Volos is a port city in Thessaly, Greece, built around the harbor of Pagasitic Gulf. It is the capital of Magnesia, with a population of 144,028 (2011). Volos is the largest city in Thessaly and the fifth largest in Greece. It is located about 412 km (256 mi) north of Athens, and about 128 km (80 mi) south of Thessaloniki. Volos is an industrial city, with a large port. Volos is an important transportation hub for the region. The city is home to the Volos Commercial Port, the country's second largest port after Piraeus. The city is home to the largest oil refinery in Greece. The refinery is operated by Hellenic Petroleum. Volos is home to a large number of the country's largest companies, including Hellenic Petroleum, Magnesita, and National Bank of Greece. Volos is also home to a large number of the country's largest universities, including