Announcement in the Context of Law 3556/2007

In the context of article 2 paragraph 2 ib) of the Decision 3/347/12/7.2005 of the Board of Directors of the Hellenic Capital Market Commission, MOTOR OIL (HELLAS) S.A. hereby announces that it agreed with the company IBERDROLA S.A to repurchase the total stake of the latter in the share capital of the company KORINTHOS POWER S.A. which owns an electricity generation license. The transaction is subject to the approval by the Ministry of Development as well as the recommendation of the Regulatory Authority for Energy (R.A.E).

Maroussi, 20 June 2008

The Board of Directors