ECONOMY

Privatization revenues will fail to meet target

Revenues from privatizations by the end of the year will not even amount to half the target Athens has agreed to with its creditors, due to the delays in the process and the devaluation of stocks on the local bourse.

Against a target of 5 billion euros until the end of the year, revenues from state selloffs are not expected to exceed 2.4 billion.

Environment Minister Giorgos Papaconstantinou said in an interview on Saturday that the government may sell its stake in the country?s biggest refiner, Hellenic Petroleum, earlier than originally planned.

?Our plan for Hellenic Petroleum is to proceed with the stake sale in the first quarter of 2012 or earlier,? he stated. Originally the sale of the state?s 35.5 percent stake in Hellenic Petroleum was earmarked for the first quarter of 2012.

The sale of a 55 percent stake in natural gas company DEPA and a 31 percent stake in natural gas grid operator DESFA remain on the country?s privatization list for the last quarter of this year, Papaconstantinou added.