ECONOMY

Greece, Paneuropean oil agree to divest 50.1 percent in Hellenic Petroleum

Greece, Paneuropean oil agree to divest 50.1 percent in Hellenic Petroleum

Greece and Paneuropean Oil and Industrial Holding have agreed to divest a combined 50.1 percent stake, at least, in Greece’s biggest oil refiner Hellenic Petroleum.

A memorandum of understanding was signed on April 3, Hellenic Petroleum said in a bourse filing.

The move paves the way for Athens to conclude one of the most lucrative stake divestments under its three international bailouts since 2010. [Reuters]

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