HistOIL

This project explores the history of the Greek petroleum industry from the early postwar discussions over the establishment of an oil refinery through its transition into the country’s single most important exporting industry during the postwar period. Greece represents a typical example of a late-industrializing country without domestic oil production. Yet, the oil industry is pivotal in its debt-troubled economy. In 2019, Greece, with 21.2 m. tons of primary refining capacity, ranked 9th on the relevant list of the European Economic Area members, well above oil-producing countries like Norway.  In 2018, refined petroleum exports, with a value of USD 12 billion, represented over 30% of Greece’s total exports. What distinguishes the Greek case from other small, oil-importing countries, is its leading position in world shipping. In 2018, the Greek-owned fleet’s share represented nearly 20% of the world’s total tonnage, while the Greek owners controlled over a quarter of the world’s oil tanker fleet. This project demonstrates that shipping and oil have been intertwined since the establishment of Greece’s first refinery in 1957/58, and shows that it is far from coincidental that the Greek oil industry’s rise dates back to the late 1960s and early 1970s; a period of heavy shipowning investment in Greek manufacturing. Our main argument is that the petroleum industry epitomizes the Greek economy’s course from the restoration of its interwar outlook in line with Marshall goals to the rapid industrialization in view of the opportunities opened up by a special relationship with West Germany; opportunities further broadened by Greece’s subsequent participation in European integration from the 1960s on.