April 4, 2018 / 7:52 AM / 7 months ago

Greece, Paneuropean Oil agree to divest 50.1 percent in Hellenic Petroleum

FILE PHOTO: A general view of the Hellenic Petroleum refineries at Aspropyrgos town, west of Athens, February 24, 2012. REUTERS/John Kolesidis/File Photo

ATHENS (Reuters) - Greece and Paneuropean Oil and Industrial Holding have agreed to divest a combined stake of at least 50.1 percent in Hellenic Petroleum, Greece’s biggest oil refiner, via an international tender.

A memorandum of understanding was signed on April 3, Hellenic Petroleum said in a bourse filing on Wednesday.

The move paves the way for Athens to conclude one of the most lucrative stake divestments under its three international bailouts since 2010.

As part of its latest 86-billion-euro bailout, Athens agreed to launch a series of privatizations this year, including divesting the state’s 35.5 percent stake in Hellenic or selling a smaller stake if its lenders agreed.

Athens will sell a 20 percent stake and Paneuropean Oil and Industrial Holdings 30.1 percent, Hellenic Petroleum said in the statement.

Paneuropean Oil is Hellenic’s biggest shareholder with a 45.5 percent stake.

Hellenic has a current market value of 2.4 billion euros and is Europe’s third biggest oil refiner based on that value.

Reporting by Angeliki Koutantou; editing by Jason Neely

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