Our Vision

Our aim is that Elin Biofuels should continue to show consistent and dynamic growth, maintaining its moral values and the friendly, cooperative and family atmosphere that set it apart.

-To remain flexible, innovative, farsighted and pioneering and to radiate a feeling of confidence and positive energy.

-To remain dedicated to the true protection of the Environment on all levels and to be active in sectors that do not conflict with its beliefs regarding Man and Ethics, with an emphasis on renewable energy sources.

-To yield the necessary profit that will allow it to put the above into practice for the benefit of its people and its share-holders.

A brief history of our company

The idea of creating Elin Biofuels dates back to 1998, before the official founding of the company, when Stamoulis Stournas, then professor at the National Technical University of Athens, suggested to the Administration of ELINOIL SA, specifically to the CEO Haris Kinigos and the Manager of Development Yannis Courouclis, that ELINOIL should become involved in biodiesel. Thus, our History is divided into two periods:

A. The ELINOIL period

November 1998

Participation in the ALTENER programme on the theme ‘Biodiesel penetration into the Greek market’, in collaboration with the National Technical University of Athens and the Austrian Institute IMU.

Summer 1999 and 2000

Introduction of biodiesel into Greece and pilot distribution in Thrace by the Elin network of petrol stations.

April 2000

Participation in the ALTENER programme to investigate the creation of a biodiesel production unit in north-eastern Greece in collaboration with the National Technical University of Athens, the Centre for Renewable Energy Sources (CRES) and the Austrian Biofuels Institute (ABI).

September 2003

The design of an 8,000 MT biodiesel production plant was assigned to Petrotec Biodiesel GMBH.

December 2003

Purchase of 9,500 m2 of land in the Volos Industrial Zone.

Spring 2004

Decision to change the production capacity to 40,000 MT with the option of increasing it to 80,000 MT with a new budget of 11 million euros.

Autumn 2004

ELINOIL enrols in the EBB (European Biodiesel Board) as an associate member.

Autumn 2004

Assignment of the detailed engineering plans to a Greek engineering company.

July 2005

Decision to proceed with the investment through a subsidiary company.
B. The Elin Biofuels period

August 2005

  • Elin Biofuels is founded, 100% a subsidiary of ELINOIL S.A.
  • The construction of the plant entrusted to Elin Techniki – Excavations begin.

November 2005

  • Capital share increase from 200 thousand to 5 million euros and the purchase of land, permits, know-how, etc. from ELINOIL
  • Elin Biofuels replaces ELINOIL on the EBB (European Biodiesel Board), as a full member.

August 2006

  • Expand of the plants land by the purchase of an additional 4,000 m2 .
  • Inclusion of the investment in development Law. The final subsidy rate was 18.5%.

March 2007

Change of share composition with the acquisition of a majority package by Yannis Courouclis.

May 2007

Completion of the construction of the factory.

November 2007

The President of Elin Biofuels L. Antonakopoulos is elected member of the Administrative Council of EBB (European Biodiesel Board).

February 2008

Increase of production capacity to 80,000 MT.

April 2010

Application to RAE, (Regulatory Authority for Energy) for a permit for the construction of a biogas anaerobic fermentation power plant.

October 2010

Elin Biofuels obtains a permit to for a 3 MW plant.

December 2010

A contract for the construction of the power plant is signed between Elin Biofuels and Austrian THOENI

January 2011

The foundation of the Subsidiary ”Prasino Ladi” for the collection of used cooking oil.

August 2012

A contract is signed with BDI – BioEnergy International AG for the retrofit of the Volos plant in order to use exclusively Used Cooking Oil and Animal Fat as raw materials.

November 2012

Decision to stop the investment in Biogas, after the unexpected decision by the Government to impose a special tax of 10% on total sales of renewable electricity. This decision would wipe out any profit from the investment and make such an investment in Greece exceptionally risky.

December 2013

Completion of the retrofit and commencement of operations of the new production procedure.

Financial facts

Elin Biofuels is linked with the ELINOIL Group, which owns 37% of its shares. ELINOIL S.A., (elin), which was founded in 1954, participates in the energy market of Greece. It supplies industrial liquid and solid fuels, automotive fuel through a nationwide network of petrol stations, domestic heating oil, marine fuels through an extensive network of petrol stations in marinas, lubricants for industry and cars, as well as marine lubricants in Greece and in 120 harbours worldwide. In addition, it has substantial infrastructures, such as tank farms, a large fleet of road tankers and a fleet of motor tankers, two of which were custom built for the supply of its island petrol station network.

ELINOIL owns 100% of the shares of the following subsidiary companies:

Elin Technical SA :Construction Sector
Elin Maritime SA :Tanker managment
Elin Stations :Management of company owned petrol stations
Elin Renewables :Preparation for the production of Biomass

Share composition and Board of Directors of Elin Biofuels

Its capital shares come to 5.205.000 euros divided by 125,000 registered shares worth 41,64 euros each and its share composition is as follows:

Elin Biofuel’s share holders

SharesNumber of SharesPercentage Participation
ELINOIL SA46.25037%
Yannis Courouclis68.76055%
Stefanos Kinigos6.2505%
Lefteris Antonakopoulos3.7403%

Board of Directors

The company is administered by a seven-member Board of Directors, made up of the following:

Yannis CourouclisPresident and CEO
Haris KinigosVice President
Yannis AligizakisMember
Lefteris AntonakopoulosMember
Vassilis DourtoglouMember
Georgios TsouniasMember
Yannis ZirinisMember

The term of office of the Board of Directors ends on 30/06/2021