Two trucks made history

Petrolina, the first Cypriot petroleum company and one of the largest businesses in Cyprus, operates within the local energy sector with the import, storage and marketing of petroleum products, liquefied gas, motor oils and lubricants, playing a leading role in the economic and social development of the island.

With six decades of experience, embracing specialized technical expertise and experienced human resources, Petrolina reliably supports the needs of retail and corporate customers covering the entire spectrum of the Cypriot economy, providing high-quality competitive products and services.

Having grown organically and through acquisitions, the Company has one of the largest networks of service stations in Cyprus under the brand names Petrolina, Eni and Agip.

In addition, it owns liquid fuel depots at Vasiliko in Cyprus, as well as in Greece (at Samos and Chania) through a subsidiary company, while it operates through its associated companies in the jet fuel into-plane sector at the Larnaka and Paphos airports in Cyprus, as well as at the Greek airports of Athens, Thessaloniki, Heraklion and Zakynthos.

Exercising corporate vision and consistent strategies, Petrolina contributes to innovation by investing in the latest environmentally responsible infrastructures, meeting the highest international standards. The name Petrolina is synonymous with guaranteed quality and stability, assured development, and progress.

Inextricably linked with the whole community, Petrolina implements a coherent corporate social responsibility program and has a contribution policy covering a broad range of activities, thus responding in practice to the needs of the Cypriot society.

How it all started

It was 1931 when Nikos Lefkaritis moved from Larnaka to Limassol and began a transport business with a single truck. Eight years later, in Larnaka, Takis Lefkaritis made the same move with a single truck. The two brothers decided to join forces, forging the Lefkaritis Bros partnership in 1939, working freight from Limassol to the Famagusta port. Just as the 2^nd World War was breaking out, Lefkaritis Bros secured a contract to carry Dhekeleia base personnel.

The brothers often recounted their story:

‘The two trucks created our first transport company, and the business quickly took off the ground. We gradually bought a third truck, at a time when cars in Cyprus were a rare commodity. Three turned into ten, then twenty, flying up to three hundred (both trucks and buses). That’s how it all started’.

In 1946, following the high school graduation of the three younger brothers Kallis, Kikis and Nakis, the five of them established the Lefkaritis Bros General Partnership, a land transport business, as well as Lefkaritis Motors partnership, importing and selling vehicles and spare parts.

The two companies merged into Lefkaritis Bros Ltd in 1968, growing into the largest land transport business in Cyprus, with their trademark green buses providing service across Cyprus.

That’s when they decided that it made sense to import fuel, beyond the transport needs of just their own company.

A trip to the Aspropyrgos (Greece) petroleum facilities in 1958 confirmed the idea in their minds that it would be the right move to establish a petroleum company in Cyprus. The British Governor approved their business license application but made clear that it would not be a good idea to compete with multinationals.

As the Lefkaritis brothers recall:

‘They all thought we would fall flat on our faces, competing with giants like Shell, Mobil and Esso. The moment the facilities were finished, we took unbelievable hits from competitors; it was an all out war against us. But the community embraced our effort, supported us. We bought a two acre coastal plot, paying four thousand pounds, quite a large amount at the time. But we were determined to make it happen. We took out loans and built the facilities in six months, at the same time as our first fuel stations. In our first year of operation, people gradually preferred our service and we took 12% of the market’.

In 1959 they established Petrolina Ltd, the first petroleum company in Cyprus, importing, distributing and selling a wide range of fuels. In 1961, the company offered services at 12 service stations, launching a significant contribution to the country’s prosperity and economic growth.

Landmarks per decade

1930

1939 – Establishment of the Lefkaritis Bros transport partnership.

1940

1946 – Establishment of the Lefkaritis Bros General Partnership land transport business and Lefkaritis Motors, importing and selling vehicles and spare parts.

1950

1959 – Establishment of Petrolina Ltd

1960

Opening of Petrolina Ltd facilities.

Trading of petroleum products through the development of service stations.

Expansion into the liquefied petroleum gas trade with the construction of dedicated depot facilities.

1970

Organic growth of the network of service stations.

Construction of additional fuel storage tanks.

1971: Exclusive agreement for the import of lubricants with Agip Petroli S.p.A.

1980

Acquisition of Fina (Cyprus) Ltd and renaming it to Lina Ltd.

Expansion of the service station network.

1990

1994: Acquisition of Shell Ltd and renaming its service station brand to “Agip”.

Renaming of Lina Ltd to Petrolina (Holdings) Ltd and acquisition of all operating activities of Petrolina Ltd in the field of petroleum products, liquefied gas and lubricants.

2000

2000: Listing of shares of Petrolina (Holdings) Ltd on the Cyprus Stock Exchange and renaming to Petrolina (Holdings) Public Ltd.

2001: Operating in the fuel-supply of aircraft at the two airports in Cyprus with the establishment of the associated company PPT Aviation Services Ltd.

2003: First presence in the Vassiliko area with the acquisition of Total Aviation (Cyprus) Ltd and renaming it to Petrolina Aviation Ltd.

2004: Transfer of aviation fuel storage (JetA-1) to Vassiliko.

2005: Transfer of heavy and light fuel oil products (HFO & LFO) to Vassiliko.

2010

2012: Acquisition of land and a terminal consisting of seven storage tanks in Vassiliko and subsequent expansion with the construction of additional tanks.

2013: Commencement of operation in the provision of fuel-supply services to aircraft in Greece via the associate company, Hellenic Aviation Fuel Company, marketed under the HAFCO brand name.

2013: Renewal of cooperation with the Italian Εni S.p.A, that was renamed from Agip Petroli S.p.A and renaming of the service station brands from Agip to Eni.

2014: Establishment of Lca Aviation Fueling System Ltd for the construction and operation of a jet fuel storage and throughput depot at the Larnaka airport.

2016: Joint venture agreement and establishment of the company VLPG Plant Ltd for the construction and operation of a liquefied gas installation in Vassiliko.

2017: Renewal of cooperation with the Italian Eni S.p.A and the right to use the Eni brand.

2017: Operation of the first fully-licensed service station offering liquid petroleum gas (autogas) in Cyprus.

2019: Completion of the construction of new storage tanks, a truck loading system and a distribution centre at Vassiliko.

2020

January 2020: State-of-the-art facilities in Vassiliko are fully operational with complete automation from January 1^st 2020, including 18 storage tanks with a total capacity of 113,000 cubic meters for all types of liquid fuels.

October 2020: Introduction of new, premium-quality automotive fuels, Petrolina EnergyMax containing a high technology advanced additive.

December 2020: Acquisition of SILK OIL Ltd, operating in the storage, throughput and marketing of petroleum products in Greece.

June 2021: Agreement reached with ExxonMobil Cyprus Ltd for the purchase of three plots on the northern coastline of Larnaka.

June 2021: Establishment of Petrolina Bayfront Ltd, operating in the real estate industry.

Dismantling and demolition of fuel storage tanks on the Larnaka-Dhekelia road.

Historic, landmark decisions

Petrolina is rooted in a bold, risky step by the founders of Lefkaritis Bros Group in 1959 to import fuel both for their own needs as well as the market as a whole, leading to the creation of the first petroleum company in Cyprus.

By the late 50s, the company owned 300 trucks and buses, becoming the largest land transporter in Cyprus.

The Lefkaritis brothers built 6 fuel tanks in a record six months, making up the company’s central facilities, with their own docking station to unload petroleum products, as well as the initial fuel stations.

Founders and successors

Group Founders: Nikos Lefkaritis, Takis Lefkaritis, Kallis Lefkaritis, Kikis Lefkaritis and Nakis Lefkaritis.

2^nd generation: Costakis Lefkaritis, Marios Lefkaritis, Dinos Lefkaritis, Dimitris Lefkaritis and Georgia Lefkariti.

The 3^rd generation is also active in the Group.

Exclusive distributors

Petrolina is a strategic partner of the Italian Εni S.p.A. with exclusive rights to import and sell lubricants and specialised oils. It also holds the exclusive right of using the Eni trade logo at Petrolina petrol stations.

Local and International Awards

2010: “Corporate Social Responsibility” award at the IN Business Awards.

2012:  Lifetime Achievement award for Kikis Lefkaritis at IN Business Awards.

2012:  National Champion in Cyprus, in the Environmental and Corporate Sustainability category, at the European Business Awards.

2012:    Italian Government Supreme Official title awarded to Kikis Lefkaritis

2015: “Best Workplace /Favoured Employer” award at the IN Business Awards.

2016: Honorary awarding of the EY Award to Takis Lefkaritis for his Work and Overall Contribution to Entrepreneurship at the Cyprus Chamber of Commerce and Industry Business Leader Awards.

2020:   Silver Award in the Covid-19 Responsible Business Plan, at the Cyprus Responsible Business Awards.

2020:   Dinos Lefkaritis awarded the Manager award in memory of Andis Hadjikostis at the IN Business Awards.

And many other awards and distinctions at local and international level.

Business acumen and innovation

Petrolina goes back more than eight decades, rooted in a decision by the founders of Lefkaritis Bros Group in 1959 to import fuel both for their own needs as well as for the market as a whole, leading to the creation of the first Cypriot petroleum company.

Two decades earlier, the Lefkaritis brothers had founded a transport partnership under the trade name Lefkaritis Bros. By the late 50s, the company owned 300 trucks and buses, becoming the largest land transporter in Cyprus.

The Lefkaritis Group has grown into one of the largest in the country, active in many sectors of the economy, both at home and abroad.

As CEO Dinos Lefkaritis told us, the Group ‘is growing, developing, and progressing, investing in innovation and in the future’.

He noted that in over the past 60 years, Petrolina has proven itself capable of not just competing with international companies, but ‘remaining innovative in a fiercely competitive sector’.

The Group’s most important achievement, as he says, is developing the company’s modern petroleum facilities at the Vassiliko Energy Centre, an investment of over 80 million euro.

Lefkaritis further underlines the Group’s decision to expand its business to land development and utilize the land owned by Petrolina  along the Larnaca-Dhekelia coastal front, where the company’s fuel storage tanks used to be.

Lefkaritis further underlines the Group’s decision to expand its business to land development and utilize the land owned by Petrolina  along the Larnaca-Dhekelia coastal front, where the company’s fuel storage tanks used to be.

What’s it like heading a   Group with such a long and prestigious history?

It is a huge honor, but also a massive responsibility. Along with the great legacy passed on to us by our fathers, we have our own debt to carry in keeping this story going. With the valued contribution of the 2^nd generation, and the 3^rd following in our footsteps, along with accomplished managerial staff, we are growing, developing and progressing, investing in innovation and the future through exercising our corporate vision and  consistently executing our strategies.

What does the history carry to present and future?

It  carries the continuous vision of Petrolina having a presence wherever Cypriots operate, on land, in the sky and at sea, through the quality and consistency that the company is  synonymous with.

In over six decades, we have consistently proven that Petrolina can not only compete with major international companies, but also remain innovative in a fiercely  competitive field.

What has determined  the Group’s DNA?

The Petrolina corporate values are those passed on by its founders. Commitment and dedication to the consumer, respect for the individual, teamwork, reward, simplicity and integrity in all of our transactions. And of course, our constant desire to contribute to our country’s growth.

The big decision

What was the most important moment in this company’s long history?

The moment of a bold decision back in 1959, when Lefkaritis Bros Ltd comprised of 300 trucks and buses that offered services across Cyprus. Having grown to the largest land transport company in the country, it was with cautious optimism that the Lefkaritis brothers made the decision to import their own fuel, both for the company as well as the local market. It was a risky venture for its time, but it paid off. In a record six months they built six fuel storage tanks, which made up the company’s central facilities, having their own docking site for unloading fuel, as well as 12 service stations.

Acquiring Total Aviation

Any memorable incidents?

I’ll never forget the drawn out negotiations in Paris for the acquisition of Total Aviation. I was with my cousin Costakis and I remember that it took until midnight to conclude deliberations, so we had to wake up the security guards and get our passports back in order to leave the company offices. It was a tower in the commercial centre of the French capital and, except for us, it was completely empty.

Fatherly advice

Any behavior or decision-making tips from your father?

‘Τhere’s no recipe. Success comes with hard work and putting your brain to good use. For good deeds, not bad ones. Neither you, nor the managers and computers know everything. You must never stop trying, don’t keep your mind idle’.

Pandemic and economy

We live in tough times, as covid followed in the footsteps of the financial crisis. What’s your take on things?

The pandemic has forced us into an unpredictable, difficult situation, affecting all local businesses, overturning positive indications and prospects in late 2019. During lockdown, fuel sales dropped significantly. We’re in a stage of recovery now, but this unprecedented situation has taught us never to take anything for granted and to handle crisis situations with promptness and flexibility. We have proven ourselves able to rise to a difficult occasion and readapt.

How do you see the situation post-pandemic?

It’s not easy to predict, but I am a natural optimist, so I believe that our sector will recover. 2021 was a good year for Petrolina, even without a full recovery, it ended strongly. But that did not happen without a great deal of effort.

 

Land development

Any major work or decision on the cards?

The Group started a new chapter in its long history by utilizing its land at the Larnaka-Dhekeleia coastal front, following the removal of the Petrolina tanks in the area. We extended our business activity to land development, recognising huge prospects opening up in Larnaka. We have a clear vision about what we want the city to look like in the future, so we wish to contribute to the development of the area in the best possible way, by doing our own bit in the upgrading of Larnaca, which will benefit the country as a whole.

Multi-faceted social action

Mr Dinos Lefkaritis provided us with an outline of the Group’s social contribution.

 

‘Social contribution and collective progress has always been at the core of Petrolina’s vision and goals, which is why we have adopted a policy of corporate social responsibility across a wide range of activities.

Working as an integral part of the country’s social fibre and responding to the needs of the time, Petrolina implements a long-established policy of CSR covering a wide range of activities based on social solidarity, cultural, sports and environmental protection.

In the framework of its social solidarity programmes support, we have created the ‘Petrolina Community’ volunteer group, with our personnel, petrol station dealers and their families participating in our corporate social initiatives.

The ‘Petrolina Charity Festival’ is the highlight of this solidarity, an established annual entertainment charity event that we have sadly missed in the past two years due to pandemic measures. It promotes the values of social contribution, volunteerism and solidarity.

We support a wide range of bodies with recognised social action, vulnerable groups, as well as health related Associations and Organisations. Among others, Petrolina covers the rental costs of the Europa Donna House in Larnaka since its opening in 2009, donates fuel for Telethon’s annual charity flight ‘Wings of Hope Trip’ and is a sponsor of the “One Dream One Wish” Cyprus association, fulfilling the wishes of children with cancer.

We also support the Cyprus Paraplegics Organisation and many other associations.

We make financial contributions toward educational and cultural activities, events and programmes, while in sport we support federations, clubs, academies, and major sporting events across the island.

We maintain a dynamic presence in motor sport, with the Petrolina Racing Team earning the top rank-ed positions in the Cyprus Rally Championship in recent years.

Petrolina has also sponsored the Cypriot Olympian Pavlos Kontides since 2018 whose distinctions, professionalism and ethos make Cyprus proud.

In the environmental field, Petrolina demonstrates a responsible environmental approach in all our business activities, whether this involves the simple management of recycled materials in our offices, or the recycling of heavy industrial materials in our fuel terminal and service stations.

We invest in renewable energy sources by installing solar power systems at our service stations, and by supplying the market with environmentally friendly automotive fuels, significantly reducing emissions.

At the same time, we support environmental organizations as well as environmental protection campaigns, such as GreenDot and Let’s Do It Cyprus.

I would like to mention that Petrolina responds actively to the needs of Cypriot society, with flexibility and immediacy. We have responded to the pandemic crisis since March 2020, working towards assisting as many citizens as possible. To this end, we have developed multi-faceted actions in support of the state, institutions, and health professionals, while also taking part in the SupportCY Network, by the Bank of Cyprus.

Vision and values

Giving back to society is a matter of priority for Petrolina and the Lefkaritis Group.

Petrolina is never one to be vocal or boast of its corporate social responsibility strategy, an honest contribution effort.

It supports those in need and charitable groups, as well as educational, cultural and sports events.

The country’s sustainable development is also a top priority for Petrolina and Lefkaritis Group, implementing numerous environmental protection projects and activities.

The company’s vision is to continue to maintain a presence wherever Cypriots operate and create, offering excellent quality products and services at competitive prices, with respect towards the consumer and the environment, supporting the country’s development and giving back to society.

‘Our vision is rooted in the company’s values: commitment and dedication to the consumer, respect for the individual, teamwork and integrity in all our transactions. Work, work and work, proudly and with integrity, honesty and respect to personnel and associates’.

The Group and Cyprus

The Lefkaritis family has always been there for Cyprus, a timeless ally in all its struggles, rising to the needs of the country.

The establishment of the Republic of Cyprus in 1960 also saw the official opening ceremony for Petrolina, the first Cypriot petroleum company.

During the Turkish invasion, Petrolina was the only Group that tirelessly worked round the clock for army and state vehicles, as well as providing fuel to all civilians fleeing the Turkish bombing.

Throughout the invasion, no member of staff – management, workers and drivers alike – abandoned their posts at the facilities, despite the immediate danger from Turkish bombers flying overhead.

With the arrival of refugees in Larnaka, Lefkaritis Bros provided the company’s bus parking area (Larnaka-Limassol road) for the Lefkaritis refugee settlement, which housed 1.500 displaced people. Existing buildings at the site were turned into a medical centre, a kindergarten, a kitchen, a food storage site and a youth centre with board games and books.

The settlement operated until March 1976.

State-of-the-art facilities, an 80 million euro investment

Mr Dinos Lefkaritis was asked about what he considers the most significant project or decision.

‘That would be Petrolina’s state-of-the-art petroleum product facilities at the new fuel terminal of the Vassiliko Energy Centre, essentially launching a new era. That’s where all the company’s liquid fuel storage and management facilities have moved since January 2020, from the Larnaka coastal front, on the Dhekeleia-Larnaka road, where they were situated since the 1960s.

The Petrolina terminal at Vassiliko is one of the biggest investments ever made by a Cypriot company, an €80 million investment consisting of 18 storage tanks with a total capacity of 113.000 cubic meters for all types of liquid fuel, which amounts to more than 77.000 cubic meters more capacity than the old facilities.

The facilities in Vassiliko employ state-of-the-art technology, conform to the highest European standards, and are fully automated, with the latest technology in chemical additives, enabling the company to place excellent quality products on the Cypriot market.

Equally important are the health and safety, quality, and environmental protection systems that have been installed at the facility.’