BUSINESS

Greece's privatization agency mulls stake sale in Hellenic Petroleum

TAGS: Privatizations

Greece’s privatization agency is considering selling a stake in the country’s biggest oil refiner Hellenic Petroleum, Hellenic said on Friday.

The agency has reviewed the possibility of selling a stake in Hellenic Petroleum via the Athens Stock Exchange but has not decided the exact stake to be sold or the sale price, Hellenic said in a statement.

The agency holds a 35.5 percent stake in Hellenic, which operates three refineries in Greece and has been licensed to look for oil in several regions across the country. Paneuropean Oil and Industrial Holding is the major shareholder, with a 45.5 percent stake.

A previous effort by Greece to sell a 50.1 percent in Hellenic jointly with Paneuropean stalled in April as no binding bids were submitted. [Reuters]

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