Greek refiners Motor Oil and Helleniq Energy hit multi‑year stock highs

The market capitalisation of Greece’s two listed oil refiners, Motor Oil and Helleniq Energy, has risen by about €2.8 billion in 2026, pushing their shares to record levels. Motor Oil’s share price reached €47.5, up more than 51% year‑to‑date, while Helleniq Energy traded at €11.8, a gain of roughly 42% since the start of the year. Strong refining margins, driven by Middle‑East geopolitical tensions, supply disruptions from Gulf producers, the exclusion of Russian crude and robust seasonal demand, have underpinned the rally. Both companies report near‑maximum refinery utilisation after maintenance, and analysts project 2026 EBITDA of €1.5 billion for Motor Oil and €1.49 billion for Helleniq Energy. Additional upside comes from Motor Oil’s recent deals with Aktor Group and Helleniq’s expansion into upstream hydrocarbons through partnerships with U.S. firms in the Ionian Sea and western Greece. The surge has sparked speculation that Motor Oil could be added to MSCI’s main index.