Computerized Training Simulator (CTS)

The CTS is used to train the operators of the refinery’s most complex plant (i.e. theFluid Catalytic Cracking Complex), and the operators of the Hydrocracker Complex.It is an exceptionally effective training tool, the first of its kind in the Greek industrialsector, and contributes greatly to the safe operation of the refinery.

The system consists of a network of computers supporting workstations similar tothose used for the actual control of the refinery units. The CTS simulates theoperation of the actual process units. The accuracy with which the real operation isreplicated is very high; also, the actual work environment is accurately simulated,thereby rendering training particularly effective.

Using the CTS for training leads to multiple and important benefits, including:

The ability for on-the-job training of the operators in handling complex units invarious operating scenarios, e.g. under normal operating conditions but withdifferent feed types, in cases of malfunctions in the units, or at the normal start-up or shut-down of the units.

The ability to train the operators on emergency shut-down procedures.

The ability to train the operators on the procedures for restoring the units tonormal operating conditions after an incident of unstable operation.

The ability to assess the skills and preparedness of the trainees.

As well as being a training tool, the CTS also allows for carrying out importantstudies with respect to the safe and efficient operation of the units, such as theability to evaluate alternative approaches for the computerized control of the units,or the evaluation of the dynamic behaviour of units under different operatingconditions.

Health and Safety

We are committed to Health and Safety, as it constitutes a moral obligation and a business necessity

We perform our industrial and commercial operations within the framework of our Principles andValues. One of our fundamental Values is respect for people, which gives rise to our commitment toensuring a safe working environment and continuous improvement of health and safety in theworkplace. We accomplish this commitment by applying a soundly structured system on the basisof which we manage all Health and Safety issues.

In year 2008, our activity in the field of Health and Safety focused, amongst other things, on the safecompletion of the largest-scale planned shutdown in the history of the refinery for carrying outperiodic maintenance works, on implementing investment projects to reduce the risk of accidents,on improving fire safety equipment, on training and on fostering the safety awareness and accidents’prevention mentality among our employees. The continued downward trend in the values of theAccident Frequency and Accident Severity Indexes is a noteworthy achievement, and anencouraging result in our pursuit of achieving «zero» accident rates.


Hea

lth a

nd S

afet

y ]

and Safety Management System, whichis a basic process of the IntegratedManagement System. The IntegratedManagement System is ISO9001:2000 certified, and therefore theexecution of the various internaloperations and procedures of the Healthand Safety Management System ischaracterized by the strictdocumentation imposed by the ISO9001:2000 standard.

In year 2008, and as a result ofcoordinated teamwork that lasted forseveral months, the Health and SafetyManagement System was restructuredin accordance with the principles of theOHSAS 18001:2007 standard, andcertified to the same standard in

December 2008 by Bureau Veritas.This fact constitutes a concrete proof ofthe company’s commitment to thecontinuous improvement of Health andSafety, since the OHSAS certificationcompletes and improves the existingHealth and Safety Management Systemaiming at the further:

harmonization with legislativerequirements,

improvement of working conditionsand productivity increase,

reduction of accidents and of thedirect and indirect cost of incidents,

improvement of companyoperations through the reduction ofoccupational hazards,

Health and Safety Management

Health and Safety at work and theprevention of occupational risk is amoral obligation and a businessnecessity, which goes beyond thenarrow limits of a simple legalobligation. Our principal concern, arisingfrom our integrated Health, Safety andEnvironmental Protection policy, is totake all necessary measures andimplement all appropriate projects,programmes and procedures that allowus to achieve our standing goals forHealth and Safety in the workplace,which are laid down as follows:

To minimize the risk of majoraccidents to the lowest possiblelevel.

To eliminate occupationalaccidents.

Continuous monitoring andupgrading of the quality ofequipment in order to achievecontinuously improved conditionsfor safe work execution.

Efficient protection of people (ourpersonnel, contractors’ personnel,inhabitants of neighbouringcommunities, associates andvisitors), as well as the environmentand our own installations from thehazards that may arise from thecompany's activities.

The company’s management and all itsexecutives are committed to providingthe necessary support for theimplementation of all programmes andactions ensuring constant improvementof health and safety conditions in theworkplace, and contributing to thedevelopment of a soundly-based safetyculture and of an accidents’ preventionmentality.

Delivering on this commitment relies onthe application of the integrated Health


[ Health and Safety

People ● Visible and systematic management by capable executivesat all management levels.

● Setting goals, responsibilities and accountabilities.● Active involvement of all employees.● Provision of appropriate and full training to all employees.

Equipment ● Continuous inspections of the mechanical and all otherequipment in our installations, to ensure its operationalintegrity throughout its life-cycle.

● Equipment upgrading plan to ensure optimizedperformance with respect to both productivity and safety.

Procedures ● Strict application and documentation of procedures foroperational safety and efficiency.

● Strict compliance with relevant legislation, with internationalstandards and codes of practice and with establishedoperational rules.

● Systematic identification, control and assessment of all risksassociated with the hazards arising from the refinery’soperations.

● Ensuring that all operations are carried out in full compliancewith safety rules and regulations.

● Systematic recording, investigation and analysis of allincidents.

Communication ● Excellent cooperation and communication with publicauthorities and other stakeholders, including providingthem with all relevant information.

Results ● Systematic measurement of results using establishedindustry indicators, so as to ensure constant improvementin performance and identification of malfunctioning andvulnerabilities.

Risk control ● Occupational risks and the respective protective measuresare sufficiently understood by all, and at all managementlevels.

● Continuous review and updating of the company'sEmergency Response Plan.

Health and Safety Management System: Framework of supportivecomponents

Health and safetymanagement system

an intergrated system withOHSAS 18001:2007

certification

improvement of the corporateimage for its customers andemployees,

enhancement of the ability tohandle emergencies,

assurance of the application of theHSE policy and of the continuousmonitoring and upgrading ofprocedures.

Moreover, the company gains acompetitive advantage, since theOHSAS certification is a marketingtool; it enhances and correlates to ISO9001 and ISO 14001 standards and isan international standard that offersthe company global recognition.

The new operational structure of theHealth and Safety Management Systemis still based on the four stages of theestablished Demming cycle (Plan

Do Check Act), but is markedlyoriented towards continuousimprovement.

The successful implementation of theHealth and Safety Management Systemrelies on a framework of supportive

components. Each one of thesecomponents is an essential buildingelement of the system, and whenapplied simultaneously, they work insynergy to increase the overall effectsignificantly.


Hea

lth a

nd S

afet

y ]

The operation of the Health and SafetyManagement System is assigned to therefinery’s Health, Safety andEnvironment Section. Moreover, theHealth and Safety organization includesin-house Safety Supervisors,Occupational Physicians and nursingstaff, both at the refinery and at thecompany's head office, at a level thatmore than covers the provisions of therelevant core laws (Law 1568/1985and Presidential Decree 17/1996).

During 2008, our efforts to achieve ourHealth and Safety goals were focusedon the following main directions:

Projects and investments forupgrading and improving the safetyand quality of the workenvironment.

Projects and expenses forupgrading, consolidating andimproving the instructions andprocedures for preventing andcontrolling occupational risks.

Training and safety awarenessfostering, both for our ownpersonnel and the personnel ofcontractors, preparedness andcooperation with stakeholders.

Implementing suitable measures forthe prevention of accidents duringthe course of the 2008 plannedshutdowns of refinery units formaintenance purposes.

Organizing for the company’sharmonization with the EuropeanUnion’s REACH (Registration,Evaluation and Authorization ofChemicals) Regulation.

Improvements in working conditionsand in the safety of the workenvironment are achieved by makingthe required investments in equipment,through the introduction of newprocedures, and by means of Healthand Safety inspections.

Investments and expensesThe refinery was designed, built, andoperates, in accordance with Greek andinternational regulations and standards.However, there is a continuinginvestment programme in the propermaintenance of the electrical,mechanical and electronic equipment,and in technical upgrades and renewalsof this equipment by taking account ofengineering developments, aiming at

Upgrading and improvingthe safety conditions andthe quality of the work environment

maintaining the highest possiblestandards of safety and accidentprevention. The cost of the company’sinvestment programme (including AVINOIL investments) for improving Healthand Safety standards, and for acquiringand maintaining safety and medicalequipment, was 8.3 million euros in2008, while the cost of all other typesof expenses was 2.7 million euros.Therefore, the overall 2008 cost ofinvestments and expenses amounted to10.9 million euros, up 56% in relationto year 2007. Particular emphasis wasplaced on implementing projects thatmitigate accident hazards and improveworking conditions, as well as onprojects that improve the facilities' firesafety.

Investments and Expenses for Health and Safety (in thousand euros)Investments 8,262

Fire Safety 894

Emergency Response 534

Personal Protective and Medical Equipment 187

Risk Reduction 6,586

Security 61

Expenses 2,681Total 10,943


[ Health and Safety

Investments and Expenses for Health and Safety (in thousand euros)

2003 2004 2005 2006 2007 2008

3,040 2,561

4,551 4,339

7,004

10,943

Among other things, this amountincluded investments for:

● Continuation of the project forinstallation of the AdvancedProcess Control (APC) System, anatural continuation of theDistributed Control System (DCS).To date, the APC has beenimplemented in the CatalyticCracking Complex and in theVacuum Distillation Unit, while theinclusion of the Crude DistillationUnit in the system is in progress(budget: 8.8 million euros).

● The first stages of the project forupgrading the Alkylation unit safetylevel, which consists in theinstallation of water curtain andwater deluge systems to enclose apotential hydrogen fluoride leak.The project budget is 3.2 millioneuros. The construction of asuitable underground facility for thesafe storage of hydrogen fluoridetanks was completed in the sameunit, as well as the installation ofhydrogen fluoride detectors and pHmeters. ("HF mitigation system").

● Completion of the relocation ofmaintenance workshops and of thecentral materials warehouse to new

buildings and sites located furtheraway from the production units.These projects, besides improvingproductivity, also aim at providingmore comfortable and safe workingconditions for employees workingon these sites. The project budget is2.5 million euros.

● Construction of a new powersubstation on the jetty,incorporating all the state-of-the-artsafe operation techniques, with abudget of 3.2 million euros. At thesame time, an automatic fire-fighting system was installed in twoexisting refinery power substations.

● Completion of the fire protectionproject in the area of the large heatexchangers at the HydrocrackerComplex, through the expansion ofthe fixed fire-extinguishing foamsystem (installation of an elevatedfire-fighting monitor and of a foamtank), which significantly improvesthe fire safety level by minimizingresponse times.

● Continuation of the double blockbleed valves installation project inthe furnaces of the process units.

● Installation of shut-off valves in theHydrocracker Complex, as well inother units.

● Connection of reactors and othervessels to a high-pressure nitrogensupply system in order to ensuresafe decompression in case of anemergency.

● Elevation of the vents of the sewersystem at various units for bettergas dispersion.

● Renewal and upgrading of the basicPersonal Protective Equipment(PPE) and of the refinery’s MedicalCentre equipment, besides theprocurement of special safetydevices for the tasks of monitoring,supervising, maintaining andrepairing the plant equipment.

● Improvement of the fire safetysystems with various projects, suchas: (a) automation of the fire-fighting system in the TruckLoading Terminal, (b) constructionof a permanent foam system in thesecond product-pump-station, (c)installation of water curtainsystems for the protection ofrefinery units, as well as the pipetrench,(d) installation of a foamcontainer in the fire-fighting systemof the Dewaxing unit, (e)installation of fire detection systemson various sites in the refinery, (f)procurement of new portable fire


Hea

lth a

nd S

afet

y ]

pumps, and (g) replacement of alarge number of old portable fireextinguishers, with a parallel effortto achieve consistency in this typeof equipment, as much as possible.

● Renewal of the wirelesscommunication devices to improveintra-communications, especially inemergency situations.

● Acquisition of new vehicles used totransfer personnel and materials, aswell as bicycles; it is to be notedthat bicycles have been widely usedfor many years within the refinery,as an environmentally-friendlymeans of transport that moreoveroffers added safety.

● Safety improvements at variousaccess points to refinery facilities(ladders, platforms, etc.),improvements in lighting andsignposting of the internal roadnetwork.

● Continuation of the project forinstallation of a lift at the CatalyticReforming Unit.

Internal and external inspectionsThe continuous monitoring ofequipment and workplaces to identifypotential hazards by carrying outplanned Health and Safetyinspections are essential proceduresthat are given the highest priority. Atthe refinery, the planned Health andSafety inspections are realized byboth internal inspection teams andexternal safety auditors, includingGreek or foreign consultants.

The projects under construction are theobject of daily ad hoc inspections,while the planned internal inspectionsare carried out on the basis of anannual schedule by teams of differentcomposition and mandate, consistingof refinery executives and othercompetent personnel:

Safety and EnvironmentInspections by a three-memberteam headed by a Section Head,and including one Engineer andone Supervisor. There are 23 suchteams, and each one is responsiblefor one of the 23 sectors in which

10.9 million euros investments and expenses in 2008

for improving health and safety

the refinery is divided for thispurpose.

Executive Safety and EnvironmentInspections by a team headed bythe General Manager of therefinery, and including theDepartmental Managers and theHead of the Health, Safety andEnvironment Section.

There are also two institutionalCommittees – the Safety andEnvironment Committee, consisting ofrefinery Section Heads, and theEmployee Health and SafetyCommittee as per Law 1568/1985; themeetings of these committees give riseto recommendations for theimprovement of health and safetyconditions.

The findings and recommendationsarising from the above inspectionprocess, and the recommendationsarising from the meetings of the twoCommittees are evaluated and lead toappropriate technical or organizationalmeasures being taken to achieve long-


[ Health and Safety

term improvements of the level ofhealth, safety and environmentalprotection. 914 new recommendationswere recorded in year 2008, while 849were implemented (including pendingrecommendations of the previous year),with another 221 recommendationscurrently pending.

Finally, it is apparent that the technicalinspections and equipment auditscarried out by the Technical andMaintenance Departments, lead tofindings and to the implementation ofmeasures that involve risk preventionand contribute to the improvement ofhealth and safety conditions.

The technical integrity of equipmentand the safe working conditions arejust one of the parameters ensuringsafety in the workplace. The attitude ofthe human factor is even moreimportant; through the establishmentof strict processes and the provision ofsuitable training for ensuring that thenecessary skills and competencies areacquired and that the safety awarenessis appropriate, human resources areled to execute their work safely.

Complying with legislationNot only is relevant Greek andEuropean Health and Safetylegislation strictly observed andcomplied with, but other internationalstandards, codes of practice andestablished operational rules are alsocomplementarily followed where thisis judged likely to allow us to achieveeven higher standards of Health andSafety than would be achieved bylegal compliance alone.

We have developed a Database,available to all employees on the

Upgrading and improvingsafety procedures

company’s Intranet, which containsall the provisions of Greek lawconcerning Health and Safety issuesthat are relevant to the refinery'soperation. This Database isexceptionally important, not only forthe legality of our operations, but alsofor the wealth of information itcontains on all issues, e.g. on riskidentification and control, drafting ofEmergency Plans, levels of exposureto hazardous substances, etc.

Risk identification and controlWe continuously seek to implementbest practices by identifying Healthand Safety hazards in all workplaces,and applying practices and proceduresfor their mitigation or elimination. Theframework for hazard identificationand control is provided by Greeklegislation (Presidential Decree17/1996), and by other European andinternational codes of practice.


Hea

lth a

nd S

afet

y ]

● Systematic evaluation studies ofoccupational hazards per type andjob position have been carried outfor all the refinery’s activities andsuitable measures to eliminate orcontrol such hazards or maintainthem at acceptable levels, havebeen determined. Wheneverrequired by any changes to theworkplace or the workingconditions, these studies arereviewed, so as to be up-to-dateand current on a continuous basis.

● We provide appropriate andadequate training to all our workerscovering: information andinstruction relevant to the hazardsarising from their work, measuresfor the elimination or control ofsuch hazards, correct use ofPersonal Protective Equipment,safe working practices, appropriateemergency response proceduresand first aid provision.

● We ensure the enforcement ofsafety rules in all situations, byimplementing all requiredprotective measures and complyingwith safe working procedures. Theprocess for issuance of WorkPermits is particularly importantduring the execution of repair andmaintenance work, because itensures employee protection. Thisis why the process for issuance ofWork Permits is the object ofcontinuous training for ouremployees who issue or receivesuch permits, as well as forcontractors’ personnel involved inrefinery activities.

● European (ATEX Directives) andGreek legislation (PresidentialDecree 42/2003) are applied with

respect to the protection of workersfrom explosions. The measuresforeseen concern the avoidance ofinflammable substance leaks, theprevention of ignition, the trainingof employees and the specificationsof the work and protectionequipment.

● We encourage the activeinvolvement of all workers in Healthand Safety arrangements, bothindividually and through their beingrepresented on the EmployeeHealth and Safety Committee.

● As for the evaluation of operationalrisks, we carry out detailed hazardand operability (HAZOP) studies, asa matter of absolute necessity, forall new facilities and for allmodifications to existing facilities,on a case-by-case basis.

● As of 2007, we have implementedan innovative project, concerningthe application of a specialized RiskBased Inspection (RBS) programmeto three refinery units: the CrudeDistillation unit, the NaphthaStabilizer and the Caustic Soda andAmine Treating unit. RBI is aninnovative approach that ensuresoptimum results. Experience fromapplication of this method in 2008has led to changes in the intervalsbetween consecutive technicalinspections for all equipment andpipelines. Also, all piping in theseunits has been recorded andclassified in groups (corrosioncircuits), which makes theirinspection more efficient.

● Specifications have been issued forall Health and Safety equipment(Personal Protective Equipment,

Fire-fighting Equipment, etc.) inorder to facilitate the replacementof equipment and achieveconsistency to the greatest possibleextent. These specifications areupdated in line with technologicaldevelopments.

Reports, measurements andindexesWe systematically record, investigateand analyse all incidents (fires,accidents, near-misses) with a view toimplementing corrective and preventivemeasures. Moreover, we strive toenhance our experience by studying theinvestigations of serious accidentsoccurring in similar facilities abroad,and taking advantage of theirconclusions and recommendations asand when they are applicable to ourown facilities.

We systematically record and analyseall relevant operational data, whichcompose the picture of our Health andSafety performance in order to be ableto monitor this performancestatistically. Through goal-setting andbenchmarking on the basis ofinternationally-establishedperformance indicators we seek toensure continuous improvement, andhighlight potential weaknesses andvulnerabilities.

Emergency Response PlansOur emergency response set-up isbased on our Emergency ResponsePlan, which is regularly reviewed andupdated taking account of refineryexpansions and other changes to itsconfiguration, of changing legalrequirements, and of best practicesresulting from technical developmentsor by the experience gained by others indealing with major or non-major


[ Health and Safety

accidents. We have also prepared andsubmitted studies to the competentauthorities, which comply with theEuropean SEVESO II Directive, asregards the most important potentialaccident scenarios and the respectiveprevention and confrontation measures.

In July 2008, the refinery wasinspected by a special committee ofcompetent Authorities, established inaccordance with the provisions of article16, SEVESO II. The committee’s reporthas not yet been submitted.

The Emergency Response Plan,especially for major accidents, specifiesthe protection measures for the public,the instructions for the inhabitants oflocal communities and the way ofdealing with the issues arising from thepotential activation of the MajorTechnological Accidents ResponsePlans (SATAME), drafted by thecompetent Authorities, which determinethe intervention of the state.

The Emergency Response Planprescribes equipment, organization andfacilities available (both internally andfrom off-site sources) to mitigate theeffects of an emergency. Features of theEmergency Response Plan include:

The Mutual Aid Agreement wherebyall Greek refineries co-operate inthe event of an emergency, datingfrom 1988. The effectiveness ofthis collaboration is ensuredthrough joint exercises involvingMOTOR OIL, the local fire brigadeand the other refineries.

The safety drills, organized weekly,and the preparedness exercises ondealing with major accidents thatare organized several times a year.During these exercises, the MajorIncident Response procedure is

activated. Twenty-four suchexercises were carried out in year2008. Safety drills and majorexercises contribute greatly to thetraining and preparedness ofemployees, to the evaluation andupgrading of fire safety equipment,and to the evaluation andmodification of the Plan itself.

The fixed and portable equipmentfor fire detection, fire-fighting, andleakage detection and containing,which are upgraded according to aregular annual investment plan.

The availability on the refinery siteof six fire engines and one 12,000-litre bulk foam tender, that areavailable on 24-hour standby, andare operated by trained fire-fightercrews.

The operation, in 2008, of theupgraded automatic telephone callsystem (COMMUNICATOR) forexecutives, in the event of anemergency outside normal workinghours.

The existence of alternativelocations for the Incident ControlRoom at four different strategicpoints of the refinery.

Medical services - healthFor the refinery personnel we have inplace a programme of inoculations andregular medical examinations(including blood tests, X-rays,cardiograms, eye tests, etc.). We haveorganised a comprehensiveoccupational health service at therefinery with the appropriate personneland material resources in place toprovide medical and first-aid services,including:

● A main Medical Centre, housed inmodern premises covering around100 sq. m., staffed by anOccupational Physician andnursing staff, and equipped withall necessary hospital equipmentfor emergency treatment. It hasfive patient examination and firstaid beds, as well as one fullyequipped short-term treatmentward.

● A Pharmacy stocked with allnecessary medicines, surgicaldressings and other medicalequipment.

● A suitably-equipped first aid stationat the Alkylation unit, where there


Hea

lth a

nd S

afet

y ]

is medical assistance available on a24-hour basis.

● Three suitably-equipped first aidstations (located in the CentralControl Room, the ChemicalLaboratory and the HydrocrackerComplex).

● Three fully-equipped ambulances.

Fire-fighting crews are also trained inrescue practices and in first aidprovision.

A Medical Centre, staffed by twodoctors, is also available on thecompany’s head office premises tocater for the needs of MOTOR OIL andAVIN OIL personnel located there.

Smoking is prohibited throughout thecompany’s facilities. Smoking is onlyallowed in employees’ personal officesand specially designated areas.

Finally, the non-exposure of workers toconcentrations of noxious substancesthat can be harmful to their health isconfirmed by carrying out relevantconcentration measurements, inaccordance with the provisions of therelevant legislation.

● The auditing and inspection of selected hot and confined space works continued, asparticular emphasis is placed on this type of works. Between 5-7 audits are carried outeach day, and more than 2,000 audits took place in year 2008 alone (increased numberdue to the major refinery shutdown for preventive maintenance).

● Continued application of the new technique (introduced despite the higher cost involved),which allows crude oil tanks to be cleaned without the necessity for personnel to enter thetanks, thus entirely eliminating the associated hazards.

● Continued application of the system of imposing penalties on contractors, who breach thecompany’s Health and Safety rules while working on refinery premises, implemented forthe first time in year 2006. Persistent breaches lead to escalated disciplinary measuresdepending on the severity of the breach. As of 2008, this system also produces a sub-contractor reliability scale, based on the evaluation of breaches identified.

● A new procedure for critical works was issued (use of cranes and liftings), and lists ofactions in case of natural disasters (earthquakes, etc.) were reviewed and completed.Also, the OHSAS 18001:2007 certification led to the need to review 18 existingprocedures and draft a new procedure for Vertical Health, Safety and EnvironmentInspections.

● In the framework of our policy to reward the personnel of refinery Sections in which noaccidents were recorded, or whose safety performance was significantly improved overthe previous year (2007 in this case), the Management of the company rewarded thepersonnel of four Sections (Catalytic Cracking, Lubricants’ Distribution, Housekeepingand Fire Safety) with elegant honouring gifts.

● Review and re-issuance of the Material Safety Data Sheets (MSDS) for the refineryproducts, within the framework of application of the REACH Regulation provisions,continued. This work is ongoing, in line with developments in the application of theREACH Regulation.

.

Examples of actions taken during 2008 to improve operatingprocedures


[ Health and Safety

A large-scale planned shutdown ofrefinery units for periodic maintenancetasks took place in the period from Mayto July 2008, together with anotherthree smaller-scale planned shutdownsin individual units. The work carried outwas the most extensive, with respect toboth volume and complexity, since theestablishment of the refinery – as apartfrom the Catalytic Cracking complex,the Hydrocracker complex as well wasincluded in the scope of works for thefirst time; the work was accomplishedin absolute safety, and the unit start-ups were exemplary. This fact aloneconstitutes an exceptionally positiveresult.

Such extended interruptions in theoperation of the plant, require specialvigilance and precautionary safetymeasures, because of the greatlyincreased risk of accidents. Carefulplanning, continuous supervision andspecial accident prevention measuresare required during the shutdownperiod, including the following:achievement of a heightened state ofsafety awareness among all thoseinvolved, by providing them withguidance and information about theincreased risk level; co-operation with

site managers, on a daily basis, toidentify hazards jointly and initiateremedial measures; and daily sitesafety inspections.

Inspection teams were set up especiallyfor the works in 2008; they wereheaded by executives from the Health,Safety and Environment Section andstaffed by engineers from the TechnicalDepartment. The teams were chargedwith the duty of 24-hour monitoring ofthe works with respect to application ofsafety rules, in view of immediatelycorrecting any irregularities onsite.

Nine unplanned shutdowns occurred inyear 2008, besides the plannedshutdowns. Accidents were avoided inthese cases as well, through theapplication of a similar range ofpreventive measures.

The continuous training of ouremployees, their updating with therequired information, the creation of ahigh level of safety awareness, togetherwith the technical and organisationalmeasures are the essential pillars foraccident prevention and themaintenance of a safe workenvironment. This fundamentalapproach governs the Health and SafetyManagement System of MOTOR OIL.

Considerable emphasis is placed on thesystematic supply of Health and Safetyinformation to sub-contractors involvedin refinery site operations, in particularrelating to safe working procedures andgeneral principles of accidentprevention, the aim being to ensuretheir full and effective participation inrefinery operations.

The general content of Health andSafety training includes the followingsubjects:

Fires – fire safety – use of fire-fighting equipment.Work Permits.Work in confined spaces.Identification of occupationalhazards and risk evaluation.Personal Protective Equipment.Classification, packaging andmarking of hazardous substances.Material Safety Data Sheets. Emergency response proceduresand participation in relevant drills.First aid.Cleanliness – ergonomics.Presentations – analyses ofaccidents occurring abroad.

In 2008, emphasis was placed on thefield of fire safety, ontraining/certification of Work Permit

Planned shutdowns of refinery units

Training,safety awarenessand co-operationwith shareholders


Hea

lth a

nd S

afet

y ]

issuers (company personnel) andrecipients (contractor personnel), onOHSAS 18001 and other specializedissues:

● The always-current issue of firesafety was a central theme ofSafety-related training in 2008,and all refinery personnel inresponsible positions (foremen,supervisors, engineers, sectionheads, managers) were trained on arange of subjects, includingeverything the relevant employeesneed to know about fires, fire safetyand available fire-fightingequipment.

● Full training programme (three-dayseminar), in view of application andcertification as per the OHSAS18001 standard, addressed toexecutives that were to undertakethe role of internal auditors for thesaid system.

● Training of duty engineers mainlyon the response to major incidentsand on the available fire-fightingequipment, at a both theoreticaland practical level, in the form ofreal-life fire-fighting drills andrelated desk exercises.

● Training and certification of 21company employees who issueWork Permits.

● "Toolbox Meetings» trainingsessions (the 2006 Environmentaland Social Report containsextensive reference to this trainingapproach) on special subjectsconcerning specific workplaces.

● Training of relevant personnel onsafe welding practices.

● The structured and focused effortsto provide information to theemployees of subcontractors, andto raise their safety awarenesscontinued in 2008, covering:

--The information deliveryprogramme (including provisionof information, question andanswer sessions, recordingresults in a database, issuing ofspecial cards showing successfulattendance of the programme)covering all employees ofsubcontractors who receive WorkPermits. The training materialcomprised a general component -covering Health and Safetysubjects relevant to all types ofrefinery work – and a second,specialist component – relevant

to 29 different types of activity.This information programmecovers 8 hours and was attendedby around 150 persons in 2008,adding to the 420 individualswho received training in theprevious two years.

-- Toolbox Meetings on the firstMonday of every month, attendedby the contractors working at therefinery during that period, onHealth and Safety issues relevant tothe work executed by them, and -mainly - to discuss irregularitiesobserved during workplaceinspections.

● Safety drills and preparednessexercises are regularly rehearsed toimprove the preparedness ofpersonnel in handling emergenciesand to test equipment andprocedures related to theEmergency Response Plan. Therelevant programme for year 2008included 52 drills (one per week),of which 24 concerned theresponse to a Major Incident. Halfof the drills were planned, while therest were unscheduled drills (withrespect to the date and time, thelocation and the scenario) involvingmobilization of response


[ Health and Safetyequipment. Planned drills took

place at different parts of therefinery site, involving theoreticaland practical training in fire-fightingprocedures and familiarization ofpersonnel with fire-fightingequipment and related PersonalProtective Equipment.

● In order to raise safety awarenessamongst the personnel, Health andSafety messages and posters areregularly displayed on 13 noticeboards, dedicated for this purpose,located throughout the refinery site.

● A new approach to training unitoperators on safety issues has beenapplied since the end of 2008based on material contained invideo tapes. The video tapes areshort in duration (10 – 20minutes), and are shown on TVmonitors located throughout thedifferent Departments. Operatorsare able to watch the video tapes ata time that is suitable for them, buton the basis of a predeterminedschedule. The six video tapesmade available in year 2008 hadthe following themes: safe use ofelectrical tools, hearing protection,safe use of scaffolding, safetransportation, avoiding falls, and

safe start-up of electricalequipment.

● The «Visitor Guidelines» leaflet wasissued in 2008; the leaflet isdistributed to visitors to therefinery, and contains the basicrules to be followed during theirvisit.

Cooperation with other stakeholders isconsidered a necessary element of theresponsible handling of Health andSafety issues. For this purpose,Refinery Cooperation Meetings onHealth, Safety and Environment issuesare organized and attended byrepresentatives of Greek refineries, thecompetent ministries, localgovernment, the fire department andother stakeholders. MOTOR OILcompetent employees attend thesemeetings and play an active role withpresentations on various topics. Thesemeetings promote cooperation andsynergy in a field where there really isincreased capacity for the exchange ofknowledge and experience.

Accidentstatistics

The successful operation of the Healthand Safety Management System isreflected in accident statistics(indicating both the number and thefrequency and severity of accidents)which show a clear downward trendover the years.

Eight accidents were recorded in year2008, compared with six in 2007 andten in 2006. It should be noted that thelargest planned shutdown in therefinery’s history for maintenanceworks took place in year 2008. TheAccident Frequency Index, due to thebigger number of accidents, showed anincrease in 2008 compared with theprevious year (from 2.6 to 3.4,equivalent to a 31% worsening), butwas much lower than the target (3.8).

The above result should also be linkedto the Accident Severity Index, whichimproved significantly in relation toyear 2007, since it dropped from 1.1to 0.5 (55% improvement), when thetarget was 0.7. This value is the lowestsince the refinery’s establishment, andindicates fewer serious accidents thanin 2007 (reduced number of workhours lost).

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Accident Frequency IndexTrendline

19

.0

16

.4

12

.6

12

.8

11

.9

14

.4

6.4

10

.6

14

.9

7.7

7.0

9.7

6.3

4.5

2.6

3.4

Frequeny Index= Accidents (Lost Work Injuries) number per one million hours worked


Hea

lth a

nd S

afet

y ]

These statistics relate to our ownemployees and do not includeaccidents involving sub-contractors’employees, which showed a markedreduction: no accidents were recordedin 2008, compared with one in 2007,one in 2006, five in 2005, four in2004 and nine in 2003.

The above data concern the refineryworkplace only; however, it should benoted that no accidents were recordedin the remaining workplaces (MOTOROIL head office, and AVIN OIL officesand facilities).

The European Union REACHRegulation (Registration, Evaluation andAuthorization of Chemicals), effective asof 1st June 2007, creates a new basis forthe protection of human health and theenvironment from the use of chemicalsthroughout their life-cycle.

As a socially responsible company,MOTOR OIL is committed to complyingwith the requirements of the newRegulation and taking all necessaryaction for the timely registration of thechemicals it produces and distributes.Within this framework:

We have mobilized our humanresources in view of harmonizationwith the above-mentionedRegulation. In recognition of theimportance of the participation of allstakeholders in the production anddistribution of our end products, thecompany discusses and analyzes allindividual issues that arise in theapplication of the Regulation, withboth suppliers and customers.

Furthermore, we are activeparticipants of the CONCAWEorganization, which providestechnical advice to Europeanrefineries on matters of Health,

Severity Index =Number of lost man-hours per one thousand worked hours

The REACH regulation

Safety and Environmentalprotection, and we participate inthe Fuel Ethers Reach Consortium(FERC), the core organizationassisting ether (ª∆µ∂/∂∆µ∂/∆∞-ª∂/∆∞∂∂) producers in theirpreparation for the registration ofthese substances. Through theseforms of participation, we canensure that the chemical propertiesof the products we produce anddistribute are systematicallyanalysed and scientifically studiedwith respect to chemical safety andthe associated protective measuresrelevant to their uses, throughouttheir life-cycle.

2008 was a milestone year for theRegulation, marked by the completion ofthe initial registration by the companies ofthe substances included in its field ofapplication. The entire procedure wascompleted through the Europeanelectronic system IUCLID, whichconstitutes a basic tool for achievement ofthe Regulation’s objectives. MOTOR OILcompleted the pre-registration of thesubstances that concern it, without ahitch and within the prescribed timelimits. Full registration of the substancesis scheduled to be completed byNovember 30th, 2010.

Accident Severity Index

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Trendline

3.7

3.3

2.4

2.1

1.8

2.3

0.5

0.5

1.6

0.9

2.4

1.9

1.3

1.8

1.1

0.5


[ Health and Safety

We are taking all appropriatepreventive measures to protect ourinstallations against likely securitythreats, both deliberate and nondeliberate ones. Our personnelresponsible for this protection aresuitably trained, both in security andsafety matters; they can thuseffectively and swiftly carry out theirtasks, in full awareness of the dutiesassigned to them, and of the need tofully respect freedom and thefundamental human rights.

Furthermore, we give the highestpriority to security measures aimed atthe protection of our port facilities inorder to prevent any incidentwhatsoever, which apart from anyother consequences, may also causemarine pollution. It should be notedthat, in 2004, MOTOR OIL becamethe first Greek company to be certifiedby the Ministry of Mercantile Marinefor compliance with the InternationalShip and Port Facility Security (ISPS)Code, which is applied according tothe requirements of chapter XI-2 of theInternational Convention for the Safetyof Life at Sea (SOLAS). Theaccreditation is revised each year, inaccordance with the existing legislative

The core principle governing howAVIN OIL exercises its operationalactivity is respect for people and theenvironment. In this spirit, thecompany has developed its policy for«Health, Safety and EnvironmentalProtection» and implements a Health,Safety and Environmental ProtectionManagement System, on the basis ofwhich it manages issues relating toHealth and Safety, aiming at avoidingall incidents whatsoever that can haveeffects on health, the environment orassets.

AVIL OIL is committed to the following:

Fully complying with applicablelegislation, regulations and codesof practice concerning Health andSafety.

Regularly making available to theauthorities and all involvedstakeholders full and accurateHealth and Safety data relating tothe risk free use of the products itdistributes.

Providing its employees with a safeand appropriate work environment.

Ensuring that Health and Safetyissues are handled by competentand dedicated in-house personnel(occupational physician, safetyengineer, etc.).

Providing appropriate Health andSafety training to its employeesand accordingly informs those withwhom it collaborates.

Maintaining updated EmergencyResponse Plans for efficientlyresponding to emergencies orlarge-scale incidents.

Observing and applying, to the bestof its ability, all internationaltechnological developments.

Security - revised edition of «Port Information & Regulations»

AVIN OIL

provisions of the Ministry of MercantileMarine.

The revised Port Information &Regulations became applicable in year2007. We consider the existence ofthe Port Information & Regulations forour port, which codifies in a singlevolume all the requirements for thesafe docking of vessels at our terminal– according to Ministry of MercantileMarine guidelines, and internationalcodes and conventions – to be aprerequisite for the best possibleprotection of both our installations andthe vessels themselves. The revisedPort Information & Regulationsconsolidates all new provisions arisingsince its previous issue, includingthose of the ISPS Code, while it alsodescribes clearly and in detail, ourminimum requirements relating tosafety and security, as well as themeasures to be taken to avoidpollution.


Hea

lth a

nd S

afet

y ]

Encouraging its associates andcustomers to adopt similarapproaches to Health and Safetyissues.

Continuously striving to improve itsHealth and Safety performance.

In the procedures field in year 2008:

● AVIN OIL Road Tanker drivers weretrained on safe driving techniques(anti-rollover and anti-skidtraining). This training takes placeon a special track, using a suitablymodified road tanker vehicle. Othercontracted road tanker drivers willalso be trained in the near future.

● The safety training (on issuesrelated with the safe receipt,delivery and distribution of fuels) ofRoad Tanker drivers was repeatedand extended to cover not only AVINOIL's own drivers but also other,contracted Road Tanker drivers.

● The thorough programme of annualinspection for all Road Tankers(owned and sub-contracted)involved in the distribution of thecompany's products wascontinued, in line with state andpetroleum industry regulations.Such inspections extend to

compliance with the termsincluded in the EuropeanAgreement concerning theInternational Carriage of DangerousGoods by Road (ADR). All RoadTankers loaded at AVIN OIL’sfacilities are equipped with aspecial Safety Pass certifying thatthey have been checked accordingto the ADR.

● A schedule was drafted for thesignature of a contract with thecompany’s sub-contractedtransporters, relating to theprovision of the following to themthrough a specialized company: (a)Safe transportation consultancy,and (b) Safety training on issuesrelated with the safe receipt,delivery and distribution of fuels,and anti-rollover and anti-skidtraining.

● The process for harmonization withthe requirements of the EuropeanUnion REACH (Registration,Evaluation and Authorization ofChemicals) Regulation, effective asof 1st June 2007, is currently inprogress. As a downstream user,AVIN OIL has provided allnecessary information to itssuppliers and customers.

● Security personnel at the AghioiTheodoroi terminal, Corinth,received training relating to thehandling of fire-fighting equipment.

● A far-reaching scheme for trainingall AVIN OIL petrol stationpersonnel on safe petrol stationoperation has been put intopractice; training is carried out ateach individual petrol station, toensure universal participation.

In the field of capital investments inHealth and Safety, five new large andfive new small (for heating oildistribution) Road Tankers becameoperative in year 2008, while at theAVIN OIL terminal:

● Asbestos-containing materials (roofmaterial in the loading gantries)were removed and replaced bynon-harmful materials.

● The fire fighting system wasupgraded with the installation ofnon-explosive electric light globesin the pump station and theloading gantries, and withupgrading of the fire fightingequipment at the pump station.

● Improvements were made to thetechnical infrastructure to reducethe risk of accidents and improvesafety levels (e.g. installation of anemergency shower, posting ofsigns requiring the use of PersonalProtective Equipment, installationof an air exhaust system inunderground warehouses, etc.).

Environment

Caring for the future by protecting the environment

Respect and care for the environment is a common denominator of all our activities. We operatecompetitively but, at the same time, as a responsible corporate organization we espouse the Principlesof Sustainable Development; that is, the development which is based on mutual respect and on ourresponsibility towards future generations.

Year 2008 saw the introduction of natural gas to our refinery, completion of the steam production unitupgrading programme, execution of the largest preventive maintenance programme in the history ofthe refinery, extension of ISO 14001:2004 certification to cover biofuel production, trade and delivery,and issuance of the annual voluntary Environmental Statement 2007 in accordance with the EMASER 761/2001 regulation. Finally, the company received the «ECOPOLIS 2008 - EnvironmentalInvestment» award.

Envi

ronm

ent ]


Selection of the most efficient meansand measures to reduce ourenvironmental impact covers the entirespectrum of our activities; from theselection of technologies when buildingnew plants, to the practices appliedduring the refinery’s daily operation,and from the use of advanced processcontrol systems to the training providedto employees working at the refinery.

The improvement of our performancewould not be at the desired level if theresults of our efforts were not evaluatedsystematically. The application ofManagement Systems contributes tothis by defining the sectors whereenvironmental benefits are maximizedthrough the allocation of necessaryresources.

The pace with which scientific,technological and legislativedevelopments in the environmentalfield take place, renders ourmembership in international

organizations as well as, the activesupport of the scientific work of theacademic community, more than morethan necessary.

Environmental ManagementSystemOur company’s commitment towardsthe minimization of the environmentalimpact resulting from its operation, isexpressed through our Health, Safetyand Environmental Protection Policy.Our commitment would not materialisewithout the application of a valid andinternationally accepted environmentalmanagement system. This systemensures that environmentalperformance is measuredsystematically and that activitiesrequiring intervention and improvementare recognized. Thus, the allocation ofresources to actions with the maximumpossible environmental benefit isensured.

Environmental management

Protection of the environment andits safeguarding for future generationsis a global challenge which isbecoming an ever-greater concern forthe whole of society as the effects ofclimate change are becoming moreand more visible. Air, soil and waterare the three invaluable resources thatwe are being called to protect, so thatsociety may continue to enjoy theachievements of scientific andtechnological progress within aclimate of free movement of people,goods and ideas.

We seek to ensure that our facilitiesoperate in the most energy efficientpossible manner, minimize thegreenhouse gases emissions as well asof other pollutants, function within theframework of approved environmentalterms, rigorously adhere to the relevantHellenic and European legislation andfinally implement projects and actionsthat go beyond the strict application ofthe law.

487.9 million eurosin environmentalinvestmentsin the lastseven years

[ Environment


The Environmental Management System is an effective tool for implementing, andmonitoring compliance with the company's various environmental protection policyobjectives, which are:

Keeping abreast of legislative developments and ensuring full compliance withall Greek and EU environmental legislation in force.

Operating the facilities within the framework of approved environmental terms.

Planning and implementing the various company projects by taking intoaccount the dimension of minimizing environmental effects.

Applying Best Available Techniques to the greatest possible extent.

Monitoring and continuously minimizing the emissions of greenhouse gases aswell as those of other pollutants, and of solid and liquid waste, as far astechnically and economically possible.

Monitoring and, as far as possible minimizing, the consumption of energy.

Pre-empting any risk of environmental pollution, reducing the probability ofenvironmental accidents, and preparing, implementing and testing theappropriate emergency response procedures.

Training of, and awareness-raising among, all our personnel andsubcontractors’ employees who work on our premises, on the implementation ofthe company's environmental protection policy.

Evaluating our environmental performance and continually improving ourEnvironmental Management System.

Developing communication and dialogue with all stakeholders.

Environmental objectivesThe company’s EnvironmentalManagement System was first certifiedcompliant with the ISO 14001:1996standard in 2000. Since 2004 it iscertified compliant with the ISO14001:2004 standard by BV (BureauVeritas). The ISO 14001:2004standard imposed new, stricterrequirements for environmentalmanagement issues, but at the sametime provides the tools required formore efficient operation of suchsystems. MOTOR OIL was re-certifiedby BV for ISO 14001:2004 in 2007,and expanded its certification in 2008,to include the production, trade anddelivery of biofuels, asphalt andspecialized petroleum products.

The Environmental ManagementSystem is part of the IntegratedManagement System, which is ISO9001:2000 certified for quality, andtherefore the execution of variousinternal functions and procedures of theEnvironmental Management System ischaracterized by the strictdocumentation imposed by thisstandard.

The aforementioned managementsystems are applicable to issuesconcerning the company’s everydayoperation. Our commitment to makepublic the data regarding ourenvironmental performance and theeffects arising from the operation of ourfacilities, as expressly mentioned in ourPolicy for the Environment, has led tothe voluntary adoption and applicationof the European Eco-Management andAudit Scheme (EMAS), as foreseen byEuropean Regulation 761/2001. Thissystem ensures that all companies ororganizations adopting it, identify theenvironmental impacts arising fromtheir activities, define strategies andimplement plans to mitigate them to

Environmental management system● ISO 14001:2004 certified● EMAS ER 761/2001certified● Included in the ISO 9001:2000 certified

intergrated management system

Envi

ronm

ent ]


the larger extent as reasonablypossible.

Additionally, within the framework ofEMAS, the company is committed topublish, on an annual basis,information regarding its environmentalperformance, in the form of anEnvironmental Statement. This is aprerequisite which allows theorganization to remain within the Eco-Management and Audit SchemeSystem, and is manifested withrenewed decisions of the Ministry of theEnvironment, Urban Planning andPublic Works each year. In 2008,MOTOR OIL issued its BV-certifiedEnvironmental Statement 2007, itssecond such statement after the one forthe year 2006.

It is worth noting that, in the oil refiningsector, the triple combination of ISO14001:2004 and EMAS certificationfor the environment and ISO9001:2000 for quality, is particularlyimportant, and provides multipleadvantages; such certification is rarelyencountered in European refineries of asimilar complexity level as the MOTOROIL refinery.

In year 2008, MOTOR OIL received a significant distinction: The «ECOPOLIS2008 – Environmental Investment» Environmental Sensitivity Award forbusinesses, which it had also received in 2007. The company was awarded forthe implementation of an an innovative crude oil tank cleaning method. Thismethod minimizes the environmental impact, by reducing the quantity of solidwaste produced and achieving zero gaseous emissions. Moreover, it eliminatesthe hazards for the health and safety of employees, since they are not requiredto enter the tanks.

The prize award was organized for a fourth consecutive year by theenvironmental, non-profit, non-governmental organization Ecocity. The purposeof this institution is to recognize and reward environmentally-sensitive initiativesand projects implemented by Scientific Authorities, Municipalities, Public SectorOrganizations, Enterprises, State Authorities and the Media.

The award ceremony took place at the GAIA Natural History Museum on June4th, 2008, and the award was received on behalf of the company by the Headof the Health, Safety and Environment Section, Mr Y. Paleokrassas.

«ECOPOLIS 2008» Environmental Sensitivity Award

The ECOPOLIS 2008 sculpture. The winning

entry was artist’s Valentino Marengo «LEAF»,

made of recycled glass. The laurel leaf

signifies victory and recognition, while the

recycled material symbolizes economy in

the use of resources by mankind.

[ Environment


Environmental investments and expenses

Environmentalimpactmanagement

The company’s investment policy isoriented towards the production ofproducts that comply with the relevantspecifications, by using technologiesthat minimize environmental effects.Projects for the improvement andenhancement of the refinery’senvironmental performance absorbresources, having the maximization ofexpected benefits as the main criterion.

During the last seven years, as shownin the table below (which includes thecorresponding AVIN OIL data), MOTOROIL has implemented a massiveinvestment programme totalling 725.8million euros. The major part of thisinvestment programme was related tothe construction of the Hydrocrackercomplex and its supportive facilities.Low-sulphur fuels produced by theHydrocracker complex, satisfy EUspecifications that came into force on1.1.2009. Investments in clean fuelsabsorbed 56.2% of total investment,while investments for the furtherimprovement of environmentalperformance absorbed an additional

11.0%. Overall, environment-relatedinvestments amounted to 487.9million euros or 67.2% of the totalinvestment programme.

Total investments in 2008 amountedto 78.4 million euros, of which 16.7million euros (21.3% of the total)concerned projects in improving andprotecting the environment.

Year 2008 was characterized by thecompletion of the largest preventivemaintenance programme in the historyof the refinery, while the upgrading ofsteam boilers was completed, thuscontributing significantly to thereduction of the refinery’s NOxemissions. A series of other, smallerand larger, projects were implementedduring the year; these were orientedtowards the reduction of emissions andenergy consumption, the improvementof the environment-relatedmeasurements system as well as, theimprovement of the liquid wastemanagement.

The operation of a complex industrialplant, as is the case for modernrefineries, is characterized by the influxof large quantities of raw materials, theconsumption of equally large quantitiesof energy in order to convert these intoend products, and finally thedistribution thereof on the market.

This process gives rise to the need for asystem that will regularly and reliablymeasure and then assess the impactthat each of the production units has onthe environment and finally, classifythem according to their criticality. Thisin turn necessitates the establishmentof a set of criteria, including legislativerequirements and the opinions ofstakeholders, among other things.

Finally, it is clear that this system willhave to be structured in such a way asto monitor the evolution of the plantand redefine the criticality of individualparameters.

The minimization of the impact that ouractivities have on the marineenvironment, the underground water,the air and soil quality, the reduction

ENVIRONMENTAL INVESTMENTS AND EXPENSES 2002 - 2008 (in million euros)Year 2002 2003 2004 2005 2006 2007 2008 Total Percent

Total Capital Investments 47.4 88.5 251.0 164.5 44.6 51.4 78.4 725.8

Environmental Project 9.3 58.3 234.6 132.0 15.1 21.9 16.7 487.9 67.2%

- For clean fuels 1.0 54.6 231.5 120.6 0.0 0.0 0.0 407.7 56.2%

- For improving performance 8.3 3.7 3.1 11.4 15.1 21.9 16.7 80.2 11.0%

Environmental Expenses 2.0 2.2 2.2 2.5 2.6 2.9 4.0 18.4

TOTAL OF ENVIRONMENTAL INVESTMENTS AND EXPENSES 11.3 60.5 236.8 134.5 17.7 24.8 20.7 506.3

Envi

ronm

ent ]


and efficient management of solid andliquid waste, the further reduction ofthe noise naturally caused by suchintensive industrial activities, andfinally the rational use of water andenergy, all constitute the mostimportant challenges that the companyhas to confront.

In recognition of the human factorcontribution for the limitation of theenvironmental impact of its activities,MOTOR OIL provides relevant trainingto its employees for this purpose.

With respect to the construction of newprojects, the evaluation of alternativeproposals takes environmental effectsinto account, in view of minimizingthem by incorporating Best AvailableTechniques.

Best available techniques

Directive 96/61/EC for the IntegratedPollution Prevention and Control(IPPC), is aimed at the integratedprevention and control of pollutioncaused by industrial activities.

This Directive introduced the conceptof Best Available Techniques (BATs) ata legislative level. BATs are techniquesthat can most effectively prevent orcontrol – depending on their field ofapplication – the pollution caused byan industrial activity, while also beingeconomically feasible and technicallypracticable. Best Available Techniquesper sector are described in the relevantBest Available Techniques ReferenceDocuments (BREFs for short).

MOTOR OIL incorporates theaforementioned techniques both duringthe design of new refinery units and for

the upgrading of existing ones, in viewof minimizing the impacts arising fromtheir operation. At the same time, thecompany incorporates automations andcontrol systems in the operation of therefinery; these contribute to theefficient management of raw materialsand energy while ensuring high levelsof reliability and safety in the units.Finally, Best Available Techniques thatreinforce pollution prevention capacityhave been adopted and are applied inthe refinery’s daily operation.

Some typical examples of BATapplication are shown in the followingtable.

Production of Fuels and Lubricants

Hydrocracker ComplexUpgraded pre-heating furnacesMaximization of refinery-gasrecoveryUpgrading of amine regenerationunitClosed-circuit sulphur production

Environmental Protection Systems

Acid water treatment unitsWaste water treatment plantElectrostatic filter in the fluidcatalytic cracking unitVapour recovery system in theTruck Loading Terminal

Daily Operation

Fugitive emissions Leak Detection and Repair (LDAR) programmeAutomated tank cleaning methodHeat exchangers maintenance and cleaning programme

Ancillary Facilities

Introduction of natural gas to therefinery Electricity co-generationInstallation of low-NOx burnersReverse osmosis desalination unit

Control Systems

Power Management System (PMS)Distributed Control System (DCS) Advanced Process Control (APC)

[ Environment


Climate change

The climate change taking place overthe last fifty years constitutes one of themost important challenges – on aglobal scale – for human health, socialcohesion, economic development andfood-chain safety.

According to the annual report* of theIntergovernmental Panel on ClimateChange (IPCC), changes to the climateitself (increased average temperature,changes to atmospheric conditions,etc.) and the effects of such changes(altered ecosystem composition,reduced polar ice caps, observedchanges in the duration of each season,etc.) are now clearly visible.

It has been widely accepted that themain cause of climate change is theincrease of the concentration ofanthropogenic greenhouse gases in theatmosphere, such as carbon dioxide(CO2), methane (CH4),chlorofluorocarbons (CFCs), sulphurhexafluoride (SF6) and nitrous oxide(¡2√). Characteristic of the urgency ofthe situation is the fact that greenhousegases emissions have increased almost12-fold in the last 100 years.

In order to avoid increases to theearth’s temperature, it is necessary tostabilize the greenhouse gasesconcentration in the atmosphere,which means that by 2020 theemissions will have to be reduced by25% to 40% compared to 1990 levels.

* Climate Change 2007, Synthesis Report

International initiativesIn 1997, 184 countries committed, bysigning the Kyoto Protocol, to reducetheir emissions by 5% compared to1990’s (base year) levels, within theperiod between 2008 and 2012. TheProtocol was formally put in force on16th of February 2005.

Within this framework, the EUundertook the obligation to limit man-

made emissions by 8% within that sameperiod, while Greece was given a marginto increase emissions by 25% comparedto the base year. For the achievement ofthe above objectives, the GreenhouseGas Emissions Rights Trading Scheme,as established by Directive 2003/87,was adopted as the main mechanism.Through this scheme, Member-Statesare invited to submit National EmissionAllocation Plans for individual activities

Envi

ronm

ent ]


and subsequently to the relevantenterprises.

2008 was characterised by an intenseactivity in EU in respect to theformulation of new policies towards thereduction of greenhouse gasesemissions. On 23 January 2008, theEuropean Commission announced anew series of measures, through whichit aims to achieve its targets for reducingemissions and promoting renewableenergy sources by year 2020. Targetsset include the reduction of emissionsby 20% compared to 1990 levels, andan increase of the share of renewableenergy sources to 20%.

The further reinforcement and extensionof the Emissions Rights Trading Schemewill constitute the main tool for theachievement of the above objectives. Itis expected that the emissions from theactivities included in the Scheme will bereduced by 21% in comparison to thoseof year 2005, while it is important tonote that within the new framework ofmeasures, allocation to enterprises willbe implemented on a European and nota national level. The above measuresare currently in the process of beinginstituted in the form of Directives andRegulations.

MOTOR OIL’s positionMOTOR OIL shares society’s concernsover the effects of the anthropogenicactivities on the environment and theconsequences of climate change.

Our belief is that in order to confrontthis phenomenon, coordinated actionon a global level as well as, strongcommitment towards this aim from allstakeholder groups, includingconsumers, is required. The intensiveand targeted information provision onissues related to the rational use ofenergy as well as, of the otherresources that are becominginsufficient, such as water, and theconsequent mentality changes, areimportant parameters for the success ofany other initiatives.

Within the framework of carrying outour business operations in a responsiblemanner, and adhering to the principlesand objectives of Corporate SocialResponsibility and sustainabledevelopment, we are committed to:

Measuring and improving, on acontinuous basis, our performancewith respect to the use of energy andthe reduction of greenhouse gasesemissions.

Investing in the application oftechnologies that contribute to thereduction of emissions.

Cooperating with the competentstate authorities and otherstakeholders in planningtechnologically feasible andfinancially viable environmentalprotection policies.

Reporting our actions and results toall interested parties.

CO2 emissions 2008 is the first year of the 2nd stageof the implementation of KyotoProtocol decisions for the period2008-2012. Apart from therequirements in respect to thereduction of CO2 emissions, the 2ndimplementation stage imposes stricterspecifications relating to the accuracyof measurements and the evaluation oftheir relative uncertainty.

Within this framework, MOTOR OIL:

Completed the accreditation of itsChemical Laboratory quality controlas per the EN 17025:2005standard, for the calculation of thecarbon quantity in the refinery fuelgas, using the gas chromatographymethodology.

Installed appropriate devices for thecontinuous measurement of flowand molecular weight at the flare ofthe hydrocracker complex.

Proceeded with the first stagecertification of the continuousmeasurement analytical devicesinstalled in the smoke stacks of thefuels, lubricants and hydrocrackerunits.

During 2008, carbon dioxideemissions amounted to 1.952 milliontons, i.e. 6% less than in year 2007.It should be noted that this reductionwas achieved without any reduction inthe refinery’s production, which in factwas slightly higher. Thus, therefinery’s emissions per ton of productproduced dropped from 0.29 to 0.27tons of CO2.

[ Environment


Energy consumption optimization

The process of crude oil refining aswell as, the conversion of its fractionsinto end products is particularly energy-intensive. Energy requirements aresuch that, the rational use of energy isof particular importance, both for theenvironment and the company’seconomic results.

Year 2008 was characterized by theintroduction of Natural Gas to therefinery. The projects completed inprevious years (replacement of gasturbines, upgrading of pre-heatingfurnaces, installation of AdvancedProcess Control, etc.), combined withthe continuous monitoring of energyperformance together with thepreventive maintenance programmesimplemented, contributed to thereduction of the refinery’s energyconsumption by approximately 6%(3.8 TJ per ton of product produced,down from 4.0 TJ in 2007).

Introduction of natural gas to therefinery2008 was an important year for theshaping of the refinery’s «energyfootprint». The first delivery of naturalgas in May 2008 marked a turn tomore environmentally-friendly sources

of energy. Moreover, it is important tonote that the construction of the naturalgas pipeline serving MOTOR OIL,constitutes an important parameter forthe economic viability of a potentialexpansion of the national network toMegalopoli, in view of supplying thePublic Power Corporation’s electricitygeneration plants, with significantenvironmental and economic benefitsfor the area.

Within the refinery, natural gas is used:

As an alternative raw material forthe hydrogen production unit. Theproduction of environmentally-friendly fuels requires theconsumption of large quantities ofhydrogen, the production of whichis based on the catalyticreformation of hydrocarbons(naphtha or LPG) with steam.Carbon dioxide is produced as a by-product of this procedure.Utilization of natural gas as analternative feedstock results inreduced carbon dioxide quantitiesemitted. It is estimated thatemissions are 12% lower thanthose generated with the use ofnaphtha or LPG.

As an alternative fuel for the PowerCo-generation Plant turbines,which consume either fuel gas orpropane as the case may be, anddepending on the refinery’soperating scheme. The use ofnatural gas allows the plant tooperate with approximately 16%lower emissions.

As an alternative or supplementaryfuel for those refinery furnaces thatcurrently use heavy fuel oil fractionsthus resulting in significantlydecreased quantities of emitted airpollutants.

Electricity and steam co-generationThe reliable and uninterruptedoperation of the Power Co-GenerationPlant is of decisive importance for therefinery’s operation. The four gasturbines, with a total capacity of 68.3MW, in conjunction with the two wasteheat boilers that recover heat from theflue gases generated, provide therefinery with the required power supplyautonomy while at the same time covera large percentage of its steamrequirements.

CO2 Emissions (in million Mt and Mt/Mt of product produced)

1.311 1.994 2.075 1.952

0.24

0.29 0.290.27

2005 2006 2007 2008

Annual emissions (in million Mt) Emissions per product ton (Mt/Mt)

Energy Consumption (TJ)

2004 2005 2006 2007 2008

18,58720,042

27,491 29,033 27,550

Envi

ronm

ent ]


Besides the autonomy it provides, theoperation of the Plant contributes to thereduction of greenhouse gas emissionsat a national level. Its operationdrastically reduces electricity importsfrom Public Power Corporation (PPC),the production of which would requirethe conventional fuel mix, with multipleadverse results for the environment. Foryear 2007, the estimated benefit forthe environment amounted to 38,700tons of CO2, while for year 2008increased to 61,000 tons. Thisincrease is attributed both to the furtherreduction of imports from PPC, and theimprovement of the Plant’s energyperformance to 36.9% from 34.7% in2007.

Moreover, the simultaneous productionof 100 tons of steam per hour istranslated into a benefit for theenvironment amounting to around200,000 tons of CO2 per annum,which would have otherwise beenreleased from the burning of additionalfuel in the refinery’s steam boilers.

Year 2008 saw the successfulcompletion of the Level II preventive

maintenance programme of the 3rd gasturbine, which, together with thereplacement of the two older gasturbines that took place in years 2006and 2007 (the fourth turbine wasinstalled in 2005), upgraded thePlant’s overall performance.

Monitoring and daily practiceBesides the major projects taking placeat the refinery in view of saving energy,the daily practice of monitoring theenergy performance of the units and thetimely intervention for the correction ofany weaknesses appearing, makes amajor contribution in this direction. Theinstalled Advanced Process Control(APC) system optimizes the energy usein each of the units, by virtue of thecontinuous monitoring.

Similarly, the refinery’s preventivemaintenance programme provides for:

Systematic retubing, repair andcleaning of heat exchangers and aircoolers in order to increase thepercentage of energy recovered.During 2008, a site for the safe andenvironmentally-sound cleaning

and maintenance of the refinery’sexchangers was completed in2008.

Replacement, through annualprogrammes, of pipeline andequipment insulation, thusminimizing losses to theenvironment.

Maintenance and/or replacement ofrotating equipment whose energyperformance is not up tospecifications, perhaps due toageing.

Repair and/or replacement ofrefractory, burners and tubes of pre-heating furnaces.

[ Environment


Air quality management

Safeguarding air quality both withinrefinery’s boundaries and in thesurrounding area, is a legal as well asan ethical obligation for the company,within the framework of CorporateSocial Responsibility. Air pollutantsconcentrations are monitored through awide range of techniques that make useof state-of-the-art measurementequipment. The measurement grid thathas been created covers both point anddiffuse emissions sources on acontinuous and intermittent basis.

Monitoring of air quality in theperipheral zone of the refinery, iscarried out on a continuous basis bythree fixed monitoring stations,which are capable of measuringand recording hydrogen sulphide(H2S) and sulphur dioxide (SO2). Afourth, mobile station, equippedwith state-of-art measuring andrecording devices has the ability tomonitor the concentrations ofmultiple pollutants, includingnitrogen oxides (¡√ and ¡√2),sulphur dioxide (SO2), hydrogensulphide (H2S), hydrocarbonsbesides methane (CH4), particulatematter PM10 as well as,meteorological parameters. In2008, the mobile station wasequipped with PM2.5 particulateand carbon monoxide measurementequipment, a provision thatexceeds the legislativerequirements. It must be noted thatthe ƒª2.5 measuring device is theonly one operating on a privatebasis in Greece.

The flue gases of the main refinerychimneys are continuouslymonitored by online analysers. Theparameters measured aretemperature, flow, exhaust gashumidity and oxygen, NO¯ and dust

The refinery’s fugitive emissions detection and leak repair programme is based on theEPA 21 method of the United States Environmental Protection Agency.

Fugitive emissions can result at numerous points within the refinery , such as valves,pumps, flanges, safety valves and other related equipment installed on the pipelines,pressure vessels, reactors or storage tanks.

The programme’s key design and implementation points are:

● Determination of control points● Determination of measurements frequency● Determination of the appropriate measurement methodology to be used● Implementation of periodic checks at the predefined points● Repair of leaking components● Reporting on findings

The MOTOR OIL refinery’s leak detection programme includes more than 5,000predetermied points, which cover all production units, truck loading terminals, portfacilities, storage tanks and oil separators. These points are checked by refinerypersonnel at least once a year (the frequency depends on the process to becontrolled), using portable volatile hydrocarbon concentration measurementequipment. In the event that concentrations are found to exceed 5,000 ppm, a repairrequest is issued for the equipment checked.

6,100 checks were implemented in year 2008, which revealed 68 points requiringintervention by the refinery’s personnel, and which were either handed in forimmediate repair or scheduled for repair during the refinery’s planned maintenanceprogramme.

Leak Detection and Repair (LDAR)

Envi

ronm

ent ]


series of measures to actively reduceair pollution are in place within therefinery. The refinery’s fuel-gasdesulphurization units and the sulphurrecovery units play a vital role in thisprocess. It is noted that the units wereexpanded during the HydrocrackerComplex construction project in 2005.

In 2008, a new water washing systemof the diesel desulphurization unit’sgases was installed; this provided ahigher nitrile removal capacity which inturn improved the the operation of thedownstream gas treatment and sulphurrecovery units. Finally, a study is beingcarried out for the upgrading of themethyldiethanolamine recovery unit;this project is expected to furtherimprove the operation of the refinery’ssulphur recovery units.

The project for the upgrade of therefinery’s steam generation complex,with a total cost of 7.6 million euros,came to completion with the revamp ofthe fourth steam boiler. The upgradeensures reliable steam generation forthe refinery’s needs, while alsoachieving the reduction of nitrogen

concentration. It is important topoint out that the analysers areconnected to the refinery’sDistributed Control System (DCS), aconfiguration which allows for thecomplete control of the combustiontaking place in the furnaces.

An automatic performance controlsystem is operative in the sulphurrecovery units, which continuouslymonitors and records ∏2Sconcentrations at the entry pointsand ∏2S, SO2 concentrations at theexit points of those units. Also, the∏2S/SO2 ratio is continuouslymeasured, recorded and adjusted,so as to ensure maximization ofrecovery performance (more than99%). The operation of sulphurproduction units and of therespective meta-furnaces iscontrolled via the refinery’sDistributed Control System (DCS).

The supply lines of the flares ofboth the Fuels production unit andthe Hydrocracker unit, are subjectto continuous measurement of totalsulphur concentration. The

analysers installed are connected tothe Distributed Control System ofthe refinery.

Emissions from the refinery’s otherchimneys are measured andcertified every four months by asuitably accredited company.

A plethora of different types ofequipment, from and to which largequantities of raw materials,intermediate and end products aretransferred, is installed in any industrialunit, as is the case of a modern refinery.In such an environment, it is to beexpected that specific points willpresent a higher risk of hydrocarbonleaks into the atmosphere. In order tolimit fugitive emissions from theequipment, a program of periodicchecks on carefully selected points hasbeen designed and implemented. TheLeak Detection and Repair programme(LDAR for short) constitutes a major tooltowards the reduction of hydrocarbonemissions in the atmosphere.

Besides the measures for monitoringconcentrations of air pollutants, a

[ Environment


oxide emissions and noise levels.

The detailed records for the past fiveyears demonstrate that both the hourlyand daily concentrations are muchlower than the limit values set by law(¡√¯: 200 Ìg/m3, S√2: 350 Ìg/m3,PM10: 50 Ìg/m3).

As for hydrogen sulphide emissions(which have been minimized followingthe upgrading of the acid gasprocessing systems and sulphurrecovery units), these are monitored ona daily basis by all 4 air qualitymonitoring stations. The analysis ofresults shows that the concentration ofH2S at the station located in AghioiTheodoroi, outside the Refinery, andtherefore in the broader region of thefacilities, is particularly low.

Finally, sulphur emissions in 2008(247 kg/h) appeared significantly lowerthan in previous years (2007:256,2006: 406, 2005: 391 kg/h), due tothe use of low-sulphur fuel.

Nitrogen oxides (NOx) are responsible for a series of environmental effects, such as thecreation of photochemical pollution, the phenomenon of acid rain and the increasedconcentration of ozone in the atmosphere, which is detrimental to human health.

During the burning of liquid or gaseous fuels, the nitrogen (¡2) contained in theatmosphere is oxidized, resulting in the production of ¡√2 and ¡√ (thermal oxides),depending on prevailing burning conditions. The main factors affecting the creation ofoxides are burning temperature, air excess and flow conditions in the burner.

The first low-NO¯ burners appeared at the beginning of the 1990s, when the effects ofNO¯ in the atmosphere started to be noticed. At this point, it should be pointed out thattheir design and construction is quite challenging; the burners must be designed insuch a way that the achievement of low NO¯ concentrations does not affect otheroperating parameters such as their energy performance and CO emissions.

The main techniques used (alone or combined) are the following:

(1) reduction of the air preheat temperature,(2) low air excess,(3) gradual introduction of air or fuel and creation of two or three combustion zoneswith mixtures that are rich or poor in fuel, and (4) re-circulation of exhaust gases.

The implementation of these techniques leads to the alteration of the combustionmechanism, which can result in the reduction of NO¯ emissions by 50% to 60%.

Low-NOx Burners

Envi

ronm

ent ]


Liquid waste management

Liquid waste produced by therefinery’s operation can be divided intotwo categories: industrial waste andurban waste.

Due to their different pollutant load,different processing techniques areapplied to these types of waste, priorto their final disposal. Industrial liquidwaste is pre-processed in therefinery’s specialised units and thentransferred to the Waste WaterTreatment Plant, while urban waste istransferred to the Urban Liquid WasteTreatment Plant. After the waste isprocessed, processed liquid waste istransferred to the end recipient, whilethe sludge produced is dehydratedand compressed prior to finaldisposal.

The following table shows the evolutionof the hydraulic and pollutant load of

Hydraulic and Pollutant Load of the Industrial Waste WaterTreatment Plant

Parameter 2005 2006 2007 2008

Discharge Rate (m3/day) 7,565 8,976 10,385 10,297

BOD5 (Kg/day) 266 305 286 265

Suspended solids (Kg/day) 75.0 143.0 208.0 174.0

Phenols (Kg/day) 3.10 2.51 2.58 3.79

the Waste Water Treatment Plant overthe last five years.

During 2008 a number of projects forthe improvement of rainwater andequipment drainage management werecompleted, together with projectsconcerning the operation of theIndustrial and Urban Liquid WasteWater Treatment plants. Moreover, thereinforcement of the acid watertreatment plant allowed for greaterflexibility in load management.

Particular attention has been paid tothe management of sludge produced; amethod is being examined for its

stabilization and safe disposal inlandfills or its utilization as analternative fuel. At the same time, theproject for the ventilation of the sludgestorage tank was completed.

Finally, a study is being conducted forthe utilization of existing idle capacityto further improve gaseous emissionsand the increase of the sludge dryingefficiency at the industrial waste watertreatment plant.

The deposits arising during tank cleaning are processed in either two-stage(decanter) or three-stage (tri-canter) centrifuges, for the removal of hydrocarbons.The resulting solid residue is subjected to biodegradation at specially prepared sites(landfarms), in conformity with the relevant API landfarming standard.

This method has proved to be effective for the reduction of the concentration of alloil product components, and is based on the metabolic activity of microorganisms(algae, protozoa, fungi and bacteria) that naturally occur in the soil. Bacteriapresent the largest populations, and are the most biochemically-active agents. Thecharacteristics of the soil, the oily components in the sludge collected from tankbottoms, and the weather conditions are the main parameters that can influencethe effectiveness of this method.

An environmental audit was carried out due to the change in use of the landpreviously used for the application of the above method; the audit includedchemical analyses for the determination of substances presenting environmentalconcerns, such as metals, metalloids, Polycyclic Aromatic Hydrocarbons (PAHs)and DOC (Dissolved Organic Carbon) and evaluation thereof on the basis ofgeochemical criteria, taking into consideration the land’s geochemical background,and the maximum acceptable limits determined by international environmentallegislation. The audit was carried out by a research team led by Prof. A. Kelepertzis,of the Department of Economic Geology and Geochemistry, Faculty of Geology andGeoenvironment, of the University of Athens.

The following conclusions were drawn from the audit:

«…the concentrations of all environmentally graded metals and metalloids inthe soil examined are considered normal on the basis of both the geologicalbackground and the land use of the project site».

«…the concentrations of aromatic hydrocarbons in the soil examined areconsidered normal on the basis of the maximum acceptable values establishedby current environmental legislation».

[ Environment


Solid waste management - Recycling

The management of solid wasteproduced during the operation of therefinery requires integrated processesto be put in place covering all stages ofwaste life-cycle, from collection toeventual exploitation/disposal.

The main aims of a solid wastemanagement programme are:

reduction of quantities produced, atsource,

separation into hazardous and non-hazardous waste at source,wherever possible,

maximum exploitation prior to finaldisposal, through recycling or re-use or recovery of usefulcomponents or regeneration, andfinally,

safe transportation and finaldisposal aiming towards theprotection of both the environmentand the human health.

Cooperation with licensed companiesspecializing in the management ofspecific types of solid waste is deemedmore than necessary in all occasions.

In year 2008, more than 121 Mt ofspent catalyst were removed bylicensed solid waste managementcompanies.

At this point, a mention must be madeon the programme regarding theremoval of asbestos components fromMOTOR OIL’s facilities. In 2008,1,075 m2 of asbestos sheets (11.56Mt) where removed, following another4,150 m2 in year 2007. The removalwas carried out by a specializedhazardous material managementcompany, which has the necessary

Landfarming at the refinery

licenses for both collection and exportof the asbestos abroad.

As far as used lubricants and theirpackaging is concerned, we havecontracts in place with a firm specialisedin used mineral oil recycling and with afirm specialised in handling packagingmaterials. These two contracts provide

for the recycling of used lubricants andtheir packaging, thus contributing to theprotection of the environment and rawmaterial savings. We also collaboratewith accredited firms specialised in therecycling of batteries, ink tonercartridges, motor vehicle tyres andcomputers.

Envi

ronm

ent ]


● 2,732 tons of iron (scrap)● 121 tons of spent catalyst● 45 tons of wood● 26 tons of paper1

● 13 tons of lubricants2

● 3.4 tons of batteries● 1,300 toner cartridges

The money raised from paper andtoner cartridges recycled at HeadOffice is donated to the Foundation«For the child and the family».

1 The use of recycled and non chemically-

bleached paper was initiated in 2008.2 These quantities refer to the refinery

alone, since corresponding reliable

figures for the AVIN OIL retail network

are not available.

In 2008, the following were recycled:

Water management

Water is one of the natural resources atrisk, a fact which renders its soundmanagement more than imperative.

Year 2008 was a milestone for watermanagement at the refinery. For thefirst time, the operation of thedesalination units made possible thesupply of adequate quantities of waterto cover more than 99.8% of therefinery’s needs. Thus, where importedwater in year 2007 amounted to 125thousand m3, this quantity dropped to4 thousand m3 in year 2008.

It should be noted that in 2006,following the completion of therefinery’s expansion project, thequantity of water consumed per ton ofproduct produced increased. In year2007, this quantity dropped by 7%,and increased again by 3% in 2008.This increase is attributed to thethorough preparation of the equipmentfor maintenance during the extensiverefinery’s turn around.

NoiseManagement

Noise caused by industrial facilities,such as the MOTOR OIL refinery, is anatural and inevitable consequence ofthe activities taking place.

MOTOR OIL monitors noise levels on aregular basis, by carrying outmeasurements at a large number oflocations around the refinery, and takessuitable measures to minimize anydisturbance caused to the neighbours.Such measures include the installationof silencers and sound curtains, as wellas the procurement of equipment withlow noise emissions.

A study on noise reduction in therefinery’s sulphur recovery units wascompleted in year 2008.

Annual Water Consumption (in thousand m3)

30

9

23

2

14

6

12

5

41,3

70

1,9

02

2,9

62

2,8

94

3,1

45

1,6

79

2,1

34

3,1

08

3,0

19

3,1

49

2004 2005 2006 2007 2008

Sanitary water Imports Desalinated Water Total

[ Environment


Marine environment protection

Due to its location, the operation ofMOTOR OIL’s refinery is completelyinterwoven with the marine environment.Due to the extensive impact a potentialpollution may cause, both on the marineecosystem and the economic and sociallife of adjacent areas, as well as thetremendous expense that rehabilitationentails, prior planning and preparation forsuccessfully responding to such incidentsis absolutely necessary.


Takes all necessary active andpassive protection measures tominimize the risk of oil spills duringthe operation of its refinery.

Takes all necessary measures andprovides all equipment for the safearrival and departure of tankers atits facilities, as well as for the safeloading/unloading thereof.

Has drafted an Oil SpillContingency Plan, which isharmonized with the LocalContingency plan and the NationalContingency Plan drafted by theMinistry of Mercantile Marine.

Maintains all necessary equipmentfor responding to local small andmedium scale water pollutionincidents (Tier 1 & 2), such asabsorbents, booms, skimmers,coastline cleaning equipment andvessels (boats, tugboats and aspecial vessel equipped with tanksfor storing the collected pollutants).There are also appropriate stocks ofoil dispersants, used at the finalstage of clean-up operations, whenauthorised by the port authorities.

Audits the preparedness of theabove plans and maintainspersonnel response capability athigh levels, with an annual drillschedule, which includes eight Tier

1 (small scale) pollution drills andtwo Tier 2 (medium scale) pollutiondrills.

Is a member of international andregional organizations, whose aimis to coordinate the cooperation forpreventing major oil spill incidentsand the providing assistance in theresponse to such incidents shouldthey occur (see p. 70).

Communication with stakeholders

Within the framework of the principlesof Corporate Social Responsibility,MOTOR OIL uses various means ofkeeping local authorities and otherstakeholders informed of its activities,either by involving its own staff in localauthority conferences and meetings, orby organising events at the refinery. Theaim of such meetings is to provideregular briefings to the local authoritiesabout its investment plans and itsprogrammes relating to environmentalprotection.

Within this framework, a meeting withLocal Government officials and otherlocal authorities took place in April2008, to provide information on thecompany’s environmental policy andinvestment prospects in the comingyears. The presentation was made by theRefinery’s General Manager, Mr M.Steiakakis, with an introduction by theDeputy Managing Director, Mr I.Kosmadakis.

Besides briefing the local authorities, thecompany also keeps in touch with

refinery neighbours, and accepts anycomplaints they may have. Complaintsexpressed by neighbours are recorded,investigated and evaluated according tothe refinery’s complaint handlingprocedures, and short or long termmeasures are taken to address them,depending on the cause of thedisturbance. One typical example ofactions to reduce disturbance is the studyfor and subsequent installation of a foambreakdown system at the industrialwaste water treatment plant, following aspecific complaint received. The numberof complaints recorded during year 2008was 27, compared with 35 complaintsin 2007, 24 in 2006 and 36 in 2005.

Finally, we contribute to theenvironmental protection work of Non-Governmental Organizations. In 2008,we sponsored a study on the quality ofseawater around the Argosaronikosislands, carried out by the Pan-HellenicCentre of Ecological Research (PAKOE).

Envi

ronm

ent ]


Participations and collaborations

MOTOR OIL acknowledges the valueof the exchange of information andopinions between companies,organizations and other entities onenvironmental protection issues. Theprogress of science and technology, aswell as developments taking place at alegislative level, render the need forcommunication between entitiesimperative.

We are an active member of theCONCAWE organisation(CONservation of Clean Air andWater in Europe), which providestechnical support to Europeanrefineries on health, safety andenvironmental protection issues.Our participation ensures constant,complete and systematicinformation provision on mattersconcerning environmentalprotection, during production,distribution, handling and use of theproducts that we produce. Theconclusions of research projects areevaluated and incorporated in ourdaily business practices in the mostsuitable manner, thus furtherimproving the company’senvironmental performance.

We are a member of the OilCompanies International MarineForum (OCIMF), an association ofpetroleum companies with aninterest in the marine transportationof crude oil and petroleum products,as well as the operation of oilterminals. The forum’s activities areaimed at promoting the safe andenvironmentally-friendly operationof facilities and oil tankers, throughthe continuous improvement ofdesign standards and operatingpractices.

At a regional level, we are a memberof the Mediterranean Oil IndustryGroup (MOIG), a regional oilindustry forum on the coordinationof the industry in preventing marinepollution and in the preparednessfor responding to major oil spillincidents in the Mediterranean Sea.

We support the academic communityboth in the development of primaryknowledge and in the observation andstudy of phenomena in view of drawingenvironment-related conclusions.


Finances the programme entitled«Study of the distribution andchemical behaviour of toxicpollutants in a marine area affectedby industrial activities. Applicationof mild catalytic pollution controltechnologies», carried out by theAthens University ChemistryDepartment and the National Centreof Scientific Research«Demokritos». Within theframework of this programme 2doctoral theses are beingelaborated. The programmeconcerns the study of the levels,distribution and environmentalbehaviour of basic pollutants in themarine area of the North-westernSaronic Gulf, where the MOTOR OILrefinery is located. It also concerns adeeper analysis of environmentallysignificant chemical processestypical to the area, and theinvestigation of the possibility toapply mild pollutioncontrol/decontaminationtechnologies.

Continues to cooperate with theApplied Geochemistry Laboratory ofthe Geology Department, PatrasUniversity, for the determination ofprevailing chemical conditions inthe water column of the refinery’scoastal zone.

Supports the research programmeof the Institute of Technology andSolid Fuels Applications, concerningthe use of solid waste for energyproduction.

Participates in the researchprogramme entitled «Developmentof new chemical processes for theproduction of biodiesel frombiomass and its uses on the Greekmarket»; apart from MOTOR OIL,eight other parties are involved,including the National TechnicalUniversity, the Centre for Researchand Technology Hellas (CE.R.T.H.),and the Agricultural University ofAthens. The aim of this programmeis to examine the basic operatingparameters of a hydrogen-processing plant for mixtures ofvegetable oils and de-sulphuriseddiesel, the possibility of usingconventional catalysts for thispurpose and finally, the examinationof the possibility of simultaneousprocessing of gasoils and vegetableoils.

[ Environment


Compliance with environmental legislation

Strict application of the measuresinstituted by national and Europeanauthorities, and compliance with thereporting requirements of currentlegislation, constitute integral parts ofour environmental policy.

Thus, in year 2008:

● We submitted the greenhouse gasemissions report for year 2007 tothe Ministry of the Environment,Physical Planning and Public Works.

● We submitted the annual report onhazardous and non-hazardouswastes (liquid and solid) productionfor year 2007 to the same Ministryand to the Peloponnese RegionalAuthorities; a similar report wassubmitted to the NationalStatistical Service for year 2006.

● We submitted the annual report ongaseous and liquid pollutantemissions for year 2007 to thesame Ministry and the competentPrefecture Council.

Additionally:

● We submitted the plan for thecollection of waste generated byships at MOTOR OIL’s portfacilities, to the Ministry ofMercantile Marine.

● We submitted a report on theconstruction of five new propane,butane or LPG storage tanks atMOTOR OIL’s facilities. Accordingto a decision taken by the Ministryof the Environment, PhysicalPlanning and Public Works, theproposed project will be includedin the Environmental TermsApproval Decision currently beingrevised. This will be issued in

application of Directive 96/61/ECon Integrated Pollution Preventionand Control (IPPC).

● The review of environmental termsfor MOTOR OIL’s facilities iscurrently in progress.

● Additional data for theEnvironmental Impact Study ofthe new Crude Distillation Unit,currently under construction, wassubmitted to the Ministry of theEnvironment.

● Finally, the annual EnvironmentalStatement 2007 was submitted tothe Ministry of the Environment,Physical Planning and PublicWorks , in accordance with therequirements of EMAS ER761/2001. The company isregistered with the European Eco-Management and Audit Scheme(EMAS) and in the Hellenic Registerof EMAS-registered organizations,under number EL 000067.

Envi

ronm

ent ]


AVIN OIL

For 31 years, AVIN OIL has beenoperating in the oil sector – marketingquality products and services – withrespect for people and for theenvironment. Its «Health, Safety andEnvironmental Protection Policy»summarizes the principles the companyconsistently adheres to in all of itsactivities. The policy requirescompliance with all legal obligations,regulations and codes of practice. AVINOIL operates a comprehensive Health,Safety and Environmental ManagementSystem which provides for regularaudits and management reviews toensure its effectiveness and continuousimprovement.

The company has invested in its retailnetwork so as to comply with therequirements of EU Directive 94/63(Stage I) concerning the recovery ofVolatile Organic Compound (VOCs)

emissions, and is gradually investing inthe installation of devices for the earlydetection of tank leakages in its petrolstations.

The programme for renewal of thecompany’s fleet of road tankers ensuresthe safe transportation of products, andthe protection of the environment inparallel. Within the framework of thisprogramme, all road tankers haveundergone the necessary modificationsand are suitably equipped with therequired systems for recovering VOCsemissions. Three new road tankers wereadded to AVIN’s fleet in 2008; these areincluded in a broader plan for theacquisition of a total of ten road tankers.The new road tankers are fully equippedfor environmentally-friendly operation, inaccordance with current legislativeprovisions. Finally, AVIN OIL’s road tankerdrivers were trained in 2008 on the

principles of ecological driving, throughthe European ECODRIVE programme.

The Aghioi Theodoroi Truck LoadingTerminal is fully equipped for bottomloading, while its upgraded pumpstation makes a major contribution tothe reduction of its energy consumption.Finally, in order to ensure the quality ofthe soil, two (2) monitoring wells havebeen constructed and for taking soilsamples on a monthly basis, for theearly detection of a potential petroleumproduct contamination.

AVIN OIL has signed a contract with afirm specialised in the recycling of usedlubricants and with another onespecialised in the recycling of the usedlubricants’ packaging; these contractsprovide for the collection and recyclingof AVIN OIL’s lubricants and packagingmaterials after use.

Community Involvement

Commitment to the community – responsibly, consistentlyand reliably

We strive to benefit local communities through job creation and fostering entrepreneurialactivity, to contribute to the overall economic development of the country, and to ensure that ouractivities have a positive and productive impact on the social environment in which we operate.Moreover, we also believe that we have a responsibility towards society to participate actively inenhancing social values, and in creating a hopeful and humane future. For these reasons, wesupport the communal and cultural life in the area surrounding our installations, as well as thesocial and cultural life of society as a whole, by means of a diversified programme of donationsand sponsorships.

74 [ ENVIRONMENTAL AND SOCIAL REPORT 2008

Com

mun

ity Inv

olve

men

t ] Contribution to Society Contribution tolocal communities

Our social contribution is one of themain parameters of the way in whichwe perceive our commitment toCorporate Social Responsibility, and wehandle it as responsibly as we handleour human resources, environmentalprotection, health and safety in theworkplace, and the issues of corporategovernance.

Our sponsorship activities seek toprovide consistent and reliableassistance to the community, accordingto our corporate objectives and values,aiming at supporting the values thatpromote the quality of life: education,healthcare, athletism and culture.

During 2008, and in line with our long-standing tradition as a socially activecorporate citizen, we sponsored anddonated a wide variety of differentactivities realized by reliableorganizations and foundations. Theactivities we supported were selectedby the competent company executivesat local and corporate level, inaccordance with the procedures and

A prime aspiration of ours is being asource of prosperity to the localcommunities adjacent to or near therefinery, through the large number ofjob opportunities we offer, as well asthe provision of a broader care for thesecommunities by working on thedevelopment of constructiverelationships with them, which weconstantly strive to enhance aiming atachieving a balanced and harmoniouscoexistence.

This care is expressed through thesupport we offer for the implementationof various programmes and initiatives.The programmes we support areselected through a process of dialogue,communication and cooperation withthe various authorities andorganisations in the municipalities ofAghioi Theodoroi, Corinth, Loutraki,Saronikos and Solygeia. The maincriteria we take into consideration forselecting the particular programmes,are their potential contribution to thedevelopment and promotion of the localcommunities, to the enhancement ofthe social sub-structure, and theexploitation of synergies that lead tomore tangible results rather thanmerely meeting societal needs. 4.7 million euros in donations

and sponsorship in 2008

6.2% of the group’ snet earnings after tax

provisions of the relevant policy and inapplication of our strategy forcommunity involvement, which is builtaround the following main objectives:

support for cultural, athletic andsocial activities and initiatives,

donations to hospitals and church-run aid agencies,

contribution to education and thesciences,

support for the work of non-governmental organisations,associations and charitablefoundations,

broad assistance in addressing thesocial needs of groups andindividuals,

support for projects to improve localinfrastructure, and

hosting of informative visits to therefinery, and offering studenttraineeships.

Distribution of the 2008 Sponsorship Programme

Social Solidarity51.7%

Heating Gasoil3.9%

New Generation (Education and athletism)

33.2%

Culture11.2%


[ Com

munity Involvem

ent

EducationWe provide financial support for variouslocal schools, aiming at contributing tothe improvement of their infrastructureor educational equipment, and at therealization of various school activitiesand programmes that promote the levelof education.

The following are some examples ofthese activities in 2008:

● Financial support to theenvironmental programme of the2nd Corinth Junior High School, foreducational visits and thepublication of the 9th issue of theschool’s newspaper, currently in itssixth year, always on account of ourcompany’s support.

● Financial aid for schools in AghioiTheodoroi: to the 3rd Kindergarten,which opened in 2008, for theacquisition of equipment andeducational material; to the 1st DayNursery for the acquisition ofgarden toys and playgroundequipment; to the 1st and 2ndKindergarten for the purchase ofeducational equipment; to theJunior High School for thereplacement of classroom curtains;

and to the Senior High School foreducational visits.

● Provision of computer equipment tothe Corinth Experimental JuniorHigh School (3 computers, 10monitors and 4 printers).

● Financial aid to the ElementarySchool and Kindergarten ofXylokeriza for the construction of acomputer room.

● Economic support to the IsthmiaJunior High School for an

educational visit to Thessaloniki bythe students of the 3rd class, withinthe framework of the «ArtisticIntervention» educational andcultural programme.

● Financial aid, for the thirdconsecutive year, to the ElementarySchool of Almyri for themaintenance of its facilities.

● Support for the Isthmia ElementarySchool and Kindergarten Parent-Teacher Association, for organizingcultural events and educationalexcursions.

● Purchase of books for theElementary School andKindergarten of Vochaikos, Corinth.

Culture In year 2008, we contributed to therealization of many high-qualitycultural events by assisting a multitudeof local associations that promote thearea's cultural level in many ways,such as by offering classes fortraditional dancing and theatreworkshops, organizing concerts andtheatrical performances, and byrewarding top students.

1.1

1.71.9

2.1

3.3

4.44.7

2002 2003 2004 2005 2006 2007 2008

Donations and Sponsorships (in million euros)


Com

mun

ity Inv

olve

men

t ]

Refurbishment of the «Krokideios Hall», Holy Diocese of Corinth

We responded with a major donation to the appeal of the Bishop of Corinth to raise fundsfor the repair and refurbishment of the «Krokideios Hall», in order for the historical hall tore-open its doors to the Corinthian Church and the public. It is the only hall in the town ofCorinth that is suitable to serve as a venue for the pastoral, spiritual, artistic and socialactivities of the Holy Diocese, as well as a multi-function hall for the town of Corinth,something that the town clearly needs.

Corinth Municipal Cultural Centre

Year 2008 was the 150th anniversary of the establishment of the New Town ofCorinth (the town was moved from the site of Ancient Corinth to New Corinth in1858, after the catastrophic earthquakes). In order to celebrate this anniversary, theMunicipality of Corinth and the Corinth Municipal Cultural Centre organized a series ofevents throughout the year, under the general heading «150 years Corinth – onetown, centuries of history». The events included scientific conferences, theatre anddance performances, artistic exhibitions, musical events and sports activities. MOTOROIL sponsored the events of the «150 years Corinth – one town, centuries of history»programme.

We also sponsored the Corinth Municipal Cultural Centre’s organization of thesummer events «Cultural Mosaics 2008», which included concerts (by ONIRAMA,Katsimihas-Xydous-Koutras, the 70-member German group Frohlicher AkkordeonExpress, and others), traditional dances and songs with groups from Greece, Egyptand Russia, theatrical performances (The Doctor in Spite of Himself by Molière, Ohmy kidneys by M. Tsikliropoulos, Clouds by Aristophanes, Shadow Theatre), and aRock-Metal music festival

Aghioi Theodoroi Cultural Centre

As we do every year, we supported theevents organized by the Aghioi TheodoroiCultural Centre, which celebrated 20 yearsof ongoing and expanding cultural activity inyear 2008. The Centre offers culture,entertainment, knowledge, education andnew horizons to the citizens of AghioiTheodoroi.

The Cultural Centre operates many differentdepartments, such as: guitar (40 children),traditional dance (150 children – 80adults), adult and children’s theatreworkshop (60 persons), philharmonic (25persons), adult and children’s moderndance (70 adults – 90 children), parentalconsultancy, art workshop (for elementaryschool and kindergarten – 53 children),puppet theatre for kindergarten and adultand children’s choir (120 persons).

Many different events were organized in2008, including theatrical performanceswith the «Notis Pergialis» Open Theatre, the«Horeftiko Sergiani» Festival, withtraditional dance performances by dancedepartments of cultural associationsthroughout Greece, painting andphotography exhibitions

19.2 millions euros in donations and sponsorships

over the last six years


[ Com

munity Involvem

ent

Concert by the «Mikis Theodorakis» Orchestra

Over the last six years, since the 1,600-capacity open-air theatre named after therenowned Greek composer Mikis Theodorakis was inaugurated in Examilia, Corinth, theLysippeion Cultural Centre of Corinth Prefecture has been organizing a large popularmusic concert with the «Mikis Theodorakis» Orchestra. The 2008 concert took place onJuly 25th.

MOTOR OIL sponsors the event every year. The purpose of this sponsorship is to pay atribute to the valuable musical heritage of Mikis Theodorakis, who, besides his enormoussymphonic work, has also composed ninety-four song-cycles that promote poetry in asimple and genuine manner and originate from the roots of our popular tradition.Moreover, the company shows its support to this orchestra that, for over a decade andunder the composer's supervision, has presented remarkable productions, cooperatedwith major artists, musicians and singers and has travelled around the world, promotingthe power of Mikis Theodorakis' music.

At the concert of July 25th 2008, a major cultural event for the area as always, the «MikisTheodorakis» Orchestra played famous popular songs by the composer, accompanied bythe voices of Kostas Thomaidis, Grigoris Valtinos, Lina Orfanou, Hero, Alexandros Hajisand Petros Gaitanos.

● We donated to a series of culturalevents organised by various localassociations, such as the CorinthianAmateur Theatre «Vassilis Rotas»,for the play Medea by Euripides, andthe play Me arithmo protokollou byVassilis Kostaras, which werepresented at theatrical festivals inGreece and abroad, the «Irida»theatre in Corinth, the Loutraki-Perahora Municipality CulturalCentre for the organization ofCarnival events, the Isthmia CulturalClub, the Corinth Epirots Association«Pindos», the «Aghios Dimitrios»Cultural Association of Xilokeriza forthe publication of its annualmagazine, the SaronikosMunicipality's Cultural Association,«Arakoukia» for the organization of amusical cultural evening, the«Mainalo» Arcadians Union ofCorinth Municipality, the ExamiliaCultural Association for eventsorganized by its dance group, theAghioi Theodoroi Women’sAssociation and the AghioiTheodoroi Cretan Association«Psiloritis».

● We support many local newspapersand magazines, which have limitedresources and a small readership


Com

mun

ity Inv

olve

men

t ]

Social solidarity About eight years ago, MOTOL OILlaunched a very important socialsolidarity initiative in cooperationwith the Corinth MunicipalityProtection Centre for Elderly People,which the company continuouslysupports. The initiative involves ameals programme for Corinth’sdestitute elderly people, within theframework of which free lunches anddinner supplements are offered 365days a year. The meals are preparedat the refinery’s restaurant and arethe same as those offered to refineryemployees.

In every year and since itsestablishment in year 2000, we offersignificant economic assistance to theAghioi Theodoroi Protection Centrefor Elderly People; the Centre hasaround 400 members and we coverpart of its operational expenses andthe enrichment of the events itorganizes for the area’s elderly. Inyear 2008, this assistance coveredmany events, such as excursions,special painting and handicraftseminars and conferences on medicalissues relevant to geriatric diseases.

We offered economic assistance tothe «Efthymeion Centre» forTreatment and Rehabilitation ofPeople with Special Needs, inCorinth, for the organization of anartistic event at the «MikisTheodorakis» theatre in Examilia, inwhich, the children of the«Efthymeion Centre» were playingthe leading roles. The Centreprovides assistance and relief; it isrecognized for the quality of itsservices and has thus far providedcare for more than 400 Persons withspecial needs, both through itstreatment programme and its

occupational workshops. In 2008,the Centre accommodated around153 persons with special needs.Persons with special needs requireconstant and specialized support,and continuous medical and socialcare. MOTOR OIL has shown interestin the «Efthymeion Centre» for manyyears given that we are convincedthat exclusion has no place incontemporary society, and thatpersons with special needs should beincorporated in society throughsuitable actions and programmes.

We offered economic assistance tothe Hellenic Red Cross, AghioiTheodoroi Regional Department, inorder to equip the ambulance andthe coastal First Aid station with aportable defibrillator, and for meetingpart of the operational costs of itsteam of volunteer lifeguards.

We donated to the Corinth PrefectureAssociation of Sickle Cell AnaemiaPatients, which represents 60thalassemia patients, who receivetransfusions and are monitored bythe Corinth Hospital.

We offered Christmas gifts to theschoolchildren in Aghioi Theodoroi,Isthmia and Kyra-Vryssi.

During the Christmas and Easterperiods, we offered some economicassistance to more than 620destitute people in Corinth, AghioiTheodoroi, Isthmia, Loutraki,Saronikos and Solygeia.

As every year, we provided theMunicipality of Aghioi Theodoroi withlubricants for all municipal vehiclesand machinery, as well as electronicequipment (6 computers, 7 printersand 30 monitors).

We donated to various entities, suchas the Corinth Labour Centre, theAssociation of Corinth Police Officers,the Corinth Municipality Cleanlinessand Landscaping Division, and theCorinth Trade Association.

We provide assistance toneighbouring communities inemergency situations, placing at theirdisposal the refinery’s personnel andits technical, fire-fighting anti-pollution and medical equipmentwhenever necessary, as well as itspersonnel buses to meet theoccasional transport needs of schoolsand sports clubs. Examples of thisactivity in 2008 include the provisionof a company ambulance on aroundeight different occasions, theprovision of fire-fighting equipmentand personnel on two occasions, andcoaches on ten occasions.


[ Com

munity Involvem

ent

HeatingIn year 2008, more than 250,000litres of heating gasoil were providedfree of charge during the winter monthsto more than 220 recipients. Theobjective of this social contribution is tomeet part of the heating expenses ofschools, orphanages, publickindergartens, municipal childcarecentres, public elderly people’s homes,churches, church institutions, etc. inthe neighbouring municipalities, aswell as the similar expenses of a largenumber of other recipients in otherregions of the country, mainly in theAthens area. Such recipients includedthe «Smile of the Child» charityorganisation, the «Efthymeion Centre»for treatment and rehabilitation ofpeople with special needs, the «CorinthSpecial Elementary School» fordisadvantaged children, the AghioiTheodoroi schools, the CorinthKindergarten, the «Vissarioneio» oldpeople’s home in Istiea, the «AgiaEleni» elderly people’s home inLoutraki and the «Floga» Association ofParents of Children with Neoplasia.

Environment – Improving local infrastructure

Donation of a Fire Engine to the Municipality of Aghioi Theodoroi

MOTOR OIL donated a fire engine to the Municipality of Aghioi Theodoroi, at an officialceremony that took place on July 16, 2008. This action underlines the continuousinterest of the company in the safety of people, and the protection of the environment ofthe greater area, as well as its excellent cooperation with the neighbouring Municipalities,especially that of Aghioi Theodoroi.

The fire engine is a MAGIRUS-DEUTZ make, is equipped with tanks for 6,000 litres ofwater and 500 litres of foam component, and a roof water/foam monitor), while itsoperation is assisted by two water and water/foam spraying hoses. It is an exceptionallyeffective fire-fighting vehicle, which will contribute significantly to the Municipality’s effortsto ensure the best possible fire protection in the area, at a time when incidents of forestfires are on the rise.


Com

mun

ity Inv

olve

men

t ]

● We supported the Municipality ofSolygeia in carrying out a deepexploratory water bore in its effortto increase its available drinkingwater reserves.

● We covered the needs of around200 homes around the refinery, interms of garden and cleaningwater, with water quantitiesproduced by the refinery’sdesalination plants. This water is asource of life for the area’svegetation. MOTOR OIL has builtand maintains the water supplymains to these homes, as they arenot covered by the existing AghioiTheodoroi water distributionnetwork. In year 2008, 72,000cubic metres of water were thusprovided free of charge, with avalue exceeding 230,000 euros.

● We provided support to the«Aghioi Theodoroi» ForestProtection Association, whichowns three fire engines and otherequipment, to allow it to continueits important work of direct andeffective intervention by itsvolunteer firemen in the case of aforest fire in the region.

● We donated to the construction ofa one thousand five hundred seatopen-air theatre in a verypicturesque location in Sofikovillage, which will be the host ofcultural events organized by theMunicipality of Solygeia.

● We also made donations to variouslocal development and otherassociations, involved inlandscaping and relatedinfrastructure projects. Theseassociations included, amongothers: the Sousaki «Klara Elias»association for upgrading thefacilities of the association’schildren’s club, the Kitsivari«Galini» association for

SportsWe support activities that promote thespirit of athleticism in the young peopleof the local communities, as aninstrument for cultivating a spirit of faircompetition, developing personalityand enabling healthy inclusion insociety. Some examples of thiscontribution to local communities in2008 include:

A significant donation to thefootball team of the «Corinthos»Pan-Corinthian Athletics Club,which we have been supporting fora number of years.

Financial support to the Loutraki-Perahora Municipality for theorganization, together with theNational Volleyball Association, ofthe 1st European Beach VolleyballChampionship for under-18s, inLoutraki (28-31 August 2008),which attracted the participation of48 teams from 26 Europeancountries.

replacement of the cultural eventshall roof, the Kitsivari «Nea Zoi»association for road paving works,«Apostle Paul» (Keghreon),«Glykia Zoi» (Sousaki) for sportsfacilities and installation of trashcans on the beach, «Philothei»Keghreon for road paving, «AghiosCharalambos» Kalamakiou forelectricity works, «Halcyon» AgiaMarina-Kyra Vryssi for landscapingin the churchyard, «Kallybizes»Aghioi Theodoroi for repair andacquisition of new toys for theplayground, «Prathi» AghioiTheodoroi for repair of the churchof Panagia Prathiou, «Pika»Kinetta, «Kiafa Beka» AghioiTheodoroi, «Protoporos» AghioiTheodoroi for landscaping of a siteto be used for the construction of aplayground, and the Federation ofAghioi Theodoroi Residents’Associations.


[ Com

munity Involvem

ent

Financial support for infrastructureand organizational projects to the«Tiron» Basketball Club of AghioiTheodoroi, which was establishedin 1988 (many of the foundingmembers being former employeesof MOTOR OIL) and has more than100 active athletes of all ages.Also, donations to the «Saronikos»Galatakiou Sports Association, theCorinth Gymnastics Sports Union,the Union of Corinth Football Clubs,and the Corinth Tennis Club.

Donations to numerous other localsports clubs, including the AghioiTheodoroi «Theseas» karate SportsClub, the Aghioi Theodoroi TennisClub, the Football Clubs «Kypselos»Corinth, «Ethnikos» Xylokeriza,«Pannemeatikos» Nemea,«Teneatis» Athikia, the LoutrakiSports Club «Poseidon», the«Isthmiakos» Sports Club, theCorinth Marine Club, the«Palaimon» Basketball Club, the«Aghioi Theodoroi» SportsAssociation, the CorinthGymnastics Sports Union, the«Corinthos» Football andGymnastics Club, the CorinthFootball and Athletics Academy,the «Corinthos» Volleyball Club,and others.

EntrepreneurshipBeing the largest economic entity andemployer in the Prefecture of Corinth,MOTOR OIL provides income, directly orindirectly, to a large number of familiesin the area, and is a pillar of primeimportance for the area’s economicdevelopment. The company alsosupports the market in the Corinth areaby implementing a policy of preferencefor the region’s businesses in order tomeet the refinery’s needs inconsumables, food, etc., even if cheapersources are available elsewhere.

We support local initiatives that aim atpromoting entrepreneurship:

● The Corinthia Chamber ofCommerce organized the 2ndregional exhibition «Corinthia2008» between 17.9.2008 and21.9.2008, which we supported.The exhibition, with 138 exhibitorsand 18,000 visitors, was animportant economic, social andcultural event for the Corinthregion. In parallel events,presentations were made on

Corinthian cuisine, fashion, danceand ballet, while meetings on theprefecture’s development includedthemes such as the environmentand new forms of energy, and therelations of small and mediumenterprises with banks.

Our contribution to society is notlimited to supporting the localcommunities only, but also extends to awide range of other objectives.Examples of our diverse activity in2008 are mentioned below:

Social solidarity Action aimed at supporting bodiesinvolved in social solidarity activities isa fundamental expression of ourcorporate values and our concept ofCorporate Social Responsibility inparticular.

MOTOR OIL assisted the socialwork of UNICEF by makingsignificant donations to the fundraising radio show and telethonorganized in 2008.

The telethon took place on 16December 2008 in cooperationwith ET1 national television andwith the participation of privateradio and television stations, toraise funds for supporting thehungry or underfed children aroundthe world.

The radio show of love took placeon 17 April 2008, within theframework of an awarenesscampaign organized by UNICEFand the Ministry of Foreign Affairs,on the subject of Combating ChildTrafficking. The exploitation ofchildren as commercial objects forlabour or sexual acts, is a profitableinternational operation – the thirdmost profitable after arms and drugtrading. Around the world, 1.2million children are traffickedillegally each year.

Broader SocialContribution


Com

mun

ity Inv

olve

men

t ]

UNICEF supports protection centreswhere children can find food andshelter, receive professional trainingand suitable psychological support.UNICEF also promotes the children’seducation as a strategy for theprevention of the exploitation ofchildren, and works at internationallevel to improve legislation in view ofproviding comprehensive protectionto children.

We made a large donation to theHoly Diocese of Lambi and Sfakiafor the reconstruction of thePanagia Thymiani Holy Monastery,and for the completion of acharitable Foundation owned bythe Diocese, which aims to offerassistance for the rehabilitation ofpersons suffering from chronicmobility problems and otherdisabilities, in continuation of asimilar donation made in 2007.

We donated significantly to the«Annousakeion» Treatment Centreof the Holy Diocese of Kissamosand Selinos, which implements amulti-faceted social activity aimingat relieving human pain. It provides

accommodation for seventy seniorcitizens, operates four fullyequipped physical therapy unitswith skilled staff, and has set up aprogramme for the provision ofhome help to the infirm; thisprogramme provides systematicand organized care to 350 families.

Within the framework of ourinitiatives for promotingentrepreneurship:

● We supported the Arab-HellenicChamber of Commerce andDevelopment for the organizationof the 2nd Arab-Hellenic EconomicForum, which took place in Athenson 19-20 November 2008, withthe main aim of promotingbusiness relations between Greeceand the Arab countries.

● We sponsored the GeneralDirectorate of Customs of theMinistry of Economy andFinance for the organization ofnational celebrations to mark the40th anniversary of theEuropean Customs Union, whichis a basic component of the

Common Market. These eventstook place between Septemberand December 2008 and aimedat raising public awareness withrespect to the role of customsauthorities and relevant futuredevelopments, which areexpected to facilitate trade andpublic security.

● The General Directorate of Customsof the Ministry of Economy andFinance was also supported for theco-organization (together with theWorld Customs Organization andthe European Union's Directorate-General for Taxation and Customs)of the international conferenceentitled «International Conferenceon the fight against counterfeitingand piracy. Customs Response tothe Challenge».

● We supported the NationalFederation of Petroleum, Refineryand Chemical Industry Employees(as we do every year), the NationalUnion of Retired Refinery Workers,the American-Hellenic Chamber ofCommerce and the American-Hellenic Institute.

[ Com

munity Involvem

ent

«Nikolaos J. Vardinoyannis Foundation» at the Panagia KalyvianiWomen’s Holy Monastery

For the last 30 years, MOTOR OIL – within the context of its charitable work – has beenthe main patron of the «Nikolaos J. Vardinoyannis Foundation» based at, andsupervised by, the Panagia Kalyviani Women’s Holy Monastery in the HeraklionPrefecture of Crete. We cover part of the Foundation’s expenses, while the HolyMonastery is responsible for the remainder of the operating costs. The Foundation wasset up and funded by the company’s founder, Nikolaos J. Vardinoyannis, and itsmission is the accommodation and social/professional rehabilitation of orphaned andindigent girls. Located in the idyllic setting of the Monastery, the Foundation is asanctuary, where the girls are sheltered and cared for. They are trained in householdtasks, particularly in the art of cutting and sewing, in embroidery, cooking, decorationand handicraft. The Foundation accepts girls aged 12-18, for a three-year stay. Theyreceive accommodation, meals, tutoring, and religious and social instruction. Otherneeds, such as clothing, are also met. The Foundation has facilities to accommodate60 girls.

We sponsored the organization ofan event by ActionAid Hellas at theAthens Megaron on 6 and 7November 2008, in view ofassisting the work of ActionAid,whose vision is a better and saferworld for us and our children,through the eradication of absolutepoverty.

We donated to the telethonorganized by Rethymnon Prefectureon Creta Channel on 6 May 2008,to support the family of a policeofficer who was seriously injured inthe line of duty.

We donated to the Hellenic Societyfor the Protection andRehabilitation of Disabled Children(ELEPAP), the Hellenic MuscularDystrophy Association (MDAHellas) for the creation of a YouthCentre for young people sufferingfrom neuromuscular diseases, the«Oasis» Addict Support Centre, theOrganization Against Drugs(OKANA), the Children’s ProtectionAssociation, the HellenicFederation of Unions of Parents ofPersons with Learning Difficulties,the Special Occupational EducationCentre for intellectually challengedpersons and the «AghiosHaralambos» old people’s home inAigion, which is run by the AgapisMelathron EcclesiasticalFoundation.



Com

mun

ity Inv

olve

men

t ]

Makistos village in Ilia prefecture was oneof the villages devastated by the fierystorm that razed the country in thesummer of 2007. Its homes weredevoured by flames and fell into ruin.Whole families were wiped out, and alifetime’s efforts were lost. The Chairmanand Managing Director of MOTOR OIL, MrVardis J. Vardinoyannis and his wife MrsMarianna V. Vardinoyanni, a UNESCOGoodwill Ambassador, were among thefirst people to show an interest in our fire-stricken fellow countrymen and women;Mrs Vardinoyanni immediately travelled toMakistos and announced the undertakingof the entire repair cost of the homes.

The preliminary works for therehabilitation of the Makistos villagebegan immediately; the project wasassigned to a construction company,which appointed permanent engineers inMakistos as of September 10th 2007, toensure the best possible planning ofworks. The preliminary site surveys(house plans, recording of properties,examination and evaluation of damage tobuildings, etc.) showed that the bestmethod to rehabilitate the structures istheir full repair, so as to ensure that thecomplete prior form is restored, whiletheir static properties are significantlyimproved, and proper structural designcodes are followed for enhancing theresistance to earthquakes. This method isalso the most suitable from anarchitectural point of view, since itpreserves the building façades and doesnot alter the village’s architecturalcharacter as it was before thecatastrophe.

Separate surveys for each building startedto be drafted as of October 2007. Thesurveys include a full static analysis for therehabilitation and structural reinforcementworks, and a full architectural studycovering the radical re-arrangement and

reconstruction of the buildings’ interiors,on the basis of current standards forcomfortable, modern homes. Theconstructors started taking over in January2008, and clearing works began; as soonas the first permits were issued by thecompetent Town Planning Bureau, repairworks were also able to begin.

On May 17, 2008, the inhabitants andthe Local Municipal Authorities werebriefed on the progress of works during anopen meeting, and the surveyorspresented the specifications and repairmethods followed for the reconstructionof the buildings.

The complete project involves the repairof 49 buildings, which include 66independent homes, and of 2 churchesthat have already been repaired. Besidesthe constructors and their employees,more than 25 professional engineers –

architects, civil engineers, mechanicalengineers, soil engineers and professorsfrom the National Technical University ofAthens – are involved in the execution ofthis project.

The first 8 repaired buildings werehanded over in November 2008, while bythe end of the year a total of 12 buildings(16 independent homes) had beendelivered. The works are proceedingrapidly, and the last building is expectedto be handed over before the end of year2009.

The «Next Day» programme was also inprogress in year 2008; this programmewas supported by MOTOR OIL with acash sponsorship, and is an initiative ofthe Hellenic Network for Corporate SocialResponsibility – of which MOTOR OIL is afounding member – in cooperation withthe Non-Governmental Organization

Makistos: Promises turned into reality


[ Com

munity Involvem

ent

PRAKSIS. The programme aims atprotecting vulnerable groups in the fire-stricken areas (children and the elderly),and at organizing tree-planting activitieswith the participation of volunteeremployees from the sponsoringcompanies. Actions in 2008 includedreforestation expeditions – during which2,000 trees were planted in the Avlidaarea – and tree-watering expeditions.Eleven volunteers from the company’spersonnel participated in theseexpeditions.

before after

before after


Com

mun

ity Inv

olve

men

t ]

Education, science and cultureWe provide consistent support foreducation, the sciences and culture.We believe in the power of knowledgeas the factor that cultivates andfosters the development of bothindividuals and teams, and this is whywe care about supporting andpromoting education, research andtechnology - the three main pillarsthat constitute the driving force ofprogress and the support of society’s

future. We also believe in the role ofart and culture as key elements of ahealthy social development, which isbased on solid intellectualfoundations, and we provide multi-faceted support for activities thatpresent and bring out our culturalheritage.

In year 2008, we focused our intereston the following:

The «Vardinoyanneion Foundation"

The «Vardinoyanneion Foundation», sponsored primarily by MOTOR OIL – the othersponsors being other companies of the Vardinoyannis Group – was established in1989, and is run by a seven-member Board of Trustees. Its mission is to grantscholarships and awards, as well as to provide annual financial assistance, withoutexaminations, for candidates who have distinguished themselves academically, or whoare in need of support for graduate or post-graduate studies at tertiary educationinstitutions either in Greece or abroad. Through these scholarships and financialsupport, candidates are assisted in overcoming financial problems allowing them tocontinue their studies unhindered.

The supported study areas vary in each academic year. A total of twelve scholarshipswere awarded for the academic year 2008-2009:

● two postgraduate scholarships for studies abroad, in the fields of BusinessAdministration and Food Technology,

● five postgraduate scholarships for studies in Greece, in the fields of Greek Languageand Literature, Business Administration, Maritime Studies, Clinical Psychology andInternational and European Studies,

● five undergraduate scholarships for studies in Greece, in the fields of Agronomy,Medicine, Archaeology, Economics and Naval Architecture.

In addition to the scholarships, 124 annual assistantships were also awarded in theacademic year 2008-2009.

Since its establishment, the Foundation has awarded 122 scholarships and 1,274annual assistantships.

For the celebrations of Naval Week2008 (29 June – 6 July), wedonated to the Hellenic Navy andthe Hellenic Coast Guard. The NavalWeek, which celebrated its 75thanniversary in 2008 – since it wasestablished in 1933 – is celebratedevery 2 years with events throughoutthe country. The aim of the events isto stimulate the sensitivity and loveof Greek people for the sea, for thenaval and maritime professions, aswell as to promote our NauticalHistory, the Navy, a main element ofour national security and thefiduciary of our nautical tradition,and the Merchant Navy, the pillar ofthe country’seconomicprosperity.


[ Com

munity Involvem

ent

At the Herodium with Michalis’ Sougioul music

October 2008 brought the 50th anniversary of the death of composer MichalisSougioul, whose life was a major chapter in the field of music for an entire era. Hecomposed his melodious and nostalgic songs as easily as breathing, and there wasnot a single song of his that did not become a success.

A tribute to the composer’s memory was organized on 9 October at the Herodiumunder the characteristic title «… kai o minas echi ennia!...», which was the title ofone of his biggest successes. MOTOR OIL was one of the sponsors of this tribute.

Michalis Sougioultzoglou was born in Aydin, Asia Minor, at the beginning of lastcentury. In the 1930s, having shortened his name to Sougioul, he created aglorious career as a musician, conductor and composer. He composed romantictangos and waltzes in Greece between the two world wars, impassioned andencouraged the Greeks in World War II with his «war» songs, which were sung bythe famous Sophia Vembo, («Pedia, tis Ellados pedia», «Mas horizei o polemos»,etc.) and was justly considered the composer par excellence of the ’40 epopee.After the war, he created a new type of song, which he called «arhontorebetiko», towhich the whole of post-war Greece danced and celebrated.

«Sougioul could put melody to a phone book,» Alekos Sakellarios used to say withhis renowned humour. The case of his famous song «Asta ta mallakia sou» hasgone down in history. Sakellarios has written the lyrics for a film, but no composerhad succeeded in putting music to the difficult lyrics. «Bring it here,» said Sougiouland quickly made the whole of Athens sing that song on the same night!

The presentation at the Herodium was made by Ilias Logothetis, and Babis Tsertoswas the main singer. Other participating artists included Manolis Mitsias,Loukianos Kilaidonis, Stamatis Fasoulis, Eleni Dimou, Spyros Papadopoulos andothers.

Association on Historical andFolklore Studies in Rethymnon

Since its establishment in 1965, theAssociation on Historical and FolkloreStudies in Rethymnon has had a verycreative history. Its aim is thecollection, recording and publication ofpreviously unpublished historical andfolklore material, the preservation ofour traditions and the collection ofobjects of historical and folkloreinterest. It is the founder of theHistorical and Folklore Museum, it hasorganized meetings, conferences(local, regional and international), ithas promoted educational programmesin Rethymnon and has published theCretologika Grammata review since1993; the review contains originalarticles, with important materialsupporting the research and study oflocal history.

In 2008, MOTOR OIL sponsored theAssociation on Historical and FolkloreStudies in Rethymnon for thepublication of the minutes of theconference «90 Years from the Unionof Crete with Free Greece» and of theconference «Mylopotamos fromAntiquity until Today».


Com

mun

ity Inv

olve

men

t ]

Photographic quest at the four corners of Europe

The well-known photographer Pavlos Fysakis set on a photographic expeditionbetween 2005 and 2007, the central quest of which were the four geographicalextremities of Europe. His destinations included Greece (Gavdos – southern edge),Norway (Nordkapp – northern edge), Russia (Urals – eastern edge) and Portugal(Sintra/Capo da Roca – western edge).

On a superficial level, the photographic research involved the creation of portraits of thecultural, social and natural environment of the four points that define the EuropeanContinent. But the main concern arising from the photography of these locations iswhether a «European identity» exists or not.

In the locations in question, the photographic medium led the photographer to depict asimilar atmosphere in these vastly different destinations. Some of his points ofreference are: The effect of geographical location on the character and culture of thelocals. The complexity of the concept of borders and the drama of their determination.Religion and religious sentiment, which adds symbolism to the continental extremities,from Gavdos where the Apostle Paul was shipwrecked, to the Ural Mountains. Thesense of loneliness. The Christian cross, lighthouses, horizons, shadows, walls bearingcharacteristic motifs and societal symbols recur in their different versions and frame hisheroes: the European of the extremities. The Europeans that embrace the continent andreflect its limits.

MOTOR OIL sponsored the publication of a collection of photographs from thisphotographic expedition, which was awarded at the Photobiennale in Thessaloniki andfor which both the Museum of Contemporary Art in Moscow and the ThessalonikiPhotography Museum have expressed an interest.

The second scientific conferenceentitled «Small scale water andliquid waste treatment plants»,organized by the EngineeringDepartment of Planning andRegional Development of theUniversity of Thessaly incooperation with the ChemistryDepartment of the AristotleUniversity of Thessaloniki, inSkiathos from 2 to 4 May 2008.We sponsored this conference, thepurpose of which was to presentresearch projects relating to urban

and industrial liquid waste, naturalliquid waste treatment systems,decentralized waste treatmentsystems, small liquid wastetreatment plants, economic andtechnical parameters, sludgemanagement and recycling, treatedwater recovery and re-use.


[ Com

munity Involvem

ent

Greek National Opera

The Greek National Opera, the only opera in Greece, which has served the nobleart of opera and ballet for more than a hundred years, is the point of reference forthe public that enjoys such art forms. Over the years, all entities that havesupported its creative work have done so because they believe in the quality of theentertainment it provides, and also because they understand the importance of itscontribution to Greek culture.

In year 2008, MOTOR OIL placed its trust in the Greek National Opera andsupported it in the accomplishment of its artistic programme.

The symposium entitled «ChemicalMetrology», which is a relatively newscientific sector, whose mainobjective is the production of reliableanalytical results and the eliminationof the uncertainty of measurements.Today, issues relating to the qualityof measurements are consideredparticularly important and aredirectly linked to safety,environmental protection andcommerce. This symposium, whichwe sponsored, was organized by theAssociation of Greek Chemists incooperation with EURACHEM, anetwork of European organizationswhose aim is to establish aninternational system for thetraceability of chemicalmeasurements and the promotion ofquality rules.

The support to the 14th ScientificConference of Greek MedicalStudents and the 2nd InternationalForum of Medical Students andYoung Greek Doctors, which tookplace at the Athens Megaron from 23to 25 May and were attended bymore than 2,000 medical studentsand healthcare professionals from allover Greece.

.

Internship programme

Each summer, we offer one-month long periods of work experience for a largenumber of University and Technical School students at various positions in therefinery and in the head office. During their stay, trainees are introduced to thecompany’s work environment and take part in projects involving team-work withour experienced members of staff who are tasked for this particular purpose.Furthermore, a number of students are offered the possibility of six months’practical work experience, relevant to their specific areas of study. During 2008,137 month-long internship positions and 16 six-month positions were offeredwithin the framework of this programme, with a total cost of around 200,000euros.


Com

mun

ity Inv

olve

men

t ]

Informational visits to the refinery

Every year, we organize informational one-day seminars and visits to our refinery forUniversity, Technological, Military Academy and High School Students. During theseevents, visitors are given guided tours of the refinery and are briefed on technical,commercial and career matters, according to their specific interests, as well as onMOTOR OIL's contribution to society and on its commitment to environmentalprotection. Within the context of these events, more than 320 people participated insuch visits during 2008.

The offering of financial support tothe High School of Episkopi –Rethymnon to organize aneducational visit to Thessaloniki,and to the 1st Junior High School ofRethymnon to cover the cost of avisit by 12 students, with theirattendants, to theFinsterwaltergymnasium inRosenheim, Germany, within theframework of an educationalstudent exchange programme.

The sponsorship to the Association«Pnyka – 21st Century» forpublication of the book «AlexandrosPanagoulis – Resistance Leader», inhonour of this emblematicpersonality of the fight against thedictatorship.

The sponsorship to the Children’sStage of the National Theatre for thepresentation on the island ofAmorgos, for the island’s children,of a play based on the book byVassilis Mavrogeorgiou «The niceststory in the world».

The support to the InternationalScientific Conference entitled «Theformer eparchy of Agios Vassilios,Rethymnon, from antiquity untiltoday: environment, archaeology,history, society», which wasorganized from 19 to 23 October2008 by the Scientists’ Associationof the Municipality of Lambi.


[ Com

munity Involvem

ent

The sponsorship of the Pammitiscommunication group for thepresentation of Euripides’ «Troads».This play was presented under theaegis of the Ministry of ForeignAffairs and the Hellenic Bureau ofthe UN High Commission forRefugees, to which all proceeds of

the play were donated.

The donation to the Holy Church ofVirgin Mary Presentation inRethymnon, (the Cathedral of thetown), to assist the effort of creatingan Ecclesiastical Museum, in whichmore than five hundredecclesiastical relics currently kept inthe church repository are to beexhibited. A similar donation for thesame purpose was also made in2007.

The additional donation – besidesthe ones in 2006 and 2007 – to theHoly Church of the Dormition of theBlessed Virgin in Mastamba,Rethymno, for the completion of itscultural and social events centre.

The assistance to the EcclesiasticalCouncil of the Church of Saints Peterand Paul of the Missiria parish(Rethymnon), for completion of thechurch.

The financial assistance to theEcclesiastical Council of the Churchof Saint George of Kalo Horio,Pediada, Heraklion, for theconstruction of a church in honour ofSaint Anne.

The following sponsorships made inyear 2008 are also worth mentioning:

● Support for the concert of theRussian State Chamber OrchestraMoscow Virtuosi, which took placeat the Herodium on 5 September2008.

● Financing of publication of the book«Kato Poros».

● Support for the Cultural Committeeof Ermioni Municipality.

● Support for the Cultural EducationalAssociation of Garazos for theestablishment of a Cultural Centre.

● Support for the magazine «PeriplousNaftikis Istorias» (nautical historyand tradition), of the «Kritika Nea»

«OIL» Magazine

Since 1971, MOTOR OIL has been theprimary publisher of the quarterlymagazine, «OIL», which continues tobe published on a regular basis. Thismagazine features high-standardarticles on historical, sociological,religious, energy, environmental,scientific and technological topics, andpromotes specific important companyactivities with broad public impact. Themagazine has a run of 3,000 copiesand is read by a significant number ofboth public and private organisations,as well as by higher educationinstitutions.


Com

mun

ity Inv

olve

men

t ]

newspaper, for the special editionentitled «The Economy of Crete inthe 21st century» of the newspaper«Kritiki Epitheorisi» and for otherimportant local journals andnewspapers of small readership.

● Sponsorship to the CulturalAssociation «Tourtouli» of AgiosGeorgios, Sitias, for maintenanceworks on the village ElementarySchool, and to the Association ofMygdaliotes for completion of achurch in the village.

● Financial assistance to theDrapetsona MunicipalDevelopment Enterprise for theorganization of cultural events forkindergarten children in theMunicipality of Drapetsona.

● Financial assistance for the culturalevents of the Pan CretanAssociation, the Society of theSfakian Diaspora, the Association«Cretagenis Zeus», the Pan-Hellenic Federation of CretanAssociations, and the Association ofEmployees of Ekali Municipality.

● Computer donations: one to the86th Elementary School of Kypseli,and three to the Organization forVocational Education and Training,for the Korydallos VocationalTraining Institute (IEK).

Health care and volunteeringHealth is a major objective of our socialcontribution, because the well-being ofsociety is interwoven with the physicaland emotional health of its citizens. Wesupport institutions that are involved inhealth care and we donate medicalequipment to hospitals. Wesystematically support the CorinthGeneral Hospital over the years, andhad, in the past, undertaken the cost ofall the equipment for a clinic in theUniversity Hospital of Crete.

Corinth General Hospital

We support the Corinth General Hospital in a systematic and diversified way,covering the cost of medical equipment, the cost of improving the infrastructure ofbuildings, or by supporting scientific events and publications. Over the last tenyears, our collaboration with the Corinth General Hospital has included thefollowing:

2008 ● Donation of a portable echo-cardiograph to the Cardiology Clinic.● Sponsorship for the organization of the 1st Cardiometabolic Risk Factors

Conference, 29-31 May 2008. 2007 ● Financial assistance towards the organisation of a seminar on cardiology,

paediatrics and intensive care treatment.● Coverage of the cost of cleaning and painting works at the «Psychargo»

psychiatric clinic. 2006 ● Donation of a complete gastroscope-orthoscope.

● Financial assistance towards the organisation of the seminar «Treatment of the casualties of major road accidents».

2005 ● Donation of special surgical equipment for the General Surgery, Orthopaedics and Urology Departments.

● Funding the publication of an information leaflet on the hazards of smoking. 2004 ● Donation of a series of medical textbooks to the library of the Hospital.

● Financial assistance for the Cardiology Department’s educational programme.

2003 ● Donation of a plasmaphaeresis device for the Blood Donation Department.

2002 ● Donation for covering part of the cost of building improvements.2001 ● Donation of medical equipment, including an electrocardiograph,

for the Internal Medicine Department.2000 ● Donation of an 8-12 blood units centrifugation device for the Blood

Donation Department.1999 ● Donation of a fully equipped Laparoscopy unit for the General Surgery

Department. 1998 ● Donation of a complete laryngoscope for the Otorhinolaryngology

Department.

Sports

For MOTOR OIL, supporting sportsmeans embracing young people,because involvement in sportscultivates the body and the spirit,enhances the sense of sportsmanshipand forms healthy personalities. Wesupport non-professional team sports,championships, as well as less popularsports. We support small clubs andamateur sports associations.

In year 2008, the company’s mainsponsorship activities included:

MOTOR OIL was a prize sponsor forthe «Pastrikakeia 2008» sailingraces, which took place in Faliro bayon 10 and 11 May 2008. Theseraces have been organized by theHellenic Naval Academy for the last31 years, with the Piraeus SailingClub and the Yacht Club of Greece,under the aegis of the HellenicSailing Federation.They are named after Navy Cadet I.Pastrikakis, who died heroically on17 November 1912 as the officer ofa landing party in the land operations


[ Com

munity Involvem

ent

We systematically support theHumanitarian Organization «LifelineHellas», which was established in2003 as the Greek branch of«Lifeline», a humanitarian, non-profit making organization. PrincessCatherine of Yugoslavia has beenthe head of «Lifeline» since itsestablishment in 1993. It is mainlyactive in Serbia and Montenegro,where it cooperates with local andforeign NGOs to assist children, theelderly, hospitals and social welfarefoundations, as well as all thosewho are in need. Its principalobjective is to combat infantmortality in Serbia, where it is thehighest in Europe, due to theantiquated equipment and majorshortages in obstetric andpaediatrics wards. In year 2008, weassisted «Lifeline Hellas» in itsprogramme for the provision ofmodern medical equipment forinfant hospitalization in Serbianhospitals.

Voluntary blood donation

Voluntary blood donation is an act ofgenerosity and love, and one of the bestways to prove our social solidarity on apersonal level. Thousands of patientsrequiring blood transfusion are savedthanks to such donations. We encourageour personnel to participate in blooddonation programmes, arranged incooperation with the Corinth GeneralHospital, for refinery employees, and withthe «Metaxa» Hospital for head officeemployees. MOTOR OIL’s personnel havebeen voluntarily donating their blood forover 23 years and this humanitarianinitiative has become an establishedcustom. The resulting blood bank coversthe needs of the volunteer blood donors,of their close relatives, as well as theneeds of other fellow-men in emergencysituations. During 2008, 77 blood unitswere collected; their total number since1991 is 2,450.

In 2008, we supported the HellenicAssociation of Volunteer Blood Donors forthe publication of its periodical.


Com

mun

ity Inv

olve

men

t ]

MOTOR OIL is a permanent officialsponsor of the «Vardinoyanneia»International Track and Field Meeting,which has been held every year since1985 in Rethymnon, Crete, in honour ofPavlos Vardinoyiannis. Organised by theAtromitos Union of Rethymno, it is heldunder the aegis of the European AthleticsAssociation (EAA) and observes the rulesof the International Association ofAthletics Federations (IAAF).

All major Greek athletes and manyforeign sports champions havecompeted in the «Vardinoyanneia»meeting. Twenty-seven nationalrecords have been achieved as well asone European Youth record, and aworld record in 2001 by the CubanJavelin thrower, Osleidy Menendez.Reflecting the wide participation ofathletes from all over the world, theoutstanding scores achieved and thehigh standard of organisation, the«Vardinoyanneia» were promoted tothe EAA Premium category in 2006.Every year since 2002, the games arebeing scored top by the EuropeanAthletics Association, thus placed atthe top of their category.

Milestones 1985 First games on dirt track2000 Inclusion in the EEA Permit

category2001 World record in women’s javelin

throwing2006 Inclusion in the EEA Premium

category● The best EAA Permit games 2002,

2003, 2004, 2005● The best EAA Premium games

2006, 2007

During the 24th «Vardinoyanneia»,which took place on 14 July 2008, atotal of 309 male amd female athletesfrom 39 different countries (55 of whom

« The «Vardinoyanneia» EAA Premium International Track and Field Meeting

from Greece) competed in 16 differentevents. The women’s triple jump, themen’s discus throw, the men’s andwomen’s 100 metres and the men’s 400metres were the events that attractedsports fans, who filled the GallouStadium for yet another year to admiresome of the top names in classicalsports, Olympic medallists and worldchampions.

In the women’s triple jump, CubanSavigne Yargelis with 15.20 m snatchedthe victory from Pigi Devetzi, who camesecond with 14.75 m.

In the men’s discus throw, there was aTitan battle between the two top athletesin the world, eventually won byLithuanian Virgilijus Alekna with a throwof 70.86 m, putting later Beijing Olympicgold medallist Gerd Kanter from Estoniain second place at 68.73 m.

In the women’s 100 metres, victory wentto American Melissa Barber at 11.23",while in the men’s 100 metres, MarcBurns from Trinidad came first with anexcellent time of 10.03".

The men’s 400 metres was also anexcellent race, with American AngeloTaylor coming first at 45.02". A verygood race was the women’s 100 metreshurdles, with the first five athletescoming in at under 13", and JamaicanDelloreen Ennis-London coming first at12.62".

The «Vardinoyannia» meeting is hostedat the Olympic-standards «Pavlos I.Vardinoyannis» Gallos MunicipalAthletics Centre stadium in Rethymno.MOTOR OIL provides a significantamount of special funding for themaintenance and upgrading of thestadium’s infrastructure.


[ Com

munity Involvem

ent

for the liberation of Chios Island. Twenty-eight clubs with more than200 boats and 300 athletesparticipated in the sailing races.

Every year, we support the long-distance race known as the«Spartathlon», by providing aphysician and a fully-equippedambulance, as well as supporting theabreast of the refinery Control andSupply Station. The course of theevent retraces Pheidippides’ 246-kmhistoric run from Athens to Sparta, in490 BC, where he asked theSpartans for their support against thePersian army in Marathon. The 26thevent was held in 2008. The hyper-marathon started on 26 Septemberat the Acropolis Propylaea. Thestarting line consisted of 308athletes (men and women) from 34countries, of whom 154 passed thefinishing line, including 16 women.The first athlete’s time was22:20:01, the last athlete’s time was32:36:29, while the oldest athlete tocross the finishing line was 73 yearsold. The athletes are rewarded withan olive branch and water fromEvrotas River.

Major regularly recurringsponsorships to the following sportsclubs:

● The amateur athletics club ofthe Heraklion Sports Fans Club(OFI), which is one the largestamateur clubs in Greece, witheight active departments(basketball, track, weightlifting,chess, volleyball, water polo,swimming, football academy).Track is the most importantdepartment in Amateur OFI,with many significantdistinctions over the last fewyears. In 2008 it was listed 4thin the national classification ofthe Hellenic Amateur AthleticAssociation, an excellentposition for a regional club.

● The basketball team of theRethymnon Athletics andGymnastics Club (AGOR), whichascended to the A1 NationalLeague in 2007.

● The Rethymnon Volleyball Club,whose teams play a major rolein Regional Championships.


Com

mun

ity Inv

olve

men

t ]

● The Athletic Club of Episkopi,Rethymnon, Crete.

Also, major sponsorships for thefollowing clubs:

● The historical Apollon SmyrnisGymnastics Association(founded in 1892 in Smyrna,Asia Minor, and moved toAthens in 1922).

● The Poros Troizinia SailingClub, which allows more than80 athletes to train in rowingand kayaking; 8 of theseathletes are members of theNational Team.

● The Rethymnon Tennis Club.

● The Athletic Club of Anoixi,Athens.

● The Asteras Rethymnou FC.

● The «Koronis» Koilada AthleticClub.

● The Spelios Athletic Club.

● The Arkadi Basketball Team.

[ Global C

ompact


Global Compact: Communication on Progress

In year 2008, MOTOR OIL voluntarily became a signatory of the UN Global Compact, by ratifying the relevant UNInitiative; at the same time the company became a member of the Global Compact Network Hellas.

The Global Compact incorporates ten fundamental principles relating to human rights, labour rights, environmentalprotection and anti-corruption. MOTOR OIL’s Environmental and Social Report contains information relating to our socialand environmental practices and their results, which underline our commitment to the Global Compact.

The Ten Principles of the Global Compact Reference in the Environmental and GRI IndicatorSocial Report or Descriptionof the Implementation Approach

Human Rights

Labour

Environment

∫·Ù¿ ÙË˜ ¢È·ÊıÔÚ¿˜

Principle 1

Principle 2

Principle 3

Principle 4

Principle 5

Principle 6

Principle 7

Principle 8

Principle 9

Principle 10

LA4, LA6-7, LA13-14, HR4-9,SO5, PR1-2, PR8

HR4-9, SO5

LA4, HR5, SO5

HR7, SO5

HR6, SO5

EC7, LA2, LA13-14, HR4, SO5

EN18, EN26,EN30, SO5

EN2-3, EN5-9,EN11, EN16,EN18-22, EN26,EN30, SO5, PR3-4

EN2, EN5-7,EN18, EN26,EN30, SO5

Businesses should support and respect theprotection of internationally proclaimedhuman rights.

Businesses should make sure that they arenot complicit in human rights abuses.

Businesses should uphold the freedom ofassociation and the effective recognition ofthe right to collective bargaining.

Businesses should uphold the elimination ofall forms of forced and compulsory labour.

Businesses should uphold the effectiveabolition of child labour.

Businesses should uphold the eliminationof discrimination in respect of employmentand occupation.

Businesses should support a precautionaryapproach to environmental challenges.

Businesses should undertake initiatives topromote greater environmentalresponsibility.

Businesses should encourage thedevelopment and diffusion ofenvironmentally friendly technologies.

Businesses should work against corruptionin all its forms, including extortion andbribery.

Chapters «Human Resources» and «Health and Safety». Full compliance with relevant Greek and internationallegislation.

Chapter «Human Resources».Full compliance with relevant Greek and internationallegislation.

Chapter «Human Resources».



Chapter «Human Resources».

Chapters «Environment» and «MOTOR OIL’s Profile».



Chapter «MOTOR OIL’s Profile».

Prin

cipl

es a

nd B

ound

arie

s of

the

Rep

ort ]


Principles and Boundaries of the Report

The MOTOR OIL Environmental andSocial Report, which has beenpublished every year since 2002, isthe main communication tool with ourstakeholders about the company'sefforts and performance in achievingsustainable development by applyingthe principles and objectives ofCorporate Social Responsibility.

The Environmental and Social Report2008 concerns MOTOR OIL and itssubsidiary, AVIN OIL, and has asimilar structure as previous editions,so as to ensure the comparability ofresults over time. In drafting thereport, we have taken intoconsideration the 3rd revised edition(2006) of the Global Reporting

Initiative guidelines, in the belief thatthese guidelines provide a sound basisfor communicating the material issuesfor both MOTOR OIL and itsstakeholders. We believe that we haveachieved the application of theseguidelines at level B.

C C+ B B+ A A+

Mandatory

Optional

SelfChecked

Rep

ort E

xter

nally

Ass

ured

Rep

ort E

xter

nally

Ass

ured

Rep

ort E

xter

nally

Ass

ured

Third PartyChecked

GRIChecked

Rep

ort

Ap

pli

cati

on L

evel

s

The Environmental and Social Report2008 is not certified by an externalcertification authority.

In each chapter of the Environmentaland Social Report 2008, and whereverperformance indicators or other dataare reported, the method of collectionand calculation of such data ismentioned. However, the followingclarifications are also useful:

The information and indicators inthe "Human Resources" chapterinclude data for MOTOR OIL andAVIN OIL, on a consolidated basis.

In the "Health and Safety" chapter,the value details of the relevantcapital investments refer jointly to

MOTOR OIL and AVIN OIL, but theaccident indicators refer only to theMOTOR OIL refinery workplace; i.e.they do not include AVIN OIL orMOTOR OIL Head Office. Thisdifferentiation is immaterial, giventhat the critical area in thisparticular case is the refinery.

In the "Environment" chapter, thevalue details of the relevantinvestments, as well as the data onrecycling, refer jointly to MOTOROIL and AVIN OIL. The otherindicators concern the MOTOR OILrefinery only.

In the "Community Involvement"chapter, the value details ofdonations and sponsorships refer

jointly to MOTOR OIL and AVINOIL.

The following table records the GRIIndicators, and in the column entitled"Reference" the references to sources ofinformation relating to each indicator.The symbols used in the table are:

p.: indicates the page(s) of theEnvironmental and Social Report 2008that include information on theindicator.

: indicates reference to the AnnualFinancial Report 2008.

: indicates reference to thecompany’s website.

[ Principles and B

oundaries of the report


Table of the Global Reporting Initiative Indicators (G3 Content Index)

Indicator Description MOTOR OIL Reference

1.1 Management statement. p.: 4

1.2 Description of key impacts, risks, and opportunities. p.: 19-21,57-58

2.1 Name of the organization. p.: front cover, front cover,

2.2 Primary brands, products, and/or services. p.: 8-11, : 12-13,

2.3 Operational/Organizational structure of the organization. p.: 9, : 20-25, 59,

2.4 Location of organization's headquarters. p.: back cover, back cover,

2.5 Countries in which the organization operates. p.: 8-10

2.6 Nature of ownership and legal form. : 17-25,

2.7 Markets served. p.: 8-10, : 11

2.8 Scale of the organization. p.: 8-10, 26 : 9-17,19,80-81,72

2.9 Significant organizational changes during the reporting period. p.: 6, 9, 13-14, 98, : 19-21

2.10 Awards received. p.: 21, 56

3.1 Reporting period. p.: front cover, 98

3.2 Most recent previous report. p.: 102

3.3 Reporting cycle. p.: 98

3.4 Contact point for questions. p.: inside front cover

3.5 Process for defining report content. p.: 20-21

3.6 Boundary of the report. p.: 98

3.7 Limitations on the scope or boundary of the report. p.: 98

3.8 Joint ventures, subsidiaries and outsourcing. p.: 98

3.9 Data measurement techniques. p.: 98

3.10 Explanation of the reasons for any re-statement of information provided in earlier reports. p.: 98

3.11 Changes from previous reports. p.: 98

3.12 Location of the Standard GRI Disclosures. p.: 99-101

3.13 External assurance. p.: 98

4.1 Corporate governance structure. p.: 17, : 33, 80,

4.2 Segregated role of the Management and Governance bodies. : 33, 80,

4.3 Iindependent and/or non-executive members of the Board of Directors.

4.4 Mechanisms of communication with the Board of Directors. p.: 18-19, : 30

4.5 Linkage between the compensation of Management and the performance of the organization. p.: 17

4.6 Processes for the Board to avoid conflicts of interest. The majority of the non-executive

and independent Board Members

safeguards the avoidance

of conflicts of interest.

4.7 Process for determining the qualifications and The professional experience

expertise of Board Members for guiding sustainability strategy. of Board Members, along with

their educational level and social status

provide assurance for an unbiased

global and objective view of the issues.

4.8 Mission, values statements, and corporate policies related to sustainable growth strategy. p.: 7-8, 17, 19-21

4.9 Board procedures for sustainability management. p.: 17, 19-21

4.10 Evaluation of the Board’s performance. Performance evaluation is

anticipated in the Rules

of Company Procedures.

4.11 Application of the precautionary principle. p.: 15-16, 38-40, 54-56

4.12 Externally developed voluntary charters or initiatives to which the organization subscribes or endorses. p.: 18-21

4.13 Association memberships. p.: 18-19, 69-70

4.14 List of stakeholders. p.: 18-19

4.15 Identification of stakeholders. p.: 18-19

Prin

cipl

es a

nd B

ound

arie

s of

the

Rep

ort ]




4.16 Approaches to stakeholder engagement. p.: 18-19

4.17 Topics raised by stakeholders. p.: 17-21

DMA EC Disclosure on Management Approach EC p.: 7-10, 11-14, : 18-20

EC1 Direct economic value generated and distributed, including revenues, operating costs,

employee compensation, donations and other community investments,

taxes, and payments to capital providers. p.: 9-12

EC3 Coverage of defined benefit plan obligations. : 72

EC6 Local suppliers approach. p.: 81

EC7 Local recruitment. p.: 26

EC8 Infrastructure investments and services provided for public benefit. p.: 11-12, 74

EC9 Indirect economic impacts. : 26-28, 73-76

DMA EN Disclosure on Management Approach EN p.: 7-8, 15-16, 19-21, 53-56, : 29-30,

EN2 Percentage of materials used that are recycled input materials. irrelevant

EN3 Direct energy consumption by primary energy source. p.: 61

∂¡5 Energy saving. p.: 61-62

∂¡6 Initiatives to produce energy-efficient or renewable energy based products and services. p.: 68

∂¡7 Initiatives to reduce indirect energy consumption. p.: 61-62

∂¡8 Total water withdrawal by source. p.: 68

∂¡9 Effects of water withdrawal. p.: 68

∂¡11 Land management in sensitive areas. non-existent

∂¡16 Greenhouse gas emissions. p.: 60-61

∂¡18 Initiatives to reduce greenhouse gas emissions. p.: 58-61

∂¡19 Emissions of ozone-depleting substances. non-existent

∂¡20 NOx, and SOx emissions. p.: 65

∂¡21 Water discharge. p.: 66

∂¡22 Solid waste. p.: 68

∂¡26 Environmental impact mitigation. p.: 57-58, 60-62

∂¡30 Environmental protection investments and expenses. p.: 57

DMA LA Disclosure on Management Approach LA. p.: 7-8, 24-25

LA1 Workforce profile. p.: 25-26

LA2 Employee turnover. p.: 28

LA3 Benefits provided to full-time employees. p.: 28-32

LA4 Percentage of employees covered by collective bargaining agreements. p.: 25

LA6 Workforce representation in joint health and safety committees. The Health and Safety Committee of

the refinery employees represents all

the employees.

LA7 Standard injury and lost day rates. p.: 49-50

LA10 Average hours of training per year per employee. p.: 32-36

LA11 Programs for skills development and lifelong learning. p.: 32-36

LA12 Performance and career development reviews. p.: 24

LA13 Breakdown of employees per category according to gender, age group, p.: 27-28

minority group membership, and other indicators of diversity.

LA14 Men to women basic salary ratio. There is no

differentiation

DMA HR Disclosure on Management Approach HR. p.: 23-24

HR4 Incidents of discrimination. No incidents

HR5 Operations that limit freedom of association and collective bargaining. No such operations

HR6 Child labour. p.: 25

HR7 Forced or compulsory labour. p.: 25

[ Principles and B

oundaries of the Report




HR8 Security personnel training on issues relating to the protection of human rights. p.: 51

HR9 Violations of rights of indigenous people. Irrelevant

DMA SO Disclosure on Management Approach SO p.: 7-8

SO1 Impacts on local communities. p.: 73-75

SO5 Participation in public policy development. We are members of business

associations which participate in

public policy development.

DMA PR Disclosure on Management Approach PR p.: 50

PR1 Health and safety impacts of products and services. p.: 50

PR2 Non-compliance incidents with regulations and codes concerning health

and safety impacts of products and services. No incidents

PR3 Product information. Material Safety Data sheets

for all our products.

PR4 Non-compliance incidents with regulations and codes

concerning labeling and product information. No incidents

PR5 Customer satisfaction. p.: 17

PR6 Legal compliance of marketing communications programs. Irrelevant

PR7 Non-compliance incidents of marketing communications programs with

regulations and codes. No incidents

PR8 Ccomplaints regarding breaches of customer privacy. No incidents

PR9 Fines for non-compliance of products. No fines


Environmental and Social Reports of previous years

ALL THE MATERIALS USED FOR PRINTING THE MOTOR OIL ENVIRONMENTAL AND SOCIAL REPORT ARE FRIENDLY TO THE ENVIRONMENT

Translations services provided by LITTERAE

PR

OD

UC

TIO

N -

DES

IGN

: NEM

ESIS

S.A

.

12∞ IRODOU ATTIKOU STREET, 15124 MAROUSSI, ATHENS

∆EL.: +30 210 809 4000, FAX: 210 809 4444

www.moh.gr

Date post:	18-Oct-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times