Motor Oil bond



Project number:


Business sector:

Natural resources

Notice type:


Environmental category:


Approval date:

25 Mar 2020



PSD disclosed:

13 Apr 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The EBRD invested EUR 14 million in the EUR 200 million senior unsecured bond issued by Motor Oil Hellas Corinth Refineries S.A. (the "Company"). The bond is listed on the Athens Stock Exchange and is maturing in 2028. The participation comes under the Greek Corporate Bonds Framework-Extension (the "Framework").

Project Objectives

The Bank's proceeds will be used towards the implementation of the Company's renewable energy investment programme.


Transition Impact

ETI score: 60

The Project is presented under the Greek Corporate Bonds Framework-Extension and supports the development of the local debt capital markets under the "Resilient" quality and improvement of transparency and disclosure standards under the "Well-governed" quality. The transaction is also in line with the Bank's Green Economy Transition approach.

Client Information


Motor Oil Hellas Corinth Refineries S.A. is a downstream energy company, operating Greece's most complex refinery, a network of petrol stations and a number of renewable assets. It is listed on the Athens Stock Exchange.

EBRD Finance Summary

EUR 14,000,000.00

Total Project Cost

EUR 200,000,000.00


The Bank's participation boosted market confidence and facilitated a successful bond issue on the Athens Stock Exchange, despite the current market volatility and a still challenging environment for oil refining companies.


Environmental and Social Summary

Categorised B (2019 ESP). Due diligence, while governed by the capital markets rules, involved a number of different strands. The Company has published environment/sustainability reports since 2002 and these are publicly available and those covering the past 5 years have been reviewed; ESD specialists carried out site visit in February 2020 to view the status of current operations and environment/OHS practices on the refinery site; and interviews/discussions were held on the same day with the Deputy Manager of the Refinery and managers responsible for energy, environment, OHS and HR issues. The documents reviewed and the interviews have demonstrated that the Company has the capacity and capability to implement works in line with the Bank's Performance Requirements. The Company has in place a series of management systems to address environmental, OHS and community risks and these are independently accredited where applicable. The systems have a high degree of sophistication, in particular in regard to OHS management, where the Company has recently completed a 3-year programme aimed at entrenching an H&S Culture Change to enable and empower staff to drive improvements in performance. The Company meets all reporting requirements to the Greek and European institutions that regulate environmental and OHS performance and their public reporting has now been aligned with the SDGs to enable corporate goals and performance against these targets. The operations are currently compliant with Greek and EU regulations on environmental emissions and discharges and further upgrades to the production processes are planned to drive efficiency and reduce the use of natural gas fuels. Minor issues were identified during the meetings, for example, grievance mechanisms are not yet developed to a point where they can be anonymous, and these have been addressed in agreement with the Company through the ESAP.

Technical Cooperation and Grant Financing


Company Contact Information

General Contact
+30 210 8094000
+30 210 8094444
12A Irodou Attikou street, Maroussi, Greece, 15124

Implementation summary


PSD last updated

13 Apr 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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