MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that its shareholder under the legal name "Petroshares Limited" made the following statement:

"Petroshares Limited ("Petroshares") announces the successful sale of 6.5 milion shares of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A (the "Company"). The shares were sold through an accelerated book building processs to international and domestic institutional investors via a pivate placement. The placement receivd great response among investors and was priced at euro 22.44 per share, a 0,7% discount to the closing price of March 22nd, 2006. The transfers were placed through the ATHEX on March 23rd, 2006.

Citigroup Global Markets Limited ("Citigroup", Merrill Lynch International ("Merrill Lunch") and NBG International acted as Managers of the offering. Citigroup and Merrill Lynch acted as Bookrunners".