January 21, 2019 / 4:39 PM / a year ago

UPDATE 1-Greece to extend deadline for Hellenic Petroleum bids -sources

* Greece, privately owned firm to sell 50.1 pct stake

* Glencore-Carlyle and Vitol-Sonatrach consortia qualified

* Deadline to be pushed back to March from end-January- sources (Adds details, new bid deadline)

ATHENS, Jan 21 (Reuters) - 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 scrutinise the company’s finances, two sources close to the matter said on Monday.

Glencore Energy and Vitol Holding were shortlisted 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 privatisation agency agreed for Glencore Energy to team up with CIEP Participations, a unit of U.S.-based Carlyle Group; and for Vitol Holding to team up with Algeria-based Sonatrach.

The sale of the Hellenic Petroleum stake was a condition of Athens’ final international bailout, which ended in August. The government owns 20 percent of the stake up for sale and Paneuropean Oil owns 30 percent.

The stake is valued at 1.18 billion euros ($1.3 billion)based on Monday’s closing price for Hellenic shares.

The government and Paneuropean Oil will each retain a 15 percent stake in Hellenic after the sale.

Greece has raised about 5 billion euros ($5.7 billion) from state asset sales under three international bailouts since 2010.

After exiting its last rescue programme in August, Athens agreed to raise another 3 billion euros from asset sales by the end of 2019, including Hellenic, in a bid to attract more investment and cut its debt. ($1 = 0.8800 euros) (Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and Susan Fenton)

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