Privatisation of HELLENIC PETROLEUM (HELPE)

Privatisation of HELLENIC PETROLEUM (HELPE)

A privatisation plan for part of the Greek State’s 35.48% stake in Hellenic Petroleum (HELPE) will be delayed for next year as current market conditions are not favorable, while the procedure could even be reassessed from scratch, sources have informed. HRADF holds the Greek State’s stake in HELPE.

This delay, sources said, has already been approved by the country’s lenders, who have admitted the ELPE privatisation has never represented a restructuring plan for the Greek economy, but, instead, is a cash-collecting initiative incorporated into the wider effort to reduce public debt.

A government plan to sell the Greek State’s HELPE stake through the Athens bourse was recently reported as finalised and ready for implementation next month.

The Latsis group’s Paneuropean Oil, HELPE’s main shareholder with a 45.5% stake, has been allowed a more influential administrative role at HELPE since the summer’s Greek election brought in a new government.

Minister of Energy Costis Hatzidakis, speaking in the Greek Parliament, has noted there is no intention to sell the Greek State’s entire HELPE stake. It remains unclear what the level of the Greek State’s percentage in HELPE could be following the privatisation.

A privatisation plan for part of the Greek State’s 35.48% stake in Hellenic Petroleum (HELPE) will be delayed for next year as current market conditions are not favorable, while the procedure could even be reassessed from scratch, sources have informed. HRADF holds the Greek State’s stake in HELPE.

This delay, sources said, has already been approved by the country’s lenders, who have admitted the ELPE privatisation has never represented a restructuring plan for the Greek economy, but, instead, is a cash-collecting initiative incorporated into the wider effort to reduce public debt.

A government plan to sell the Greek State’s HELPE stake through the Athens bourse was recently reported as finalised and ready for implementation next month.

The Latsis group’s Paneuropean Oil, HELPE’s main shareholder with a 45.5% stake, has been allowed a more influential administrative role at HELPE since the summer’s Greek election brought in a new government.

Minister of Energy Costis Hatzidakis, speaking in the Greek Parliament, has noted there is no intention to sell the Greek State’s entire HELPE stake. It remains unclear what the level of the Greek State’s percentage in HELPE could be following the privatisation.