The combined market value of Greece’s two listed oil refiners, Motor Oil and Helleniq Energy, has surged by 2.8 billion euros so far in 2026, making them among the top-performing stocks on the Athens bourse.
Expectations of strong financial results, coupled with company-specific developments and evolving geopolitical tensions in the Middle East, have been the main drivers behind the rally, lifting both shares to multi-year highs. Positive sentiment has been underpinned primarily by persistently strong refining margins. Supply disruptions from Gulf producers, the exclusion of Russian crude and robust seasonal demand have created a favourable backdrop for both Motor Oil and Helleniq Energy.
At the same time, secure crude supply sources and a return of refinery utilisation rates to near-maximum levels following maintenance work have further supported the two refiners.
Meanwhile, Goldman Sachs sees Motor Oil’s EBITDA reaching 1.5 billion euros in 2026 and 1.34 billion euros in 2027, while Helleniq Energy’s EBITDA is expected to total 1.49 billion euros and 1.46 billion euros, respectively. In 2025, the two companies registered EBITDA of 1.05 billion euros and 736 million euros
On the stock market, Motor Oil shares, which have received an additional boost from successive deals with Aktor Group involving Helector, Thalis and Dioriga Gas, are trading at a record 47.5 euros, up more than 51% since the beginning of the year, compared with a closing price of 31.4 euros at the end of 2025.
The rally has lifted the market capitalisation of the Vardinogiannis Group company to 5.271 billion euros from 3.478 billion euros last December, creating shareholder value of 1.793 billion euros. Its current valuation has also fuelled speculation that the stock could be included in MSCI’s main index.
Meanwhile, Helleniq Energy shares are trading at 11.8 euros for the first time since 2008, delivering a year-to-date gain of around 42%. The company’s market capitalisation has risen to 3.627 billion euros from 2.555 billion euros at the end of 2025, an increase of 1.072 billion euros.
Additional upside for Helleniq Energy comes from the premium attached to its expansion into the upstream hydrocarbons sector through its participation in Greece’s major exploration agreements with U.S. partners covering the Ionian Sea, western Greece and Crete.
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