Minister: Full privatization of Hellenic Petroleum group by June

Tuesday, 06 March 2018 10:51

A looming privatization of partially state-owned Hellenic Petroleum (Hel.Pe) group involves a latest scenario by which the state and the group's other major shareholder, Paneuropean, together offer up a 51-percent stake to a new strategic investor, relevant Energy and Environment Minister Giorgos Stathakis told a group of Hel.Pe unionists last week.

Stathakis, according to a union representing a large portion of Hel.Pe workers, said the privatization process will be completed by June.

The government has thrown out a figure of 500 million euros from the sale of the state's shares in Hel.Pe, which is listed on the Athens Stock Exchange. The state's stake in Greece's largest petrochemical group, 35.5 percent, has been transferred to the country's privatization fund, HRADF, for exploitation - a memorandum obligation as part of an ambitious privatization process.

Paneuropean, which holds a 45.5-percent stake in Hel.Pe, is controlled by the Latsis group.