Greece鈥檚 privatization agency on Wednesday launched an international tender for the sale of a majority stake in Hellenic Petroleum S.A. (HELPE), the country鈥檚 biggest and southeastern Europe鈥檚 leading energy group.
Calling the process a 鈥渕ilestone for the exploitation program of state-owned assets,鈥� the Hellenic Republic Asset Development Fund (HRADF) said that HELPE was operating in six countries and exported more than 50 percent of its total sales volume.
The deadline for investors to submit an expression of interest is May 18, according to a document published on the website of the agency.
The government and Paneuropean Oil had agreed in early April to divest a combined stake of 50.1 percent in HELPE.
The tender is part of a series of privatizations planned for 2018 under the country鈥檚 third and latest 鈧�86 billion ($106.5 billion) bailout program.
HRADF holds a 35.5 percent stake in the group. The other key shareholder is Paneuropean Oil and Industrial Holdings, which own a 45.5 percent share. Institutional investors own an 11 percent interest and private investors hold an 8 percent share.
By Hale Turkes
Anadolu Agency
energy@aa.com.tr