BUSINESS

TAIPED launches tender for ELPE majority stake

TAGS: Privatizations

Greece on Wednesday launched an international tender to sell a majority stake in Hellenic Petroleum (ELPE) as part of its third international bailout.

Greece’s privatization agency TAIPED said it will sell no less than 50.1 percent in the country’s biggest oil refiner and interested investors must submit expressions of interest by May 18.

Major shareholders Greece and Paneuropean Oil and Industrial Holding agreed this month to divest at least 50.1 percent of the company.

ELPE is Europe’s third biggest oil refiner based on its market value of 2.6 billion euros. Paneuropean Oil owns 45.5 percent of ELPE and Athens holds a 35.5 percent stake.

In the tender document published on its website, TAIPED said the sale will be an all-cash transaction. The stake that each of the main shareholders will divest will be specified at a later stage, when short-listed investors will be invited to submit binding offers, the agency said.

Would-be suitors need to have at least three years of experience in the oil and gas industry, while in the case of a consortium, at least one member must meet this requirement. [Reuters]

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