ECONOMY

Extension expected for Hellenic Petroleum bids

extension-expected-for-hellenic-petroleum-bids

Greece is set to extend the deadline for two investors to submit final bids for a controlling stake in Hellenic Petroleum to give them more time to scrutinize the company’s finances, two sources close to the matter said.

Glencore Energy and Vitol Holding were short-listed last summer and were given until the end of January to submit bids for a 50.1 percent stake in Greece’s biggest refiner.

On Monday, the privatization agency agreed for Glencore Energy to team up with CIEP Participations, a unit of the US-based Carlyle Group, and for Vitol Holding to team up with Algeria-based Sonatrach.

[Reuters]