Greece to sell of stakeholdings in Hellenic Petroleum, DEPA and DESFA

By Marc Castro

Jun 10, 2013 01:03 PM EDT

The largest refinery in Greece, Hellenic Petroleum was one of the assets identified in the privatization plan of the country. This was confirmed by an EU/IMF report, where Greece's 35.5% shareholdings in the company, as of the first quarter of 2013 would be sold off.

Currently, Hellenic Petroleum's market capitalization is at Eur2.06 billion or US$3 billion. It is a publicly listed company in the Athens Stock Exchange and operates refineries in both Greece and Macedonia as well as refineries in Cyprus and all across southeastern Europe.

In its latest move, the government announced through Deputy Energy Minister Asimakis Papageorgieu, that it would be reconsidering the sale of the refinery after it failed to receive any binding bids for its attached natural gas company DEPA.

The plan to privatize was part of the accessions made by Greece to receive the bailout funds from the European Union and the International Monetary Fund. In the EU/IMF report, Greece would sell the refinery as wellas its 55% stake in natural gas company DEPA and 31% share over DESFA, Greece's natural gas grid operator.

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