ECONOMY

Greece sets April bid deadline for Hellenic Petroleum stake, workers to strike

greece-sets-april-bid-deadline-for-hellenic-petroleum-stake-workers-to-strike

Greece has set an April 3 deadline for shortlisted investors to submit binding bids for a majority stake in its biggest oil refiner, Hellenic Petroleum, two sources close to the sale said on Wednesday.

Greece and Paneuropean Oil and Industrial Holdings are jointly selling a 50.1 percent stake in Hellenic.

The country’s privatization agency in January agreed for Glencore Energy to team up with CIEP Participations, a unit of US-based Carlyle Group; and for Vitol Holding to team up with Algeria-based Sonatrach to bid for the stake.

Under its post-bailout arrangement with its international lenders, Greece aims to conclude the deal by June. The stake is valued at 1.3 billion euros ($1.5 billion) based on Tuesday’s closing price.

Hellenic, which exports more than half of its output, owns three oil refineries in Greece and also has rights to explore for oil and gas in the country.

Workers are opposing the deal, saying Athens is selling off its most precious assets. They have announced a three-day strike from March 28.

[Reuters]