ECONOMY

Iranian firm in advanced talks on ELPE stake

iranian-firm-in-advanced-talks-on-elpe-stake

The Greek-Iranian cooperation framework currently being discussed between the two sides in Tehran, includes the scenario of Iran’s entry into the share capital of Hellenic Petroleum (ELPE).

The rumored intention of the Latsis Group to depart from ELPE is facilitating that plan, as it would not lead to a reduction to the state’s stake in the company but may actually increase it.

Iranian interest in a piece of the Greek refinery was first reported by Bloomberg, although it refrained from specifying whether it concerned ELPE or Motor Oil. However, there is confirmed information that this is about ELPE, with talks on a stake in it having advanced.

People close to the negotiations say that it was Iran that launched discussions on the entry of Iranian company Tadbir Energy Development Group, as it is meant to shield Tehran from possible sanctions in the future.

Through the entry in a European refinery company Iran estimates it can safeguard – if not the ability to export oil through a third route to countries outside the sanctions – at least some revenues that would allow Tehran to cover some of the country’s basic needs such as medicines and food.