Two trading firms make 2nd round of HELPE tender


As expected, international traders Glencore and Vitol were short-listed on Tuesday in the tender for the 50.1 percent stake in Hellenic Petroleum (HELPE) after three other bidders were dropped from the second stage.

State sell-off fund TAIPED announced that Alrai Group Holdings Limited, Carbon Asset Management DWC-LLC and the consortium of Alshaheen Group SA and Gupta Family Group Alliance are out of the tender as they did not fulfill the criteria for the second phase.

This development reduces the competition and the chances of a high price, but also eases the concerns of HELPE shareholders as the two traders are mainly focused on the Greek company’s logistics spaces and not so much on the operation of the oil refinery plants.

The fact that the tender rules also allow for the participation in the second phase of companies which were not in the first through consortiums with the short-listed bidders is leading to expectations that major oil companies may show an interest – and sources say there are already moves in this direction. The two short-listed companies will have to file their bids in September.